Sanlam sees tough times ahead as Covid-19 hurts profit

DURBAN – Sanlam chief executive Paul Hanratty said on Thursday that tough times lay ahead economically as the financial services group swung into an interim loss of 170.9 cents a share, hurt by the Covid-19 outbreak on its operations.

Last year the financial services group reported basic earnings per share of 166.2c.

The group did not declare an interim dividend.

Sanlam said it had started the 2020 financial year from a solid base, with growth accelerating for most businesses in the second half of 2019.

“However, the outbreak of the Covid-19 pandemic, followed by the declaration of states of disaster and emergency in a number of countries where we operate, abruptly transformed the operating environment into one of the most challenging periods faced by the group and our stakeholders,” the group said.