JOHANNESBURG – South African financial services advisory firm Alexander Forbes returned to profit in the first half of its financial year, months after relisting on Johannesburg’s stock market.
The company made headline earnings of 12 cents per share in the six months ended September compared with a loss of 23 cents in the same period a year ago.
Fee and commission income grew 17 percent to 2.6 billion rand ($236 million), while investment income more than doubled to 180 million rand.
The company, which mainly advises and administers pension and investment funds, is looking to re-enter Tanzania and Malawi after exiting those markets in 2011. It is also eyeing Ghana, Chief Executive Edward Kieswetter told Reuters in November.
Its shares have risen more than 30 percent since they were relisted on July 24 at 7.50 rand apiece.
Following the listing, Marsh & McLennan, the world’s top insurance broker, became Alexander Forbes’ biggest shareholder with a 34 percent stake.