(Alliance News) - Symphony International Holdings Ltd on Friday said its net asset value saw growth of nearly 30%, despite challenging global market conditions.
Symphony is an Asia-focused investor in high-growth markets, such as healthcare, lifestyle and hospitality. It reported net asset value per share had grown to USD0.95 at December 31, up 29% from USD0.74 a year before. Net asset value was up to USD488.8 million from USD379.1 million.
Shares in Symphony climbed 10% to USD0.42 each on Friday afternoon in London.
NAV per share at the end of 2021 was also 22% up from September 30, when it was USD0.78.
It swung to a profit before tax of USD122.5 million from a loss of USD124.6 million in 2020.
The growth came from its shift away from a protective stance on its companies and assets in 2020, to a focus on recovery and growth
"The improved operating environment particularly benefited our investments in the hospitality, healthcare, and lifestyle sectors while ongoing disruptions to supply chains facilitated stronger margins in the logistics sector," Chairs Georges Gagnebin and Anil Thadani explained.
Symphony shares continued to trade at a discount to NAV of 45% at the end of September, which widened during the final quarter as NAV increased to 57% at December 31.
It notes that the economy in 2022 is in a weaker position than previously forecast, with rising energy prices and supply disruption driving inflation higher, and the war in Ukraine and possible new Covid variants injecting uncertainty into the year's outlook.
"Aside from the potential impact from these risks, we believe our investee companies are well positioned for future growth," Symphony said.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Symphony (SIHL)