Alantra reduces its profit by 87.4% in 2023, to 5.1 million, and announces a dividend of 3 million

MADRID, 22 Mar.

Alantra reduces its profit by 87.4% in 2023, to 5.1 million, and announces a dividend of 3 million


Alantra obtained an attributable net profit of 5.1 million euros in 2023, which represents a decrease of 87.4% compared to the profits of 40.2 million euros recorded in the previous year, as reported by the company this Friday. , which will propose a dividend of 3 million euros to its shareholders meeting.

The group has explained that the 'Asset Management' area was the main contributor to net profit, almost maintaining the 2022 results, while the 'Investment Banking' business recorded a "significant" decrease in its contribution to profit.

The group's net income reached 177.8 million euros during 2023, 23.4% less, while operating expenses fell 5.5%, to 177.6 million euros, due to the decrease in variable remuneration of 29.8%, which is linked to business performance.

In this context, Alantra has explained that it incurred extraordinary expenses of around 7.7 million euros associated with the group's strategic transformation and efficiency measures, with an impact that will be seen in 2024.

By area, revenue in 'Asset Management' increased by 13.5%, to 38.2 million euros, while turnover in 'Investment Banking' experienced a drop of 27%, to 104.6 million of euros, and a decrease of 37.3% in the case of 'FIG', with 34 million euros, "in line with the market."

The company has announced that the board of directors will propose to the general meeting of shareholders the distribution of a dividend of 3 million euros, that is, 0.08 euros per share, in May, equivalent to approximately 60% of the net attributable profit of fiscal year 2023.

At the end of 2023, Alantra maintained a "solid" balance sheet with a net cash position of 97.1 million euros, once the variable remuneration payment of 30.9 million euros and the proposed dividend of 3 million had been deducted.

Additionally, the company has detailed that it has 36.6 million euros in attributable portfolio of investments in products managed by the group and has no financial leverage.

Along these lines, the group has assured that it will continue to allocate its treasury resources to transformation and growth projects, being a strategic change that "aims to improve the group's service offering once the market recovers and, therefore, will have a positive impact." in the medium-term income statement".

In 2023, Alantra began a process of reorganization and strategic transformation through different measures aimed at promoting greater integration and efficiency in its businesses, including a broad reorganization of its Investment Banking business, which included 33 departures of senior positions. and 21 signings of senior executives to reposition the business in the face of the new M cycle

Furthermore, in 'Asset Management', Alantra raised more than 550 million euros in 2023 through different funds.