PPS allocates over R2.7bn in profits

Cape Town - PPS, the financial services company focused exclusively on graduate professionals, has declared that its total profit-share allocation to PPS members for the 2016 financial year was over R2.7bn.

This makes the total cumulative profit-share allocation to members R22.5bn over the last ten years.

Izak Smit, CEO of PPS, says 2016 was a very volatile year, not only for the country but the world.

“Locally we experienced fluctuations in the value of the rand, while globally we saw the United Kingdom vote to leave the European Union and witnessed a dramatic and unexpected result in the US elections. However, despite these unexpected events and a tough economic environment, PPS stood strong in times of uncertainty and reaped rewards for its members.”
 
He adds that, in addition to the PPS Profit-Share Account allocation of R2.7bn, a further R2.4bn was paid to members in benefits (mostly life insurance claims) for 2016.

Smit notes that the company experienced significant growth in 2016, and new membership grew by 9% - with 61% of these new members under the age of 30. In addition, the group’s total assets increased to R31.4bn (excluding assets under management), the highest ever for the company.

The group’s investment arm, PPS Investments increased the assets under its management by 16% to R25bn in 2016, which illustrates the increasing appetite of South Africa’s graduate professionals for the unique service offering and approach of PPS.