(Alliance News) - BlackRock Energy & Resources Income Trust PLC on Friday reported a strong 2024, with returns rising in the 12 months to November 30.
The London-based investor in energy and mining is managed by New York-based BlackRock Inc. BERI's net asset value per share was 137.66 pence at November 30, up from 123.58p the year prior.
The NAV total return rate was 15% in 2024, compared to BERI's reference index 0.5%. As a result, the firm has raised its total dividend to 4.50p from the previous year's 4.43p.
BERI claimed its "ability to shift exposure between mining, traditional energy and energy transition sectors, means that it is uniquely positioned to serve investors as these sectors evolve". The company cited the transition to clean energy as "one of the key megatrends" to influence public and private sectors in the coming decades - a trend upon which BERI is "well-placed" to capitalise, it said.
The company's shares were down 0.2% at 121.00p each on Friday afternoon in London.
Friday's results follow an announcement earlier in January that BERI has signed a deal with New York-based activist investor Saba Capital Management LP. Saba and BlackRock have a contentious history as rival fund managers.
BERI is among several BlackRock funds to enter agreements with Saba, specifying that it should not seek to influence or control their boards, nor can it requisition meetings. This comes amid Saba's disputes with other UK-based investment funds, which claim Saba is attempting to take over as fund manager.
By Holly Munks, Alliance News reporter
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