This article is from the Australian Property Journal archive
AUSTRALIAN alternative real estate investment manager Qualitas (ASX: QAL) posted improved financial results in 1H24.
Qualitas posted a NPAT of $12,557 million, up 17% from 1H23’s $10,692 million with EPS of 4.2 cents, up 17% from 3.6 cents in the previous corresponding period.
An interim dividend was posted at 2.25 cents, up from 2 cents in the previous corresponding period.
Normalised EBITDA was at $19,381 million, up 21% from 1H23’s $15,979 million.
“Qualitas has once again delivered a strong financial result with improvements in all key metrics compared with the prior corresponding period,” said Andrew Schwartz, managing director and co-founder at Qualitas.
“Our results saw a notable lift in normalised EBITDA and significant growth in recurring earnings, demonstrating our resilience in a more challenging macro environment. We benefited from strong tailwinds for alternative financiers, ending the half with substantial dry powder and a strong balance sheet to support future growth.
Qualitas committed funds under management were at $8.1 billion, up 41% on 1H23.
Over the period, the group deployed $1.75 billion in capital, up 51% on 1H23, this is excluding the $600 million AURA by Aqualand investment.
Average gross investment size was $77 million, up 1H23.
“A net $2.1 billion in new commitments was raised in 1H24, our best six-month fund raising period since inception of the firm in 2008,” said Schwartz.
“This came from existing institutional investors re-committing and crossing over into new strategies, along with new investors recognising our proven investment performance and leadership in managing alternative Commercial Real Estate (CRE) investments in Australia, particularly in private credit.”
Qualitas deployed $380 million in underwriting positions during the period, up 16% on 1H23 with an annualised weighted average return of 9.75%. With cash balance at $201 million.
“Given our strong deployment activity and expanding pipeline, we anticipate our recurring base management fees to increase over the second half of FY24 with further margin expansion,” added Schwartz.
“We continue to focus on diversifying our investor base, attracting new investors, and deepening our relationships with existing investors. Strategic utilisation of our balance sheet capital to maximise growth remains a key priority for our business.”
Qualitas reaffirmed its market guidance of FY24 NPBT between $37 million and $41 million and an FY24 EPS between 8.75 cents and 9.70 cents.
