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Be the first with the news that moves the market- Sprott Inc (SII) has performed exceedingly well in its most recent quarterly report, as gold and silver prices continue to rise to record heights
- The company’s assets under management grew 29 per cent to C$18.62 billion during the quarter and have continued their upward trend in the intervening months
- Consequently, Sprott’s net profit grew to $13.93 million, compared to just $2.01 million in 2019 same quarter
- The company attributed the improved profits to strong market appreciation of the its strategies, robust inflows into bullion trusts, and investment into its resource lending business
- Sprott Inc (SII) is down 3.42 per cent and is trading at $51.09 per share
Sprott Inc (SII) has performed exceedingly well in its most recent quarterly report, as gold prices continue to rise to record heights.
Originally founded by notable precious metals investor, Eric Sprott, the investment firm specialises in gold and silver investing management and has a bumper quarter as covid-realted volatility drove investor to traditional safe havens.
As a result, the company’s assets under management grew 29 per cent to C$18.62 billion during the quarter. Revenue rose even more susbstanitally, almost doubling to $37.91 million compared to last year’s corresponding period.
Consequently, Sportt’s bottom line grew to $13.93 million, a staggering rise compared to just $2.01 million in 2019 same quarter.
Following the end of the quarter, the company’s strong performance management continued to manifest, with assets under management reaching around $22.77 billion, as of August 4.
Peter Grosskopf, CEO of Sprott, said the strong quarter performance was driven by strong market appreciation of the company’s investment strategies, robust inflows into its bullion trusts, and new capital deployments in its resource lending business.
“During the first half of 2020, governments and central banks responded to the ongoing COVID-19 pandemic and ensuing economic crisis with unprecedented fiscal and monetary stimulus, flooding the financial system with liquidity.
“The reaction in precious metals has been dramatic, with gold setting a new all-time high on July 27, 2020. We believe we are in a powerful bull market for precious metals, and that the conditions for their outperformance will continue to intensify,” he said.
The company’s market performance has mirrored its strong quarterly report. After Sprott’s share price fell around 30 per cent following the onset of the COVID-19 pandemic, it quickly recovered and is currently sat at 58 per cent higher than its pre-pandemic levels.
Sprott Inc (SII) is down 3.42 per cent and is trading at $51.09 per share at 12:56pm EDT.
