Old Mutual remains resilient in Zim | Fin24
 
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Old Mutual remains resilient in Zim

Oct 14 2015 11:10
Malcom Sharara
Harare - Old Mutual Zimbabwe on Wednesday reported a 4% increase in total revenue to US$126m for the six months to end-June 2015.
 
Adjusted operating profit was up to $33.1m from $32.4m.
 
Profit for the year also went up to $13.2m from $10.2m, resulting in earnings per share of 3.8 US cents from 2.8c prior year comparative.
 
In a statement accompanying the results, management said performance was driven by growth in the banking and insurance businesses.
 
The banking business reported a 42.54% growth in interest income to $50.8m from $35.7m prior year. Fee income added another $19.6m, up 22.66% from $16.0m prior year. The insurance business grew its gross premiums by 4.7% to $85.8m.
 
“The group has remained robust in a challenging economic environment characterised by a shrinking revenue base, declining aggregate demand, company closures and low property occupancy levels among others,” said Old Mutual.
 
Net rental income saw revenue come down to $3.9m from $6.3m, while property values came down by as much as $58.1m during the period under review.

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