Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2023
TORONTO, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2023 net earnings of $371.8 million ($2.72 net earnings per diluted share), compared to 2022 net earnings of $191.4 million ($1.34 net earnings per diluted share). The company's book value per share at December 31, 2023 of $21.85 increased compared to $20.89 at September 30, 2023 ($19.11 at December 31, 2022) through the realization of gains on the sales of investments and strong performance of the investment portfolio. The company's book value per share has grown at a compound annual growth rate of 9.2% (9.6% prior to the performance fee described below) from the initial public offering price of $10.00 per share. The company's growth in 2023 was supported by strong Indian equity markets and economic fundamentals.
- The financial results are derived from financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS®"), except as otherwise noted, and are unaudited.
- See "Glossary of non-GAAP and other financial measures" at the end of this press release for further details.)
- Fairfax India is in strong financial health, with cash and marketable securities at December 31, 2023 of approximately $209 million, prior to the sales of NSE described below.
- Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements.