Old Mutual delivers 'solid' performance, declares special dividend | Fin24
 
  • Moving Target

    What if FlySafair were to run embattled SAA? asks Ferial Haffajee.

  • Air Quality

    Activists acknowledge their court action is a 'baptism of fire' for Barbara Creecy.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Old Mutual delivers 'solid' performance, declares special dividend

Aug 31 2018 16:46
Lameez Omarjee

Old Mutual declared a special dividend of 100c per share, having reported “solid” performance for the six months ended June 30.

The unaudited results were released on Friday. During the period the group listed on the JSE and four other stock exchanges as Old Mutual limited, marking the “material completion” of its managed separation, the report read.

The group declared an interim dividend of 45c per share, 40% of adjusted headline earnings.

Old Mutual’s adjusted headline earnings came to R5.39bn, only marginally higher than the R5.35bn reported last year. Adjusted headline earnings per share were 112.3c, in line with the previous year’s. Returns from operations were up 7% to R4.84bn.

Net profit for the period was up 42% to R10.65bn, from R7.5bn reported for the same period in 2017. This was mainly due to the “accounting effects” of the sale and distribution of Quilter (Old Mutual's former UK arm) shares, the report read.

“With our debut results as Old Mutual Limited, I am pleased to report that we are on track to deliver on the commitments we have made to investors,” said CEO Peter Moyo. Despite the tough environment, the group delivered “solid financial results,” he said. “There is renewed momentum and excitement in the group following our listing.”

Moyo added that the group is on track to reach its financial targets.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

old mutual  |  peter moyo  |  financial services
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SARS has lifted the tax return threshold from R350 000 to R500 000 per year. What are your thoughts on this??

Previous results · Suggest a vote

Loading...