Sygnia profit surges 64% as low-cost offerings pay off
Low cost asset manager sees stellar earnings growth even as client flows turn “marginally negative”
08 December 2020 - 11:59
UPDATED 08 December 2020 - 17:56
Sygnia, the low cost provider of index-tracking and multi-managed funds founded by Magda Wierzycka, rallied to a four and a half year high after it reported a 63.7% surge in after-tax profit for its 2020 fiscal year even as volatile market conditions and a shrinking economy hurt competitors.
The share rose 0.6% to R19.60 a share, the highest since June 2016, after the company reported profit after tax of R206.1m for the 12-months to end-September 2020. Sygnia said revenue rose 30.1% to R661m while assets under management and administration were up 5.6% to R251.8bn...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.