Patria Reports First Quarter 2024 Earnings Results

GRAND CAYMAN, Cayman Islands, May 02, 2024 (GLOBE NEWSWIRE) -- Patria (Nasdaq:PAX) reported today its unaudited results for the first quarter ended March 31, 2024. The full detailed presentation of Patria's first quarter 2024 results can be accessed on the Shareholders section of Patria’s website at https://ir.patria.com/.

Alex Saigh, Patria’s CEO, said: “The 1st quarter of 2024 marked a great start for the year, and I’m very pleased with the performance we delivered. We generated over $35 million dollars of Fee Related Earnings in the quarter, representing a 13% increase from 1Q23. We delivered more than $31 million dollars of Distributable Earnings, or 21 cents per share. We continue to grow and diversify our platform, both organically - as we raised $1.1 billion dollars year to date through April, and over $5.1 billion in the last twelve months, and inorganically – as we were thrilled to announce the closing of our acquisition of abrdn’s private equity solutions business this past Monday, and we saw good progress towards the closing of our pending acquisition of Credit Suisse’s real estate business in Brazil. With that, I am even more confident we will reach both our financial and AUM targets. We are comfortable in getting our Fee Related Earnings to at least $170 million dollars this year, on the way to more than $200 million in 2025.”

Financial Highlights (reported in $ USD)

IFRS results included $15.4 million of net income attributable to Patria in Q1 2024. Patria generated Fee Related Earnings of $35.1 million in Q1 2024, up 13% from $31.2 million in Q1 2023, with an FRE margin of 58%. Distributable Earnings were $31.3 million for Q1 2024, or $0.21 per share.

Dividends

Patria has declared a quarterly dividend of $0.175 per share to record holders of common stock at the close of business on May 20, 2024. This dividend will be paid on June 10, 2024.

Conference Call

Patria will host its first quarter 2024 earnings conference call via public webcast on May 2, 2024, at 9:00 a.m. ET. To register and join, please use the following link:

https://edge.media-server.com/mmc/p/gbaedm2i/

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 $32.0 billion, and a global presence with offices in 13 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, Real Estate, Public Equities and Global Private Markets Solutions strategies, Patria provides a comprehensive range of products to serve its global client base. Further information is available at www.patria.com.