Old Mutual Zimbabwe has recorded a 614 percent increase in profit after tax for the half year ending June 30, 2017. The company posted a profit after tax of $89.4 after good investments in equities. In the corresponding period last year, Old Mutual posted a profit after tax of $12,5 million. Board Chairperson Johannes Gawaxab said:
This was driven by a good operating performance, as already reported, as well as the strong performance of the stock market currently being experienced in 2017, which has led to a significant increase in unrealised investment gains compared to the same period in 2016.
Adjusted operating profit, which highlights the performance of the core business operations, was $36,8 million, which is a growth of 11% on 2016, buoyed by life assurance and asset management profits. Life profits were driven significantly by improved risk profits as a result of an improved claims ratio.
Old Mutual Limited is one of the biggest multinational companies in Zimbabwe listed on the Zimbabwe Stock Exchange. Old Mutual Limited has investments in various sectors of the economy and these include banking, micro-finance, insurance, asset management, retail, properties and real estates. The company was founded in 1845 in neighbouring South Africa and over the years it has expanded into various parts of the world including Zimbabwe. Read More
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