CriteriaCaixa, which manages the business assets of the La Caixa Foundation, closed the first half of the year with a consolidated net profit of 744 million euros, 50% less than a year earlier due to extraordinary income resulting from the merger of CaixaBank with Bankia.
Without extraordinary items, which amounted to 891 million euros, Criteria’s recurring net profit is 26% higher than in the first half of 2021, due to the greater contribution of CaixaBank and its industrial and services portfolio, such as Naturgy, according to highlighted in a statement.
Specifically, the contribution of its banking holdings, among which CaixaBank stands out, improved by 12% (to 521 million) and that of the industrial and services portfolio did so by 49% (263 million), while the management of real estate assets grew by 14%, although it obtained a negative result of -6 million, reports Efe .
The gross value of CriteriaCaixa’s assets amounted to 24,732 million euros at the end of this first half, 3.9% more than at the end of 2021.
Of the total, 82.7% corresponds to listed equities, 10.5% to the real estate business, 3.4% to unlisted equities, 0.8% to fixed income and others, and 2.6 % to cash and equivalents.
For its part, the net value of CriteriaCaixa’s assets amounted to 19,970 million euros, 10.4% higher than at the end of 2021, an improvement that the company attributes, above all, to the improvement in the price of CaixaBank ( +37.4%).
More dividends than in all of 2021
Among other indicators, the dividends received in the first half of the year stand out, amounting to 564 million euros, and already exceeding those received throughout 2021 (525 million), due to the improvement in the results of the investee companies and the lifting of the restrictions in remuneration policies.
Of the total dividends received this first semester, 354 million correspond to CaixaBank, 129 million to Naturgy and 20 million to Bank of East Asia.
For its part, CriteriaCaixa has distributed up to June 205 million euros in dividends to its sole shareholder, Fundación La Caixa, which has a budget for this year of 515 million euros, of which 59.8% go to social programs ; 21.4% to culture and science; 10.3% to research and health, and 8.5% to education and scholarships.
Investments and divestments
Regarding CriteriaCaixa’s portfolio, it is already made up of 80 companies from 15 different countries, including large leading companies in different sectors. In the first half of 2022, the company dedicated 172 million euros to expanding the diversification portfolio.
In the divestment chapter, the sale of 5.8% of Suez for 737 million euros stands out, after the takeover bid launched in January 2022 by Veolia.
The market value of CriteriaCaixa’s portfolio amounts to 2,171 million euros at the end of the first half, with 28.5% in the consumer sector; 20.3% in health; 13.3% in materials; and 12.3%, in automobiles and components, among others.
Real estate and debt
CriteriaCaixa’s real estate portfolio reached a value of 2,599 million euros, and it made new investments worth 98 million euros.
At the end of the six-month period, the Criteria Group’s gross debt amounted to €4,762 million, compared to €5,713 million at December 31, 2021, after the amortization of a senior bond of €1,000 million nominal that matured in April.