AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
For the six months ending May 31, 2024, BlackRock Energy and Resources Income Trust plc has delivered notable financial performance and share price growth:
- Net Asset Value (NAV) and Share Price: The Company’s NAV per share increased by 13.8%, while its share price rose by 12.3% (both figures in Pound Sterling with dividends reinvested). This compares favorably against industry benchmarks, with the MSCI ACWI Metals and Mining Index, S&P Clean Energy Index, and MSCI World Energy Index rising by 10.6%, 5.5%, and 9.7%, respectively.
Revenue and Dividends
- Revenue Return: The revenue return per share for the six-month period was 1.83 pence, a decrease of 22.7% from the 2.37 pence per share reported in the same period last year.
- Dividend Policy and Targets: The Board aims to declare quarterly dividends of at least 1.125 pence per share for the year ending November 30, 2024, totaling at least 4.50 pence per share for the year. This target reflects a yield of 3.7% based on the share price of 121.50 pence per share as of May 31, 2024, and 3.8% based on the share price of 117.00 pence per share as of July 29, 2024. In the event of insufficient net revenue to cover dividend payments, the Board plans to utilize the distributable reserves, including group revenue reserves of 3.46 pence per share as of May 31, 2024, to bridge any shortfall.
- Dividends Paid: The first quarterly interim dividend of 1.125 pence per share was paid on April 26, 2024, with the second quarterly interim dividend of the same amount paid on July 15, 2024. This is compared to four quarterly interim dividends of 1.10 pence per share paid in the twelve months ending November 30, 2023.
Market Outlook and Portfolio Positioning
Despite ongoing political uncertainties, the drive towards climate change mitigation and the decarbonization of the energy supply chain continues to shape the Company’s investment strategy. The Board emphasizes the importance of the three key sectors in the portfolio: Traditional Energy, Mining and Metals, and Energy Transition. All three sectors are deemed crucial as the energy system evolves towards a lower carbon economy.
BlackRock Energy and Resources Income Trust plc’s performance for the first half of 2024 highlights strong NAV and share price growth, despite a decrease in revenue return. The Company’s strategic focus on traditional energy, mining, and energy transition sectors positions it well within the evolving energy landscape.
