Finance

Morocco: South-African Sanlam launches the year with mixed results at its local subsidiary

Tuesday, 26 February 2019 16:54
Morocco: South-African Sanlam launches the year with mixed results at its local subsidiary

(Ecofin Agency) - Saham Assurances published mixed results for 2018, Ecofin Agency learnt from a note to Casablanca stock exchange.

During the period under review, its turnover rose by 7.8% year on year to reach MAD5.22 billion ($547.5 million). This performance was supported by its non-life segment whose turnover rose by 9.7%.

But, this good performance was affected by the increase of the sinistrality, which led to a 3.7% fall of the technical result that reached MAD567.7 million against MAD598.6 million a year earlier.

With the tax audit, the firm’s net profit worsened further to reach MAD402.9 million (from MAD440.5 million) but, shareholders’ remuneration should remain unchanged.  

The administrative board suggested MAD40 as the dividend per share. Depending on the standpoint, this could be differently perceived. Because of the 12% fall of Saham Assurance since January 1, 2018, the dividend yield will be higher. However, the net interest margin that measures the net profitability of a firm compared to its turnover has fallen.

Idriss Linge



 
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