Vertex Holdings back in the black with US$530.9m FY2021 profit

Janice Lim

Published Mon, Apr 4, 2022 · 11:36 AM

VERTEX Venture Holdings (Vertex Holdings) posted a net profit of US$530.9 million for the financial year ending Dec 31 last year, reversing a net loss of US$40.4 million the year before.

The net profit for FY2021 comes on the back of a 69.5 per cent increase in its total fair value of investments to US$2 billion from US$1.2 billion, said the venture capital firm in a bourse filing on Monday (Apr 4). It includes unrealised gains totalling US$962.7 million,

The share of results from its associates came in at US$537.7 million, a 500 per cent increase from US$89.4 million, while its revenue jumped by 8,173.9 per cent, climbing from US$900,000 to US$79.3 million over the same period.

Its earnings before interest and taxes grew to US$614 million from a loss of US$32.5 million the year before.

This is the company's first earnings announcement after its special purpose acquisition company, Vertex Technology Acquisition Corporation (VTAC) VT1 : VT1 0%, went public on the Singapore Exchange on Jan 20.

Vertex also reported a cash holding of US$249.6 million, and its cash equivalents amount to US$109.6 million for FYF2021.

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It issued corporate bonds totalling S$450 million under its US$2 billion multicurrency debt issuance programme, which are due in July 2028.

In its filing, the company said that it continues to ensure that it maintains a healthy capital base to support its business and maximise enterprise value.

"Vertex Holdings has determined that it is in a sound capital position given its capital and resources available. It monitors the capital requirements to ensure that it is able to support its existing business as well as new investment opportunities that may arise," read the statement.

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