Patria Reports Third Quarter 2023 Earnings Results
November 07 2023 - 6:00AM
Patria (Nasdaq:PAX) reported today its unaudited results for the
third quarter ended September 30, 2023. The full detailed
presentation of Patria's third quarter 2023 results can be accessed
on the Shareholders section of Patria’s website at
https://ir.patria.com/.
Alex Saigh, Patria’s CEO, said: “We are very pleased to have
delivered another strong set of results for the quarter, and we
continue to drive growth in a market environment where growth does
not come easy. Our Distributable Earnings for 3Q23 were 23 cents
per share, driven by Fee Related Earnings of $36 million which is
up 14% from the same quarter last year. Organic inflows were $1.3
billion in the third quarter, and including commitments secured in
early Q4, our year-to-date organic inflows total nearly $3.7
billion. On the inorganic front, we are happy to announce that we
closed our new joint venture with Bancolombia on November 1st,
which will add about $1.2 billion to our AUM in the 4th quarter. We
also recently announced an agreement to acquire a private equity
solutions platform that manages another $9 billion of AUM, which is
expected to close in the first half of 2024. Between organic and
inorganic activity – we have closed or signed more than $13.8
billion dollars of new AUM for the platform this year. As we
continue to execute on our strategic pillars of growth and track
towards our 2023 and multi-year targets, I remain confident in our
ability to deliver for our shareholders.”
Financial Highlights (reported in $ USD)
Patria IFRS results included $18.5 million of net income
attributable to Patria in Q3 2023. Patria generated Fee Related
Earnings of $36.0 million in Q3 2023, up 14% from $31.7 million in
Q3 2022, with an FRE margin of 58%. Distributable Earnings were
$34.6 million for Q3 2023, or $0.23 per share.
Dividends
Patria has declared a quarterly dividend of $0.199 per share to
record holders of common stock at the close of business on November
22, 2023. This dividend will be paid on December 8, 2023.
Conference Call
Patria will host its third quarter 2023 earnings conference call
via public webcast on November 7, 2023 at 9:30 a.m. ET. To register
and join, please use the following link:
https://edge.media-server.com/mmc/p/6w6v2awj
For those unable to listen to the live broadcast, there will be
a webcast replay on the Shareholders section of Patria’s website at
https://ir.patria.com/ shortly after the call’s completion.
About Patria
Patria is a global alternative asset manager and industry leader
in Latin America, with over 35 years of history, combined assets
under management of $28.4 billion, and a global presence with
offices in 10 cities across 4 continents. Patria aims to provide
consistent returns in attractive long-term investment opportunities
as the gateway for alternative investments in Latin America.
Through a diversified platform spanning Private Equity,
Infrastructure, Credit, Public Equities and Real Estate strategies,
Patria provides a comprehensive range of products to serve its
global client base. Further information is available at
www.patria.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. You can identify these forward-looking statements by the
use of words such as "outlook," "indicator," "believes," "expects,"
"potential," "continues," "may," "will," "should," "seeks,"
"approximately," "predicts," "intends," "plans," "estimates,"
"anticipates" or the negative version of these words or other
comparable words. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. We
believe these factors include but are not limited to those
described under the section entitled "Risk Factors" in our 424(b)
prospectus, as such factors may be updated from time to time in our
periodic filings with the United States Securities and Exchange
Commission ("SEC"), which are accessible on the SEC's website at
www.sec.gov. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary
statements that are included in our periodic filings. The
forward-looking statements speak only as of the date of this press
release, and we undertake no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Contact
Josh Woodt +1 917 769 1611josh.wood@patria.com
Andre Medinat +1 345 640 4904andre.medina@patria.com
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