News and Announcements
iFAST Corp Ltd (SGX: AIY) Assets Under Administration Now at SGD $7.16B
- Published November 02, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- iFAST Corp’s Asset Under Administration (AUA) increased by 19.3% and as of September 30, this year amounts to S$7.16B.
- The company’s net profits also increased by 51.9% and were pegged at S$6.53M.
- The company aims to offer a broad range of products and services in its China operations after it was initially launched in 2016.
- Shareholders will get a 0.75 cents third interim dividend per ordinary share for the third quarter this year as proposed by the directors.
The Group’s Assets Under Administration (AUA) increased 19.3% YoY to hit a record high of S$7.16 billion as at 30 September 2017. Its net revenue also increased by 21.6% at S$36.14 million during the same period.
However, the company aims to focus on sustaining the gain considering that this AUA level is still small compared to the wealth of Singapore’s wealth management industry.
The corporation, which has enlisted at the SGX-ST Mainboard in 2014, aims to kickstart its investments in China by providing a broad range of services and products which could also mean an increase in expense.
iFAST Corp noted a 45.7% increase in its net profit before tax to S$10,75 million excluding its operations in China for the past nine months this year. This translates to a 38.2% increase in its net profit after tax to S$9.57 million during the same period.
The corporation’s business in China, which was launched in 2016, is expected to play a major role in the future. While it is still in the early stages of development, the iFAST Corp has started to introduce its brand to potential clients and investors in the wealth management industry of China.
IFAST Corp reported a reduction in its gross revenue in China during the past nine months of 2017 as a result of the changing regulations on the local front. Its net revenue, however, continues to improve due to improvements in China’s onshore and offshore markets.
A 0.75 cents third interim dividend per ordinary share has been proposed by the directors for the third quarter this year. This quarter’s dividend is 10% higher compared to the 0.68 cents per ordinary share dividend during the second quarter.
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