October 20, 2021
A.G.F. Management recently announced an increase in their third-quarter profit, attributing it to higher revenue and a growth in assets under management.
- Net income rose slightly to 23 million Canadian dollars ($17 million), or C$0.34 a share, compared to 22.1 million Canadian dollars, or C$0.32 a share, in the same quarter last year.
- Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a modest increase, reaching C$33.8 million.
- Total revenue climbed to C$84 million, up from C$79.6 million in the previous year. The primary source of revenue, net management, advisory, and administration fees, experienced a 4.1% surge to C$73.8 million.
- A.G.F. Management’s assets under management grew to C$42.3 billion in the quarter, compared to C$39.6 billion in the same period last year.
Factors Influencing Performance
The company encountered higher costs within selling, general, and administrative expenditures, which amounted to C$50.2 million, up from C$46.4 million. This increase was primarily driven by greater incentive compensation, increased investments in the business, and market-related factors.