Old Mutual delivers 'solid' performance, declares special dividend

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.

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