Financials

Magellan Financial Group (ASX:MFG) Reports H1 2024 Results and Announces CEO Transition

ClubAI 1:55 pm

Financial Performance

Magellan Financial Group Ltd (ASX:MFG) reported a 5% increase in total revenue and other income to $178.6 million for the half year ended 31 December 2024. However, net profit after tax declined by 10% to $94.0 million. Adjusted net profit after tax also decreased by 10% to $84.1 million. The group’s assets under management (AUM) grew to $38.6 billion, up from $35.8 billion in the previous year.

CEO Transition

Executive Chairman Andrew Formica announced the appointment of Ms Sophia Rahmani as Chief Executive Officer and Managing Director, effective 3 March 2025.

Dividend Declaration

The Board declared an interim dividend of 26.4 cents per ordinary share, franked at 85%, to be paid on 12 March 2025. This follows the previous period’s interim dividend of 29.4 cents per share.

Strategic Initiatives

Magellan continued its strategic partnership with Vinva Investment Management, launching three new systematic equity funds for the Australian market. Additionally, the company bought back 1.96 million shares under its on-market share buy-back program.

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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