Brookfield Corporation Reports Strong 2023 Results
Brookfield Corporation (NYSE: BN, TSX: BN) revealed impressive financial outcomes for the year concluding on December 31, 2023, including Distributable Earnings of $4.8 billion and Net Income of $5.1 billion. The company also announced a 14% increase in its quarterly dividend, demonstrating confidence in its future performance.
Nick Goodman, President of Brookfield Corporation, remarked on the year’s achievements, highlighting the robust fundraising momentum in their asset management business, transformative advancement in their insurance solutions sector, and the steadfast resilience of their operating businesses. Goodman shared plans for aggressive share repurchasing, with over $600 million bought back in 2023 and an anticipation of at least $1 billion more in the current year, underlining a commitment to enhancing shareholder value.
Financial Highlights
The company’s distributable earnings before realizations saw a significant increase, asserting a 17% rise alongside a 12% per share boost after adjustments for a special distribution in December 2022. In the challenging market environment of 2023, each business segment of Brookfield reported strong financial outcomes. This resilience is also reflected in the 7% increase in same-store net operating income within their core real estate portfolio.
Dividend Growth
The Board’s declaration of a 14% hike in the quarterly dividend to $0.08 per share ($0.32 annually) for Brookfield Corporation, payable by end of March 2024, signifies their confidence in sustained, robust financial results. Furthermore, regular monthly and quarterly dividends on preferred shares were also declared.
Looking Ahead
Brookfield remains focused on leveraging their significant growth levers to continue delivering substantial financial returns. With a strong foundation and strategic growth initiatives, the corporation aims for a continued trajectory of 15%+ annual returns per share for its stakeholders over the long term.
For more in-depth analysis and future outlook, shareholders and interested stakeholders are encouraged to consult the Letter to Shareholders and the company’s Supplemental Information for 2023, available on the Brookfield Corporation website.
