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Sanlam cites tough conditions as earnings fall by a third

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Once-off cost of R1.7bn linked to new B-BBEE entity also weighed on numbers

Financial services group Sanlam said half-year earnings fell by almost a third following once-off charges linked to its broad-based BEE scheme as well as a downturn in the local equity market.

Diluted headline earning per share slipped 32% to 169c, but the group said it was pleased with its operational performance, given tough economic conditions in SA and Namibia. Excluding the effect of the new share issuance, the group’s Rogev fell to 8.9% for the period, which was below the group’s target for the period of 13.5%.

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