Coronation Insurance profit dip by 20% to N796.5 million in half year 2021.

Coronation Insurance Plc released its unaudited financial statements for the period ended June 30, 2021.

  • Gross premium written for the period was N10.8 billion. (+33.9% YoY)
  • Fees and commission income of N1.14 billion. (+63.8% YoY)
  • Total gross claims paid during the period were N2.28 billion. (+10% YoY)
  • Underwriting profit was N2.52 billion. (+394.8% YoY)
  • Personnel expenses totalled N931.65 million. (+5.8% YoY)
  • Profit for the period was N796.5 million. (-20.4% YoY)

See link to results.

Mutual Benefits Assurance Plc reports a loss of N1.98 billion in HY 2021.

Mutual Benefits Assurance Plc released its unaudited financial results for the period ended June 30, 2021.

  • Net premium income for the period was N11.97 billion. (+52.1% YoY)
  • Fee and commission income of N359.18 million. (+7.4% YoY)
  • Net benefits and claims totalled N3.61 billion. (+26.2% YoY)
  • Underwriting profit was N5.53 billion. (+106.7% YoY)
  • A loss after tax of N1.98 billion was recorded during the period.
  • Loss per share of -10 kobo (-242.9% YoY)

See link to results.

Meyer Plc approves interim dividend worth N796.9 million for 2021 half year.

The Board of Directors of Meyer Plc has approved the payment of an interim dividend of N1.50 per ordinary share of 50 kobo for the period ended June 30, 2021.

The dividend will be paid on all the outstanding 531,237,723 ordinary shares of the company, thereby raising the total amount to be paid by the firm to N796, 856,584.50

According to a disclosure signed by the company’s secretary, Kalu O. Kalu and filed with the Nigerian Exchange Group Limited (NGX), the dividends will be disbursed electronically on the 25th of August, 2021, to all qualified shareholders whose names appear on the Register of Members as at 13th of August, 2021.

To fast track the process, the company announced that it will close the register of its shareholders from 16th of August to 20th of August, 2021. The qualifying conditions for shareholders to participate are succinctly captured below;

  • Shareholders must have completed e-dividend registration.
  • Shareholders must have authorized the company’s registrar (Greenwich Registrars & Data Solutions Limited) to pay the dividends directly into the respective shareholder’s bank account.

What you should know:

  • Meyer Plc is a renowned manufacturer and marketer of high quality paint products in Nigeria. The firm had earlier reported a half year loss of N9.33 million for the period ended June 30, 2021
  • As at the period of reporting this, Meyer Plc share price currently trades at 59 kobo.

 

SUNU Assurances Nigeria Plc confirms Taiwo Kuku as substantive secretary.

SUNU Assurances Nigeria Plc has notified its stakeholders and the investing public about the appointment of Mrs Taiwo Kuku as its substantive Secretary/Head of Legal Services, with effect from 1st of August, 2021.

She was appointed Acting Secretary of the company on 7th of June, 2021 following the exit of her predecessor, Mr John Akujieze. The decision to confirm her appointment was taken at the recently concluded Board meeting of the Company held on 29th of July, 2021.

By the virtue of her appointment, Mrs Taiwo will guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

Profile

Taiwo Olubunmi Kuku is a lawyer with over 18 years of cognate experience spanning across company secretarial services, corporate governance practices, compliance and general legal practice.

She holds an LLB degree from the Olabisi Onabanjo University (formerly Ogun State University) 2002; and she was subsequently called to the Nigerian Bar in 2003. She is a member of the Nigerian Bar Association (NBA), an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Institute of Chartered Arbitrators of Nigeria.

 

 

Anjan Dey resigns as a director from the board of Prestige Assurance Plc

The Board of Prestige Assurance Plc has announced the resignation of Mr. Anjan Dey from its Board as a Non-Executive Director, effective from 27th of July, 2021.

The announcement was made in a statement signed by the Acting Secretary of the company, Chidinma Ibe-Louis, which reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and investing public that Mr. Anjan Dey, a Non-Executive Director of the company, has resigned from the Board, effective 27th July, 2021.’’

Recall that few weeks back, the company also announced the retirement of another Non-Executive Director, Mr. Gopalan Raghu, from its board effective from 28th of April, 2021. Mr. Raghu retired from his position after over nine years of meritorious service to the board.

What you should know about Mr. Anjan Dey

  • Anjan Dey is an astute Insurance Professional, who has cut an edge in insurance underwriting, marketing and new products development.
  • He joined the parent company of Prestige Assurance (The New India Assurance Company Limited) as direct recruit on 1st of July, 1986. He rose through the ranks to become the country Head for New India Assurance Co. Ltd, Aruba, Dutch Caribbean from the year 2000 to 2005. He held the unique position of Chief underwriter for the Regional office and as well served as Member of Regional Claims Committee from 2005 to 2008.
  • He is a first class graduate from university of Allahabad and holds a post graduate degree from Monirba-Premier Institute under University of Allahabad with specialization in Marketing Research and management. He is also an Associate of Insurance Institute of India.
  • He was appointed into the board of Prestige Assurance on 29th of July, 2019.

As at the period of reporting this, Prestige Assurance share price trades at 45 kobo on the floor of the Nigerian Exchange Limited (NGX).

 

Nigerian Aviation Handling Company grows half year profit by 453% to N504.9 million.

Nigerian Aviation Handling Company Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N4.71 billion. (+31.8% YoY)
  • Operating costs of N2.96 billion. (+11.8% YoY)
  • Administrative expenses totalled N1.24 billion. (-5.8% YoY)
  • Profit after tax was N504.9 million. (+452.6% YoY)
  • Earnings per share of 30 kobo. (+233.3% YoY)
  • Total assets for the period stood at N14.8 billion.

See link to results.

CWG Plc reports a 10% decline in profit to N286.4 million in HY 2021.

CWG Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N5.97 billion. (+9.8% YoY)
  • Cost of sales was N4.5 billion. (+13.7% YoY)
  • Operating expenses totalled N1.05 billion. (+4.46% YoY)
  • EBITDA of N486.6 million.
  • Profit for the period was N286.41 million. (+9.8% YoY)
  • Total asset for the period stood at N10.53 billion.

See link to results.

Ardova Plc posts N1.78 billion profit in Half Year 2021.

Ardova Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N86.8 billion. (-0.62% YoY)
  • Cost of sales was N79.4 billion. (-3.1% YoY)
  • Administrative expenses totalled N3.49 billion. (+6.2% YoY)
  • An operating profit of N2.65 billion was recorded.
  • Profit for the period was N1.78 billion. (+75.9% YoY)
  • Earnings per share of N1.36 Vs 78 kobo YoY.

See link to results.