Momentum Metropolitan, based in South Africa and with operations in Namibia, has reported a historic peak in normalised headline earnings (NHE) of N$5.1 billion for the 12 months ended 30 June 2023. Operating profit surged by 31% to N$4.4 billion, up from N$3.4 billion the previous year.
According to the financial services group, these stellar results were bolstered by improved post-Covid mortality experience and a positive investment variance of N$1.1 billion.
Earnings per share metrics also showed robust growth: normalised headline earnings per share jumped by 19% to 342.3 cents, headline earnings per share rose by 5% to 310.7 cents, and earnings per share grew by 20% to 313.3 cents. A total dividend of 120 cents per ordinary share, a 20% increase on the prior year, was declared.
“In a challenging operating environment, our resilient business model has allowed us to navigate multiple headwinds faced by South Africa in the past year,” said outgoing Group CEO, Hillie Meyer. “Our dividend declaration reflects the group’s robustness and our confidence in the financial strength of the business.”
Incoming Group CEO, Jeanette Marais, acknowledged that while the business had reported strong results, there were challenges ahead due to economic conditions. She stated, “We expect our earnings to remain robust in F2024, targeting an NHE between N$4.6 billion and N$5.0 billion as part of our ‘Reinvent and Grow’ objectives.”
Namibian winners shine bright
Meanwhile, Momentum Metropolitan Namibia reported that multiple team members have been recognised at the esteemed Momentum Metropolitan Africa Recognition Awards 2023. The ceremony acknowledged exceptional contributions across Africa, further solidifying Momentum Metropolitan’s commitment to excellence.
“We take immense pride in our Namibian colleagues for not just meeting but exceeding expectations in their various roles,” said Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia. “These accolades testify to the depth of talent within our organisation.”
Namibian winners recognised at the Africa Awards include Overall Winner, Most Improved Country: Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia; as well as awards for Christopher Storm, Betty Ndjiva, Luandro Steyn, Frederik Van Zyl and Evangelina Nailenge.
“We couldn’t be more pleased that Sakaria Nghikembua has been honoured as the ‘Most Improved Country’ at the Momentum Metropolitan Africa Recognition Awards 2023,” said Denille Roostee, Momentum Metropolitan’s Group Head of Marketing. “This accolade is a testament to Sakaria’s exceptional leadership and vision, which have been instrumental in the unprecedented achievements we’ve experienced this year. His direction has enabled us to set new benchmarks not just in Namibia, but within the Momentum Metropolitan group across Africa.”
“What truly stands out is Sakaria’s humility,” Roostee continued. “During the ceremony, he remarked, ‘I am here to represent the people; this is the people’s win, not mine.’ This humility is one of his most effective leadership qualities and speaks volumes about the kind of leader he is.”
Roostee added that both the Momentum Metropolitan Group financial results and the Namibian awards speak to the effectiveness of the group’s long-term strategies, the commitment of its workforce, and the robustness of its business model.
“As we look to the future, we remain focused on delivering service to our clients, building enduring relationships with financial advisers and brokers, and generating exceptional value for our shareholders,” said Roostee.