Onex reports Q4 profit up, helped by private equity and credit investment gains

TORONTO – Onex Corp. reported its fourth-quarter profit rose compared with a year ago, helped by gains in its private equity and credit investments.

The Toronto-based private equity manager, which keeps its books in U.S. dollars, says it earned a net profit of US$597 million or $6.61 per diluted share for the quarter ended Dec. 31.

The result compared with net earnings of US$187 million or $1.86 per diluted share in the fourth quarter of 2019.

Onex reported segment net earnings — which exclude certain items — of US$708 million or US$7.72 per diluted share for its fourth quarter, up from US$211 million or $2.04 per diluted share a year earlier.

Onex manages and invests money on behalf of its shareholders, institutional investors and high net worth clients.

It also owns wealth management firm Gluskin Sheff.

This report by The Canadian Press was first published Feb. 26, 2021.

Companies in this story: (TSX:ONEX)