Utilico Emerging Markets Ltd made a return of 21.4 percent per share in the year to March 31, 2011 despite tough economic conditions.The Bermuda Stock Exchange (BSX) listed company’s total return was achieved by a diluted net asset value (NAV) per share gain of 18.1 percent to 175.28 pence and dividends paid during the year of 4.80 pence, company chairman Alexander Zagoreos wrote in his annual statement.The performance outstripped the MSCI Emerging Markets Index, which rose 9.6 percent over the year, he said.Since its inception Utilico’s NAV per share has gained 78.2 percent. Adding back dividends of 22.35 pence over the last six years results in an average annual compound total return per share of 13.8 percent.The increase in UEM’s NAV was driven by the continuing gains on the portfolio which amounted to £70.4 million and arose across most of the portfolio. The revenue earnings per share (EPS) have also reflecting the underlying strengths of the investee companies, rising by 20.1 percent to 5.61 pence.Against this background the company’s board of directors has proposed an increased final dividend of 1.45 pence, up 38.1 percent. The total dividend for the year is 5.20 pence, up 8.3 percent.