Old Mutual 2018 Net Profit Rose After Separation
March 11 2019 - 1:47AM
Dow Jones News
By Adria Calatayud
Old Mutual Ltd. (OMU.LN) said Monday that net profit rose
sharply in 2018 after completing the managed separation of the
former financial-services giant Old Mutual PLC, but that tough
market conditions hit adjusted earnings.
The African financial-services group said it made a net profit
of 36.57 billion South African rand ($2.53 billion) last year
compared with ZAR14.37 billion in 2017. Adjusted headline
earnings--which strip out certain exceptional items--fell to
ZAE11.52 billion in 2018 from ZAE12.95 billion in 2017, Old Mutual
said.
Revenue was up 8.9% at ZAR78.73 billion in 2018 compared with
ZAR72.32 billion a year earlier, the company said.
The board declared a final dividend of 72 South African cents.
Old Mutual said it plans to return ZAR5.6 billion to shareholders
this year via a final dividend and share buyback, having returned
ZAR45.9 billion a year earlier.
The unbundling of Nedbank Group Ltd. (NED.JO) in October last
year marked the completion of the breakup of the former Old Mutual
PLC into four businesses, which was initiated in 2016.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 11, 2019 02:32 ET (06:32 GMT)
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