BBGI Global Infrastructure SA said on Thursday its 2022 pretax profit multiplied amid an increase in income from investments.

The Luxembourg-based infrastructure investor said its net asset value per share was up 6.6% at December 31 at 149.9 pence per share, compared to 140.7 pence per share in 2021.

BBGI’s NAV total return was 9.1%, up from 8.8% the year before.

The company reported its pretax profit was £122.5 million, up from £60.7 million the previous year. This was driven by income from investments at fair value rising to £137.6 million from £73.6 million in 2021.

BBGI declared a total dividend of 7.48p per share, up by 2.0% from 7.33p the previous year. The company also reported it has raised its dividend targets to 7.93p per share for 2023 and 8.40 pence per share in 2024, reflecting a 5.9% increase between the two years.

Looking ahead, BBGI said it expects growth to come predominantly from secondary market and primary bidding opportunities.

Chair Sarah Whitney said: ‘Despite the wider market volatility, we remain confident that our high-quality, resilient, and globally diversified portfolio will continue to deliver solid returns notwithstanding increased economic headwinds and market uncertainty.

‘Our internal management structure helps to create the proper incentives for the management board to focus on enhancing the value of our portfolio and growing BBGI in an accretive and disciplined manner - our priority is to create sustainable value for all our stakeholders.’

Shares were up 2.6% at 147.80 pence in London on Thursday morning.

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