Latest news with #R745
IOL News
a day ago
- Business
- IOL News
Alexforbes celebrates 90 years with impressive annual results
Alexforbes, a JSE-listed financial services group, said profit for the year from continuing operations improved 28% to R745 million, owing to a significant decrease in non-trading and capital items. Image: File Alexforbes delivered a strong set of results for the year ended March 21, 2025 on the back of a strong investment performance and as the group celebrates its 90th anniversary this year. Profit for the year from continuing operations improved 28% to R745 million, owing to a significant decrease in non-trading and capital items. CEO Dawie de Villiers said, "What excites me about Alexforbes is the way we have punched above our weight for 90 years and the impact we've had on the financial services industry. We have influenced and led real change and continue to do so and most importantly, we secure the financial well-being of members in the retirement funds that we serve. "With the vision of transforming clients' financial journeys, I am proud to share that we are making financial advice available to over 1 million members in our base. Across all ages, income bands and levels of wealth – every single one of our members can now access financial advice from Alexforbes to help them invest, plan and reach their investment destination," he said. The integrated financial services, insurance and investment group said its operating income increased 13% to R4.4 billion owing to strong investment performance underpinned by positive market growth that resulted in higher average assets under management, inflationary increases from within its retirements and healthcare consulting client base and high client retention. Operating income from retirement consulting increased 17% to R1.35bn owing to organic and acquisitive growth, while healthcare consulting reported a 2% increase in operating income to R371 million. Investments reported a 12% increase in operating income to R1.8bn, underpinned by higher average assets under management that benefitted from new institutional inflows, an improvement in retailflows and strong market performance during the year In addition, consolidation of acquisitions completed in previous financial years and higher than expected two-pot claims volumes also contributed to its top line. Alexforbes said it has processed over 480 000 two-pot claims and made gross benefits payments of R7.7bn, with R2.1bn paid to the South African Revenue Services. Total assets under management and administration increased 14% year on year to R599bn, while new institutional business flows for the year amounted to R35bn. Alexforbes said over the past two years, institutional new business levels have hit record highs driven by a significant increase in platform assets due to the platform clients on-boarded from the Sanlam stand-alone retirement fund administration business operations acquisition. Headline earnings per share from total operations increased 15% to 70.8 cents per share. Cash generated from continuing operations remains strong at R1.23bn, up 15% year on year. Alexforbes said, "The group balance sheet remains financially robust,supported by the sustained cash flow generated from continuing operations, with a sound regulatory surpluscapital position of R1 348 million and available cash of R700 million. The group cover ratio of 2.3 times remains above the target solvency cover ratio of 1.2 times." Alexforbes declared a gross final cash dividend of 33 cents per share (up from 30 cents per ordinary share in 2024), which when added to the interim dividend of 22c per share amounts to a total dividend of 55 cents per share for the year. The total annual dividend is up 10% year on year. In addition, the board declared a gross special dividend of 10 cents per share. It said, "Our prospects into the next decade are directly influenced by our vision, which is to transform every client's financial journey - through inclusive advice, intelligent technology and impactful solutions that empowers each one of them to reach their investment destination."
The South African
5 days ago
- Business
- The South African
Cape Town among the top global destinations for this kind of event
Cape Town continues to grow in popularity with visitors. Image via Pixabay. Home » Cape Town among the top global destinations for this kind of event Cape Town continues to grow in popularity with visitors. Image via Pixabay. Cape Town is growing in popularity with business travellers. In fact, a new report shows that the city is now one of the world's top destinations for international conventions. That's according to the International Congress and Convention Association (ICCA) GlobeWatch 2024 Business Analytics Report. The report provides insight into global association meetings, including the favourite destinations for such conferences. Cape Town has risen 15 spots in the ICCA GlobeWatch 2024 rankings for international association meetings. It now ranks 35th globally. The city also ranks in the top 10 globally for average attendance per event. 717 delegates attend the average event in the city. Cape Town hosted 58 international meetings in 2024, up from 42 in 2023. Smaller towns like Stellenbosch also hosted multiple events, reflecting a province-wide trend. South Africa as a whole remains the top country in Africa for international meetings. The country hosted 98 international meetings in both 2023 and 2024. The business events industry generated over R2 billion for the national economy in that period. The rise is attributed to strategic bidding, strong public-private partnerships, and increasing interest in the region as a hub for knowledge-sharing and innovation. Wesgro, the official tourism, trade, and investment promotion agency for Cape Town and the Western Cape, welcomed the news. In a statement on Bizcommunity, CEO Wrenelle Stander said: 'This ranking shows that Cape Town and the Western Cape stand shoulder to shoulder with global conference hubs such as Dubai, Barcelona, and Melbourne. We are particularly pleased that smaller towns across the province are experiencing the benefits of business events.' Stander added that Wesgro secured 36 new conference bids for 2024/25, projecting an impact of R745 million and over 27 000 delegates through 2028. Cape Town's rise in the rankings was also celebrated by Western Cape Minister of Agriculture, Economic Development and Tourism, Dr Ivan Meyer. Alderman James Vos, Mayoral Committee Member for Economic Growth, also welcomed the news. The Mother City's popularity is by no means slowing down. Cape Town will host a plethora of conventions in the next few years, including: International Communication Association Congress (2026) World Congress on ADHD (2027) World Congress of Entomology (2028) Let us know by leaving a comment below or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
