“The successful listing of Alexander Forbes continues to support our strategic goals. The results, both financial and non-financial, confirm the suitability of our strategic choices,” said group chief executive, Edward Kieswetter.
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“Although we acknowledge the challenges that lie ahead, our bias for top-line growth, striving for greater operational efficiencies and building sustainable organisational integrity, remains unchanged.”
The financial and risk services provider further indicated that it produced net operating income from continuing operations of 2.4 billion rand for the six months ending 30 September 2014.
“Net revenue represents gross revenue net of direct product cost and includes the net result from insurance operations,” [DATA AFH:Alexander Forbes] said.
“The weakening rand exchange rate had a positive effect on net operating income contribution from the international operations for the first six months.”
However, its operating profit declined to 271 million rand in the 2014 interim period from 458 million rand for the six months to September 2013.
Profit before taxation increased from 120 million rand in 2013 to 394 million rand in 2014. Alexander Forbes also reported basic earnings per share from continuing operations of 11 cents from a loss of 23 cents.
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“The group is well positioned to continue to strengthen its core businesses and related market positions even further and to drive its growth strategies with clear focus. We continue to make progress in achieving our strategic goals,” the company said.
“Our focus will continue to leverage our core, and grow our retail and public sector offering and footprint in Africa beyond South Africa. We also continue to embrace pension reform and provide thought leadership to policymakers as well as clients.”
It added that it continues to pursue non-organic growth opportunities aligned with its strategic intent and to provide long-term value for its stakeholders.