Argo today announces its interim results for the six months ended 30 June 2019.
The Company will today make available its interim report for the six months period ended 30 June 2019 on the Company's website www.argogrouplimited.com.
Key highlights for the six months period ended 30 June 2019
This report sets out the results of Argo Group Limited (the "Company") and its subsidiaries (collectively "the Group" or "Argo") covering the six months ended 30 June 2019.
- Revenues US$2.4 million (six months to 30 June 2018: US$2.2 million)
- Operating loss US$0.03 million (six months to 30 June 2018: loss US$0.6 million)
- Profit before tax US$1.5 million (six months to 30 June 2018: loss US$0.7 million)
- Net assets US$22.0 million (31 December 2018: US$23.3 million)
Commenting on the results and outlook, Kyriakos Rialas, Chief Executive Officer of Argo said:
"In the first six months of 2019 Argo has been active on several fronts. Firstly, it completed a successful shareholder buyback providing liquidity to those shareholders who wished to exit. Secondly at fund level we have completed the monetisation of our long-term investment in the Indonesian Refinery Company Tuban Petrochemical (TPPI) by selling and closing a position that has been in our books for around 15 years. Our flagship Fund, The Argo Fund, returned to profitability with over 4% net return in the first six months following a disappointing 2018 for the EM industry. Furthermore, The Argo Fund has grown to above US$90 million making it more attractive to potential investors."