Custodian and Allied Insurance Plc released 2007 year-end Audited results.
April 24th, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
By Tunde Brown
In just over year into it’s listing on the Nigerian Stock Exchange, Custodian and Allied Insurance Plc last week released its first audited report since quoted on the exchange. The report is in respect of the year ending December 31st 2007. With an outstanding performance that grew its earnings considerably, the company has pledged to provide products that would be responsive to the needs of its clientele, while improving on its service delivery to sustain the performance.
Details of the results recently made public by the company, show that the company grew its turnover from N1.608bn in 2005/6 to N2.714bn in 2006/7, representing an increase of 68.78 per cent. In the same manner, the profit after tax improved moving to N916.95m from N562.14m in 2005/6, indicating a 63.12 per cent increase. The performance yielded an earning per share of 23 kobo, and a dividend of 12 kobo has been proposed for shareholders on the register as at May 5th 2008.
While the growth in the performance indicators of the company has improved, it is believed that there is room for improvement. Market watchers are of the opinion that the potentials in the industry has not been tapped and that the company should create more awareness about its products and engage in more aggressive marketing to avoid falling below the benchmark. Analysts counsel that for medium and long-term purposes, this stock appears good.
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