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International Public Partnerships Ltd on Thursday reported a sharp rise in profit and a climb in net asset value for 2021, driven by a strong operational performance in its portfolio.
As at December 31, the St Peter Port, Guernsey-based infrastructure investor posted a net asset value per share of 148.2 pence, up 0.7% from 147.1p the same date the year before.
Among INPP's assets are Tideway, which manages the under-construction Thames Tideway Tunnel, a sewage system in London, and the Northern Diabolo Rail Link in Brussels.
Tideway has continued to make progress on the Thames Tunnel, with construction being 73% done, and primary tunnelling expected to be completed in the coming months.
However, Diabolo still remained under pressure from Covid during the year, due to Brussels Airport seeing a reduced number of passenger use, even as forecasts predict a gradual recovery in volumes in 2022.
In 2021, INPP made £252.7 million in cash investments, a hike from £30.0 million in 2020.
For 2021, pretax profit more than doubled to £129.2 million from £60.8 million, due to higher investment income and a gain on the fair value of investments.
INPP declared a total dividend of 7.55 pence per share, up 2.6% from 7.36p in 2020. The company has targeted a payout of 7.74p in 2022 and 7.93p in 2023.
Shares in International Public Partnerships were down 0.2% at 168.27 pence on Thursday in London.
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