(Alliance News) - International Public Partnerships Ltd on Thursday reported a decline in its net asset value, amid a "volatile macroeconomic environment".
The infrastructure investor said its net asset value decreased by 4.1% to GBP2.9 billion in 2023.
NAV per share fell by 4.1% to 152.6 pence at December 31, from 159.1p the year before.
In London on Thursday morning, International PPL shares were down 1.5% to 123.71 pence each.
The company maintained its target of growing the dividend each year, increasing the 2023 payout by 5.0% to 8.13p from 7.74p. On June 13, a 4.07p dividend for the last six months of the year will be paid, a rise of 5.2% from 3.87p a year prior.
IPPL is aiming for an 8.37p per share dividend for 2024, a 3.0% rise, before a total 8.58p payout in 2025, an increase of 2.5% from the expected level of this year.
Looking ahead, International PPL said: "The company's prospects are highly attractive. INPP's investment case is underpinned by the long-term nature of the portfolio and the inflation-linkage of the company's projected cash receipts. As such, the board and investment adviser are confident the company will continue to meet its investment objectives."
By Elijah Dale, Alliance News reporter
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International Public Partnerships (INPP)