Momentum Metropolitan ups interim dividend even as profit barely beats inflation

Momentum Metropolitan has raised its interim dividend despite its net profit barely outperformed inflation.

The Centurion-headquartered insurance and investment group declared an interim dividend of 60 cents per ordinary share for the half-year to end-December 2023, compared to 50 cents a share in the prior half-year, even though interim net profit rose just 5.5% to R2.24 billion, up from a restated R2.12 billion in the previous six-month period following restatements for new accounting standards. Consumer inflation averaged 6% in 2023 and 5.2% in the second half of last year, the timeframe that corresponds with Momentum Metropolitan’s interim reporting period.