Apollo Global Management Inc. reported on Wednesday that profits increased in the second quarter as the value of its private equity portfolio rose faster than in the broader market.
The New York company posted a net profit of $ 657.7 million ($ 2.70 per share) from $ 446.3 million ($ 1.84 per share) in the previous year.
Apollo’s private equity portfolio rose 9.5% during the quarter, outpacing the S & P 500’s rise of about 8%.
The company’s distributable profit, or cash that can be returned to shareholders, was $ 501.6 million, or $ 1.14 per share, compared to $ 205.2 million in the second quarter of 2020, or 46 cents per share. It was a dollar. It marked the company’s highest distributable return since 2013 as it sold more assets from its eighth flagship private equity fund in the most recent period.
Apollo said it will pay a dividend of 50 cents per share for 49 cents in the second quarter of 2020. In March, the company announced an agreement to acquire 65% of insurance company Athene Holding Ltd. Own. Apollo will pay an annual dividend of $ 1.60 per share after the closing of the transaction scheduled for January 2022.
Apollo’s profits rise as profits surpass wider markets
Source link Apollo’s profits rise as profits surpass wider markets