Momentum Group's headline earnings a share increased 20% to 414 cents for the nine months to March 31 after all its business units made a positive earnings contribution.
Momentum Group reported “pleasing earnings delivery” in the 9 months to March 31, after positive contributions from all its operating units and strong performances in particular from Africa, Momentum Investments and a turnaround in the India business.
The operating update released Monday, a day before the financial services group holds its Capital Markets Day, appeared to be met favourably by investors, as the share price traded 3.37% higher at R37,13 in the afternoon, at a time when the JSE All Share Index was down 0.82%.
Group headline earnings a share increased 20% to 414 cents. Normalised headline earnings (NHE) increased 15% to R5.54 billion. Recurring premiums increased 7% to R3.3bn. Single premiums were up 15% to R50.23bn.
Sales growth offset new business margin pressure. NHE per share increased by 20% to 414 cents, with the additional growth from NHE attributable to fewer shares in issue following share buybacks.
