Discovery shares stumble as Covid hits bottom line
Discovery achieved the following results for the six months ended 31 December 2020:
Net asset value increased by R582m
Total new business API increased 8% to R10 920m
Normalised profit from operations increased 19% to R4 507m
Profit for the period decreased 10% to R1 875m
Gross income of the Group increased 9% to R34 936m
Headline earnings per share decreased 10% to 280.3 cents per share
Earnings per share decreased 10% to 280.2 cents per share
Diluted Embedded value per share decreased 2% to R108.96 per share
Due to the uncertain and potentially volatile economic environment caused by the Covid-19 pandemic, Discovery has not declared an interim ordinary share dividend (2019: interim ordinary dividend of 101 cents per share). The reintroduction of dividends will be considered when appropriate.