Shares in investment house and ASX stalwart Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) reached 52-week high heights today, up 0.2% to $19.46 at the time of writing.
Soul Patts released its half-year results in March announcing a NPAT slide of 1.9% to $146.2 million with the drop put down to one-off gains in the previous corresponding period that were not repeated.
Regular profit rose by 19.4% on the $139.3 million reported in the previous half-year, at $166.4 million, with Soul Patts attributing the uptick to a 5% rise out of its TPG Telecom Ltd (ASX: TPM) investment and a whopping 97.4% rise in its stake in New Hope Corporation Limited (ASX: NHC) which rocketed up off the back of favourable coal prices and its Bengalla Joint Venture.
Soul Pattinson has stakes in other large players like Australian Pharmaceuticals Industries Ltd (ASX: API) and Brickworks Limited (ASX: BKW) with investments in more speculative stocks such as Bingo Industries Ltd (ASX: BIN) also.
Long considered a "buy and hold forever" type stock, investors will be pleased with Soul Patts' current strong position with the company banking on solid growth out of TPG in the near future as 5G comes into play.
