News Formal

Sanlam cites tough conditions as earnings fall by a third

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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%.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Controversial debt-relief law taking a bite out of earnings, says TFGThe group says it is being cautious in extending credit, but reported 14.1% growth in cash turnover for TFG Africa for the first 21 weeks of its 2020 year
Source: BDliveSA - 🏆 12. / 63 Read more »