Apollo Global Management Reports Strong Q4 Profit

Apollo Global Management, a leading asset manager, experienced a significant rise in profit for the fourth quarter. The company reported a profit of $2.89 billion, or $4.65 per share, for the quarter ended December 31. This is a notable increase compared to $640 million, or $1.06 per share, in the same period last year.

After adjusting for certain one-time items, the company’s profit stood at $1.91 per share, surpassing analysts’ expectations of $1.73 per share. This demonstrates the strong performance of Apollo Global Management.

The company’s revenue also experienced substantial growth, more than doubling to reach $11.05 billion. Additionally, its assets under management saw a 19% increase from the previous year, reaching $651 billion.

Fee-related earnings saw a 16% rise, totaling $457 million. Apollo Global Management attributed this increase to strong fee revenue growth and effective expense management.

Furthermore, spread-related earnings, which are related to the retirement-services segment, increased by 7% to $748 million. The company credited this growth to high floating-rate income, positive organic growth trends, and successful new business ventures.

Overall, Apollo Global Management’s impressive performance in the fourth quarter highlights its ability to generate substantial profit and manage its assets effectively.