SIV Capital Limited 2024 Annual Report and AGM Announcement
SIV CAPITAL LIMITED (SIV) Share Update August 2024 Thursday 15th
SIV Capital Limited Announces 2024 Annual Report and AGM Details
SIV Capital Limited (ASX: SIV) has released its 2024 Annual Report, detailing significant financial improvements and operational updates. The company has also scheduled its Annual General Meeting (AGM) for 30 September 2024.
Instant Summary:
- Revenue from ordinary activities increased by 21% to $1,189,452.
- Net profit attributable to members rose by 110% to $358,651.
- No dividends declared for the financial years ending 30 June 2023 and 30 June 2024.
- Net tangible assets per share increased from 17 cents to 18 cents.
- AGM scheduled for 30 September 2024 at 13 Kurilpa Street, West End, Queensland.
Financial Performance
SIV Capital Limited reported a 21% increase in revenue from ordinary activities, reaching $1,189,452 for the financial year ending 30 June 2024. The net profit attributable to members also saw a significant rise of 110%, amounting to $358,651. This marks a substantial improvement from the previous year's profit of $170,484.
Despite the positive financial performance, no dividends were declared for the financial years ending 30 June 2023 and 30 June 2024. The net tangible assets per share increased slightly from 17 cents to 18 cents, reflecting the company's stable financial position.
Operational Highlights
The cessation of the GoGetta remediation program in October 2021 has left the company with 20 live contracts as of 30 June 2024. The profit before income tax for the FY24 year was derived from rental asset income, bad debts recovered from the GoGetta business, bank interest, an insurance settlement, and administrative and corporate outgoings appropriate to the company's scaled-down operations.
Financial Position and Investments
As of 30 June 2024, SIV Capital Limited's net assets totaled $8,299,232, with cash at bank and deposits amounting to $7,323,639. The company remains debt-free except for liabilities comprising normal trade creditors and GoGetta customer bonds of $17,026.
In terms of investments, the company invested $395,000 in a convertible note with AMAG Holdings Australia Pty Ltd, which accrues a coupon rate of 12% and matures on 6 March 2026. Additionally, SIV Capital Limited received 987,500 options over shares in AMAG, exercisable at any time at an exercise price of $0.60 until 13 March 2027.
AGM Details
The Annual General Meeting (AGM) is scheduled to be held at 9:00 AM on Monday, 30 September 2024, at 13 Kurilpa Street, West End, Queensland. A Notice of Annual General Meeting will be released to the market and provided to shareholders in late August 2024.
The financial improvements, particularly the significant increase in net profit, are likely to positively impact SIV Capital Limited's stock price. However, the lack of dividend declarations may temper investor enthusiasm. The company's strategic investments and debt-free status are positive indicators for long-term growth.
Investor Reaction:
Analysts are likely to react positively to the substantial increase in net profit and revenue. However, the absence of dividends might be a point of concern for income-focused investors. The scheduled AGM will provide further clarity on the company's future strategies and operational plans.
Conclusion:
Investors should closely monitor the upcoming AGM and the company's strategic decisions regarding its investments and operational plans. The significant financial improvements indicate a positive trajectory, but the lack of dividends requires careful consideration for income-focused portfolios.