The South African insurer Sanlam Ltd plans to invest in Egypt in the year 2020, according to its CEO, Ian Kirk, in a statement made to Reuters.
The group had recently announced its intention to take a stake in an Egyptian company once the appropriate partner found.
For the first half of 2019, the group announces a 32% decline in profits, mainly due to exceptional costs, including an expense of 1.7 billion rand ($ 111.57 million) related to an empowerment transaction the Black Economy (BEE) and amortization expense of 200 million rand ($ 13.5 million).
Sanlam’s financial statements also report net income up 13%. However, a performance given the economic crisis that is shaking South Africa and the volatility of global markets in a context of Sino-US trade war and other uncertainties such as Brexit.
The results are supported by its subsidiary SAHAM Finances, acquired for one billion dollars in March 2018. Sanlam’s African subsidiaries helped offset stagnant growth in South Africa.
In addition, the company said it had to reduce the value of its 2015 investment in Zimbabwe by about 188 million rand ($ 12.6 million) in the first half.
