GT Assurance release results, records N1 billion profit.
March 26th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike.
Guaruanty Trust Assurrance has released its results for the year ended 31 December 2007, to the floor of the Nigerian Stock Exchange. Highlights of the company’s financial result showed that the company was able to increase its profit before tax for the period under review by 187 percent to stand at N1.1 billion compared to the result recorded in 2006.
The company’s gross premium income grew by 93 percent from N1.06 billion in 2006 to N2.07 billion in 2007. With the current profit before tax of N1.1 billion, GT Assurance is now the first Nigerian underwriter to cross the N1 billion profit befroe tax barrier.
It will be recalled that the GT Assurance was the first Nigerian Underwriter to receive a risk rating of A+ by Agusto & Co. in July 2007, a rating which remains the highest given to any company in the Nigerian insurance industry.
Further more, Nigerian Breweries has proposed a final dividend of N14.7 billion. The payment is subject to the approval of the shareholders at the Annual General Meeting scheduled for May 28th , 2008. It would be recalled that the company paid an interim dividend of N4,159,409,287, which was 55 kobo per share in October 2007. The total dividend payable in respect of the year ended 31st December, 2007 would be N18,906,405,850, that is, 250 kobo per share. The total dividend of 250 kobo per share would represent an increase of 74% over the 144 kobo per share paid in the 2006 financial year.
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