International Public Partnerships Ltd on Thursday reported a rise in its annual net asset value as it lifted its dividend by 2.5%.

The London-based infrastructure and business investment firm said its NAV as at December 31 amounted to 159.1 pence per share, up 7.3% from 148.2p per share on the same date a year earlier.

Total NAV return for 2022 was 12.5% for 2022.

International Public said profit before tax jumped significantly to £326.8 million from £129.2 million, reflecting the ‘unrealised fair value gain on the portfolio in the year’.

The company declared an interim dividend for the second half of 2022 of 3.87 pence per share. In October, it said dividend for the first half was also 3.87 pence per share. This would take the total dividend for the full year to 7.74p per share, up 2.5% from 7.55 pence a year prior.

Chair Mike Gerrard said: ‘I am pleased to report that INPP has continued to deliver strong operational and financial performance, despite the current ongoing international economic and political uncertainties. The resilience of INPP’s portfolio of essential infrastructure projects and businesses is largely attributable to the predictability of the underlying investment cash flows, the high level of inflation correlation, and the company’s active approach to asset management.’

Looking ahead, International Public Partnerships said it remains confident in the robustness and reliability of its future cash flows. It thus reaffirms its dividend guidance of 7.93 pence per share for 2023 and 8.13p per share for 2024, which is consistent with its historic 2.5% average annual dividend growth.

Shares were up 2.3% to £145.05 pence each on Thursday morning in London.

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