Stokes’ ACE reports profit jump

Billionaire Kerry Stokes' private company Australian Capital Equity has recorded a drop in revenue but still ended the financial year with an increase in profit compared to the previous reporting period.

ACE’s financial statements for the financial year ending June 30 2023 shows the company recorded $41.8 million in revenue, compared to $47 million in FY22.

However, ACE recorded $123.8 million in total comprehensive income for FY23, a jump from $89.7 million from the previous reporting period.

ACE also recorded a $103.7 million in profit after tax, an increase from $94.3 million profit after tax in the previous financial year.

“The increase in the 2023 result is largely due to the increase in the share of net profits of associates and a decrease in the impairment loss provided on the investments in associate,” ACE’s financial report said.

“Additionally, other comprehensive income was also higher following the revaluation gain on a listed investment at disposal.”

ACE’s financial statement shows the company made a $13.6 million impairement loss.

Total assets pledged as security jumped from $1.8 billion in FY22 to $2.5 billion in FY23, the ACE financial statements revealed.

The company’s cash assets was recorded at $22.6 million, compared to the $8.3 million reported in FY22.

ACE's investments include Seven Group Holdings and BCI Minerals, of which it owns 38 per cent and 39.3 per cent of, respectively.

The company also holds 35.4 per cent ownership in Bravo HoldCo Pty Ltd, which acquired Capilano Honey.