Vertex Venture Holdings has posted earnings of US$530 million ($719 million) in the FY2021 ended December 31, 2021, a reversal from a loss of US$40 million ($54.2 million) the year before.
The Temasek wholly-owned subsidiary recorded an 8,173.9% increase in its revenue to US$79.3 million from US$900,000 in the same period last year. Its EBIT also grew to US$614 million, from a loss of US$32.5 million.
Profit before tax for FY2021 stood at US$614 million, from a loss before tax of US$32 million in FY2020.
Vertex’s total fair value of investments in the captive funds and network funds amounted to US$2 billion as at end-December last year. This includes the total unrealised gains on investments of US$962 million.
Its net asset value increased to US$1.6 billion from US$181 million at the end of 2008, after the net redemption of US$186.5 million of Class A Redeemable Preference Shares in FY2021.
In 2021, Vertex launched its corporate bond offering due July 2028 under its US$2 billion Multicurrency Debt Issuance Programme. On the back of overwhelming investor demand, the issuance was upsized to $450 million.
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“Vertex Holdings continues to ensure that it maintains a healthy capital base to support its business and maximise enterprise value. [The company] has determined that it is in a sound capital position given its capital and resources available,” the company said in its results statement.
The company is monitoring the capital requirements to ensure that it is able to support its existing business as well as new investment opportunities that may arise. Vertex's assets under management currently stood at over US$5 billion.
