(Alliance News) - Old Mutual Ltd said Wednesday it expects to report a stronger profit performance for 2021, which is set to demonstrate a strong recovery from the effects of the Covid-19 pandemic.
For the year, the Cape Town-based financial services firm said it expects basic earnings per share between 148 and 160 rand cents, around 7.24 pence to 7.82p, swinging from a loss of 116.3 cents the year before.
Headline earnings per share meanwhile is set to range from 161 cents to 172 cents, a 38% to 48% rise from 116.7 cents the prior year. Headline earnings is expected to range from ZAR7.07 billion from ZAR7.58 billion, a 39% to 49% increase from ZAR5.09 billion.
Old Mutual said the relaxing of lockdown restrictions supported growth in productivity across its business, with South African retail segments including Personal Finance and Wealth Management seeing a pick up in issued sales.
Old Mutual also noted a stronger performance in the South African equities market, with the JSE Shareholder Weighted All Share index up 17% for 2021, positively affecting the group's asset base and associated fee income.
Meanwhile, in the Rest of Africa, the group experienced a return to normal economic activity.
Old Mutual will publish its annual results on March 15.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Old Mutual Lim. (OMU)