OSLO, Norway, Nov. 6, 2024 /PRNewswire/ -- The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") was NOK 57.0 billion at the end of the third quarter 2024, compared to NOK 63.9 billion at the end of the second quarter 2024. Aker's Board of Directors has approved to pay an additional cash dividend of NOK 35.50 per share, for a total of NOK 2.6 billion, in the fourth quarter, bringing the total dividend to NOK 3.8 billion, or NOK 51 per share, for the full year.
"Aker ended the third quarter with a more streamlined and cash-generative investment portfolio. This enables us to pay an additional NOK 35.50 per share in cash dividend. Furthermore, for the first time, the Aker's board is adjusting the dividend policy upward to 4-6% of NAV annually. Despite a decrease in our Net Asset Value this quarter, primarily due to lower oil prices, these actions reflect how we are playing to our strengths, including active ownership and transactional capabilities, to drive value creation," said Øyvind Eriksen, President & CEO of Aker ASA.
Key financials – third quarter 2024
• GAV:
NOK 66.2 billion
• Industrial Holdings:
NOK 54.9 billion
• Financial Investments:
NOK 11.3 billion
• NAV:
NOK 57.0 billion
• NAV per share:
NOK 767
• Share price:
NOK 548
• Dividend approved:
NOK 35.50 per share, to be paid in Nov.
• Liquidity:
NOK 7.9 billion* of which NOK 0.7bn cash and liquid funds
*incl. undrawn credit facilities
"All eyes are on the US this morning. Like the rest of the world, we are closely monitoring the outcome of the election. Despite the potential impact on global markets and trade dynamics, many aspects relevant to Aker are expected to remain unchanged. We anticipate a continued fragmented world, geopolitical uncertainty and conflicts, and significant incentives for the US to maintain its technology-leadership and energy self-sufficiency. At Aker, we are used to managing volatilities and remain committed to maintaining a steady course, continuing to deliver value to our shareholders."
The third quarter of 2024 reflected high activity levels across the portfolio. Aker continued to progress on its strategy of a more streamlined investment portfolio, by over time focusing on fewer portfolio companies with potential for secular growth, profitability, and cash flow generation. Aker's portfolio companies announced more than NOK 18 billion of total shareholder distributions during the quarter. Consequently, Aker has increased its estimated upstream dividends to more than NOK 11 billion in 2024, a significant increase from NOK 4.4 billion last year and NOK 2.8 billion in 2022. Recent dividend announcements across the portfolio include:
Aker Solutions: NOK 10 billion (OneSubsea JV transaction)
Aker BP: USD 379 million quarterly dividend
Aker BioMarine: NOK 3.9 billion (Feed Ingredients transaction)
Solstad Maritime: NOK 233 million for Q3 and initiated quarterly dividends
AMSC: increased quarterly dividends to NOK 43 million
Aker's revised dividend policy of 4-6% of year-end NAV is rooted in a commitment to a balanced approach to capital allocation, maintaining a solid balance sheet, preserving financial flexibility and investment capacity, while delivering consistent returns to shareholders.
Despite a negative impact on Aker's NAV in the quarter due to oil price fluctuations, Aker BP remains a cornerstone of the industrial investment portfolio. The company delivered strong operational performance, marked by high efficiency, low costs, and low emissions. Cognite continued its positive commercial development, with Annual Recurring Revenue (ARR) reaching a new record high. SalMar Aker Ocean has successfully completed four production cycles showing stronger biological results compared to traditional fish farming.
For further information, or questions following the presentation, please email the relevant contact below. The quarterly presentation and materials are available at www.akerasa.com and www.newsweb.no
Media contact Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA Tel: +47 90 78 48 78 E-mail: atle.kigen@akerasa.com
Investor contact Fredrik Berge, Head of Investor Relations, Aker ASA Tel: +47 45 03 20 90 E-mail: fredrik.berge@akerasa.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on November 6, 2024, at 07:00 CET.
