OMU Old Mutual Limited

   By Adria Calatayud 
 

Old Mutual Ltd. (OMU.LN) said Monday that net profit rose sharply in 2018 after completing the managed separation of the former financial-services giant Old Mutual PLC, but that tough market conditions hit adjusted earnings.

The African financial-services group said it made a net profit of 36.57 billion South African rand ($2.53 billion) last year compared with ZAR14.37 billion in 2017. Adjusted headline earnings--which strip out certain exceptional items--fell to ZAE11.52 billion in 2018 from ZAE12.95 billion in 2017, Old Mutual said.

Revenue was up 8.9% at ZAR78.73 billion in 2018 compared with ZAR72.32 billion a year earlier, the company said.

The board declared a final dividend of 72 South African cents. Old Mutual said it plans to return ZAR5.6 billion to shareholders this year via a final dividend and share buyback, having returned ZAR45.9 billion a year earlier.

The unbundling of Nedbank Group Ltd. (NED.JO) in October last year marked the completion of the breakup of the former Old Mutual PLC into four businesses, which was initiated in 2016.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

March 11, 2019 02:32 ET (06:32 GMT)

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