Half Year Profit was $150.1 million. In the corresponding period last year, Half Year Profit was $163.7 million.

Investment income for the six months to 31 December 2023 was $162.7 million, down from $174.0 million in the corresponding period last year. The fall was primarily as a result of the decline (as expected) in dividends received from BHP, Rio Tinto and Woodside Energy Group in the six-month period.

Earnings per share for the half year was 12.1 cents per share. The interim dividend declared is 11.5 cents per share fully franked, an increase of 0.5 cent per share from the previous corresponding period of 11.0 cents per share fully franked.

Portfolio return for the half year was 9.0%, including franking. The return for the S&P/ASX 200 Accumulation Index was 8.3% including franking over this period. In the 12 months to 31 December 2023 the portfolio return was 16.0%, ahead of the S&P/ASX 200 Accumulation Index return over this period including franking of 14.0%. AFIC’s performance returns are after costs.

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