PIA

 PIA

https://www.fool.com.au/tickers/asx-pia/

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ASX:PIA (Pengana International Equities) has delivered mixed returns over the past 5 years. NPAT fluctuated significantly, posting deficits in FY22 and FY23 before rebounding to ~$33.7M in FY24 and FY25. The company operates with minimal debt and has maintained an average ROE of ~9–10%, with a robust dividend yield of over 4%. [1, 2, 3, 4, 5]

5-Year Financial & Performance Overview

Profit (NPAT & EPS):
• FY21: Strong market conditions yielded an after-tax profit of ~$60M+.
• FY22 & FY23: The portfolio faced severe headwinds due to broader global equity market declines, recording net losses of ~$79.35M and ~$61.65M, respectively.
• FY24 & FY25: Global market recovery drove profit back up to ~$33.6M and ~$33.7M.
• Recent Updates: For the first half of FY26, NPAT moderated to $4.6M (compared to $26.9M in H1 FY25). However, the company announced a major one-off fully franked special dividend of $0.125 per share. [1, 2, 3]





Debt:
• As an investment company, PIA operates with virtually no structural debt. The firm's focus is on actively managed equity and credit portfolios, so liabilities are generally restricted to payables, taxation, and accrued management expenses. [1, 2]
Return on Equity (ROE):
• After hitting double-digit highs in 2021, the ROE turned negative during the 2022/2023 market contractions.
• In recent full-year reporting periods (FY24 and FY25), ROE has hovered in a steady range of roughly \(9.5\% - 10.1\%\). [1, 2]





Dividends:
• The company has maintained a reliable quarterly dividend policy. For the last few years, the baseline annual rate has been set to 5.4 cents per share, historically fully franked.
• The board recently declared a massive special dividend of $0.125 per share to be paid in August 2026

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