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Sygnia plans an acquisitive growth drive

Companies
Cape Town – Fintech company, Sygnia said on Wednesday that it would be on both organic and strategic acquisitive growth drives this year as it seeks to grow its brand and grab market share from its competitors.

For the six months ended March, the group grew its assets under management and administration by a moderate 0.29 percent to R158.9 billion. The company’s revenue for the period under review increased by 12.2 percent to R147.5 million, while expenses increased by 20.7 percent to R113.2 million.

The group’s profit before tax declined by 0.95 percent to R48.2 million, while its headline earnings tanked 1.77 percent to R34.3 million.

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Magda Wierzycka, chief executive of the Sygnia Group.

The company said that it had brought in additional expertise in the period to deliver on its multifaceted growth strategy.

“The executive management team has been strengthened to facilitate delivery to all stakeholders and to leverage operations,” a group statement said.

Read also: Sygnia to buy db X-trackers for R325

The company also said that technology and innovation would remain core to the group’s strategy in the period ahead.

The company said that it was well positioned to grow its assets under management and administration this year in a number of different areas, spanning both institutional and retail business initiatives.

BUSINESS REPORT

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