Global investment giant Blackstone has announced a huge increase in net income for the fourth quarter of the 2024 financial year (Q4 FY24) as the drivers of its business reached the highest levels in more than two years.
Blackstone, the world’s largest alternative asset manager, said net income was US$1.3 billion in the quarter and $5.4 billion in 2024, compared with $109.123 million and $2.444 billion respectively a year earlier.
This represented growth of more than 1,100% in Q4 compared with Q3 FY23, and 122% over the full year for the U.S.-based company, which has $1.1 trillion of assets under management.
Blackstone declared a quarterly dividend of $1.44 per share for holders of common stock at the close of business on 10 February, to be paid on 18 February.
Chairman and Chief Executive Officer Stephen Schwarzman said Blackstone reported one of the best quarters in its history.
He said earnings growth accelerated sharply while inflows, investment activity and realisations, which were the key drivers of the business, reached their highest levels in two-and-a-half years.
“Blackstone’s distinctive ability to innovate and build market-leading businesses continues to power our growth,” Schwarzman said in a press release.
“As we move forward in 2025, the firm is exhibiting significant momentum.”
Net Income attributable to Blackstone. was $704 million for the quarter, 363% higher than in the previous corresponding period (pcp), and $2.8 billion for the year, 100% more than in 2023.
Earnings per share rose to 92 cents in Q4 from 20 cents in the pcp, and to $3.62 from $1.84 in 2024.
Blackstone (NYSE:BX) shares closed 67 cents or 0.38% lower at $177.11, capitalising the company at $214.81 billion, before easing further to $176.60 in after-hours trading.