NEW YORK – Central Securities Corporation (NYSE American: CET), a closed-end investment company, has reported a significant rise in its net assets per common share, according to its latest quarterly Report to Stockholders. The report, which covers the first quarter ending March 31, 2024, shows an increase from $42.07 a year ago to $50.86 as of March 31, 2024.
The total net assets of Central Securities have also seen a notable increase, rising from approximately $1.18 billion reported on March 31, 2023, to over $1.44 billion on the same date in 2024. This growth in net assets is accompanied by a slight rise in the number of shares outstanding, from 27,976,386 to 28,387,828 over the one-year period.
These financial figures highlight the company's performance and growth over the past year. Central Securities Corporation's complete financial results and additional information are accessible on their website. The details provided in this report are based on a press release statement issued by the company.
InvestingPro Insights
The recent report from Central Securities Corporation (NYSE American: CET) has shown a robust increase in net assets per common share, reflecting a promising financial trajectory for the company. To further understand the company's financial health and future potential, insights from InvestingPro can provide investors with additional context.
According to InvestingPro Data, Central Securities Corporation's revenue for the last twelve months as of Q4 2023 stood at $21.21 million, with a gross profit margin maintaining a remarkable 100%. This indicates the company's ability to retain all of its revenue as gross profit, showcasing efficient operations and control over costs. Furthermore, the company has demonstrated a significant quarterly revenue growth of 95.57% in Q4 2023, which is a testament to its strong performance and potential for further growth.
InvestingPro Tips suggest that while Central Securities Corporation pays a significant dividend to shareholders, with a current dividend yield of 8.07%, investors should be aware that the stock generally trades with low price volatility. This stability is often sought after by investors who prefer predictable performance, especially those looking for steady income from dividends. In addition, the company has shown a commitment to shareholder returns by maintaining dividend payments for 51 consecutive years.
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