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Apollo Profit Climbs as Gains Outpace Broader Markets

Apollo Global Management Inc. reported higher second-quarter profit Wednesday, as the value of its private-equity portfolio climbed faster than the broader market.

The New York firm posted net income of $657.7 million, or $2.70 a share, up from $446.3 million or $1.84 a share, a year earlier.

Apollo’s private-equity portfolio appreciated by 9.5% during the quarter, topping the roughly 8% gain for the S&P 500.

The firm’s distributable earnings, or cash that could be returned to shareholders, came in at $501.6 million, or $1.14 a share, compared with $205.2 million, or 46 cents a share, in the second quarter of 2020. The figure for the most recent period marked the firm’s highest distributable earnings since 2013, as it sold off more assets from its eighth flagship private-equity fund.

Apollo said it would pay a dividend of 50 cents a share, compared with 49 cents in the second quarter of 2020. In March, the firm announced a deal to buy the 65% of insurance affiliate Athene Holding Ltd. that it doesn’t already own. Apollo plans to pay an annual dividend of $1.60 a share following the closure of that deal, expected in January 2022.

Apollo Profit Climbs as Gains Outpace Broader Markets Source link Apollo Profit Climbs as Gains Outpace Broader Markets

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