Old Mutual Ltd share price down by 1/3 since listing on JSE a mere 9 months ago

Old Mutual Ltd reported a 12% drop in profits for the year ending on 31 December 2018.

The insurer – South Africa’s second largest – will spend R2 billion on buying back stocks to appease shareholders after the share price fell by almost a third since listing on the JSE as a stand-alone Africa-focused entity.

Headline earnings per share dropped to 239.1 cents ($0.1663) from 271.1 cents in 2017.

Operating profit is down 4% to R10 billion.

The Money Show’s Bruce Whitfield interviewed Peter Moyo, CEO at Old Mutual.

Listen to the interview in the audio below (and scroll down for quotes from it).

In some countries, we’re very big on the banking side…

Peter Moyo, CEO - Old Mutual Ltd

We’ve sold everything we were meant to sell… We’ve completed the unbundling of Nedbank…

Peter Moyo, CEO - Old Mutual Ltd

We’ve met all our commitments to the investor community… It was a pity that we went backwards in our results from operations…

Peter Moyo, CEO - Old Mutual Ltd

We want a company that’s growing at GDP plus 2%... We are growing…

Peter Moyo, CEO - Old Mutual Ltd

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This article first appeared on 702 : Old Mutual Ltd share price down by 1/3 since listing on JSE a mere 9 months ago


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