Momentum Metropolitan Holdings has reported strong earnings for the six months ending 31st December 2023 (Interim Results), with a solid contribution coming from its Namibia business.
Momentum Metropolitan Africa recorded a notable increase in normalised headline earnings of R284 million, growth particularly bolstered by enhanced investment income from Namibia, showcasing the significant contribution of the Namibian market to the Group’s overall success.
Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia, expressed satisfaction with the financial performance.
“Our commitment to empowering local businesses and individuals has contributed to our resilience in the face of challenges. We are proud of the solid financial performance, which underscores our dedication to serving our clients in Namibia,” he said.
Momentum Metropolitan Holdings Group CEO, Jeanette Marais, expressed satisfaction with Momentum Metropolitan’s financial performance, emphasizing the resilience and agility of the group’s empowered and accountable business model.
“Our three-year Reinvent and Grow strategy remains on track, and we are preparing to share our vision for the future with investors in the upcoming financial year,” she said.
Marais acknowledged the persistent pressure on the value of new business, despite the overall improvement in earnings, highlighting the importance of addressing factors such as new business pricing, cost of acquisition, and sales mix to alleviate the strain on new business margins, despite increased sales volumes.
Momentum Metropolitan Namibia is a subsidiary of Momentum Metropolitan Holdings.
