Vunani focused on extracting synergies during the second half of the year
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ASSET management firm Vunani lifted headline earnings per share by 10 percent to 21.7 cents in the six months to August 31 and declared an interim dividend of 6.5 cents per share.
Vunani's performance for the six months improved compared with the prior period. The group generated total comprehensive income for the period of R40.4m, versus R32.3 million at the same time a year before.
Attributable profit increased to R34.9m from R31.6m.
The group’s reporting segments include fund management, asset administration, insurance, investment banking (advisory services and institutional securities broking) and private equity, which has been included under discontinued operations.
Revenue from continuing operations was up 19 percent to R321.5m. Revenue increased due to the increase in assets under management and the assets under administration for the fund management and asset administration segments as well as the insurance segment.
Vunani acquired 39 percent of Medscheme Holdings through Oracle Insure on May 31. The acquisition was in line with the group’s strategy to expand its footprint in the health insurance services business in eSwatini.
Directors said despite the impact of Covid-19 on the global and local economy, the first six months of the year had seen an improvement in the performance when compared to the prior period.
“The group believes that it is in a position to benefit from the improved growth prospects of the local economy driven by improved performance and profitability in the operating businesses,” they said
The group will continue to focus on improving synergies in its operating businesses as a key growth strategy. Vunani would also continue to look at acquisitions that were in line with creating a diversified financial services business.
BUSINESS REPORT ONLINE