Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 186

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 186
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 equity accounted losses

Share of equity-accounted losses from entities we have significant influence over but do not control amounted to a loss of US$0.5 million for 2024, (US$0.7 million for 2023). The majority of share of equity-accounted earnings consist of the amortization of identifiable intangible assets acquired as part of the initial associate investment.

Net financial expenses

Net financial expenses in 2024 were US$20.6 million, an increase of US$18.9 million from US$1.7 million in 2023 primarily attributable to higher interest expenses due to bank loans (US$10 million) combined with higher unrealized loss on long term investments (US$8.0 million in 2024 vs US$2.9 million in 2023) and higher expenses in commissions, brokerage and financial expenses associated to current structuring of loan facilities (US$1.7 million).

  Patria Investments Limited      123  

  Table of Contents  

Net income before income tax

As a result of the foregoing, net income before income tax in 2024 was US$86.0 million, a decrease of US$32.0 million, or -27%, from US$118.0 million in 2023.

Income Tax

Income tax expense in 2024 was US$10.3 million, an increase of US$13.1 million from a positive balance of US$2.8 million expense in 2023. This increase was primarily attributable to the impact of differences in tax rates of foreign subsidiaries mainly due to the jurisdictions of the new acquisitions (mainly Colombia and Brazil).

Net income for the year

As a result of the foregoing, net income of our group in 2024 was US$75.7 million, a decrease of US$45.1 million, or 37.3%, from US$120.8 million in 2023.

Year Ended December 31, 2023, Compared to the Year Ended December 31, 2022

The following table sets forth our income statement data for the year ended December 31, 2023 and 2022:

                                                                 For the Years Ended                             
                                                                        December 31,                             
                                                                                2023        2022      Variation  
                                                                                                            (%)  
                                           (in US$ millions, except for percentages)                             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net Revenue from services                                                    327.6       258