Coronation Fund Managers said on Tuesday that it has cut its interim dividend by 4% to R2.20.
Dividend withholding tax has been increased to 20% from 15%. The combination of the higher tax and the decrease in the dividend means Coronation shareholders’ payment will fall nearly 10% to R1.76 from R1.95 in the matching period.
Coronation’s interim revenue for the six months to end-March declined 6% to R1.9bn and its net profit by 5% to R763m.
Assets under management declined by 3.8% to R576bn following net outflows of R34.6bn.
"We are one of the country’s foremost managers of long-term assets in the collective investment schemes industry, with a market share of 12.8% as at December 2016. As anticipated, following a sustained period of rapid growth in the industry and a disproportionate allocation of industry flows, our fund range has seen net outflows in recent years," the company said in its results statement.
"There has been a stabilisation in outflows from our funds, totalling R4bn for the period under review. After taking capital appreciation into account, retail assets under management rose to R226bn from R225bn in September."
BDlive SA
Dividend withholding tax has been increased to 20% from 15%. The combination of the higher tax and the decrease in the dividend means Coronation shareholders’ payment will fall nearly 10% to R1.76 from R1.95 in the matching period.
Coronation’s interim revenue for the six months to end-March declined 6% to R1.9bn and its net profit by 5% to R763m.
Assets under management declined by 3.8% to R576bn following net outflows of R34.6bn.
"We are one of the country’s foremost managers of long-term assets in the collective investment schemes industry, with a market share of 12.8% as at December 2016. As anticipated, following a sustained period of rapid growth in the industry and a disproportionate allocation of industry flows, our fund range has seen net outflows in recent years," the company said in its results statement.
"There has been a stabilisation in outflows from our funds, totalling R4bn for the period under review. After taking capital appreciation into account, retail assets under management rose to R226bn from R225bn in September."
BDlive SA
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