Coronation Fund Managers anticipate a substantial boost in profits for the half-year ending March 2024, in contrast to the previous year’s results, which were overshadowed by a R716 million provision linked to a tax dispute with the South African Revenue Service. They project a noteworthy turnaround in fund management earnings per share (EPS), aiming for a minimum of 175 cents per share, a significant leap from the 13-cent loss per share incurred in the prior half-year.
Emphasizing their reliance on fund management earnings as a metric for operational financial performance, Coronation clarified that these earnings exclude the net mark-to-market impact of fair value gains and losses, as well as associated foreign exchange fluctuations on investment securities held.
Moreover, Coronation anticipates notable increases in its EPS, headline earnings per share (HEPS), and diluted headline earnings per share (DHEPS) for the half-year ending March 2024, with expectations set at a minimum of 190 cents per share, as compared to the 6.2 cents per share recorded for the corresponding period in March 2023.
Furthermore, the company’s total assets under management as of March 31, 2024, stand at R631 billion, reflecting a growth from R602 billion recorded at the end of March 2023.