Anton Pillay, CEO of Coronation Fund Managers. Photo: Attached.
Coronation Fund Managers has announced an interim dividend following a surge in half-year profits, despite currently having about R800 million at stake in a tax dispute with the SA Revenue Service (SARS).
The Cape Town-headquartered asset manager has declared a dividend of 185 cents per share for the six months to the end of March 2024, after not paying a half-year shareholder dividend in the previous year. Coronation is embroiled in an ongoing tax dispute with SARS, with taxes increasing from an estimated R761 million in November to almost R800 million. The matter awaits a decision by the Constitutional Court, which heard the matter on February 13.
The group's half-year revenue rose 4% to R1.89 billion from R1.82 billion in the same period last year. Fund management earnings per share (FMEPS) was 185.8 cents, including the impact of the SARS tax issue. Underlying profit and comprehensive earnings per share increased to 200.5 cents from 6.2 cents a year earlier, while total assets under management (AUM) increased by 5% to R631 billion.
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