Nigerian Stock Exchange: Cornerstone Insurance Plc, GT Assurance release results.
April 25th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike
Two companies recently released their results to the floor of the Nigerian Stock Exchange.
Cornerstone Insurance Plc.
Cornerstone Insurance Plc released its result for the first quarter ended March 31, 2008 to the floor of the Nigerian Stock Exchange. Highlights of the result just made public revealed that the company grew is turnover for the three months under review by 64 percent from N0.87 billion in the same period in 2007 to N1.4 billion in 2008. Profit before tax increased by 69.7 percent from N0.25 billion in 2007 to N0.43 billion in 2008. After tax profit moved from N0.17 billion in 2007 to N0.29 billion in2008 indicating an increase of 65.3 percent.
GT Assurance Plc.
Guaranty Trust Assurance Plc, A subsidiary of Guaranty Trust Bank( GT Bank), also released its full year result for the period ended 31 December, 2007. A statement containing the company’s results showed that the company was able to move its gross premium for the period from N1.06 billion in 2006 to N2.061 billion in year 2007 indicating an increase of 93.13 percent.
Profit before Tax grew from N0.38 billion in 2006 to N1.1 billion in 2007 showing a growth of 187 percent. Profit after Tax rose from N0.29 billion in 2006 to N0.82 billion in 2007 indicating an appreciation of 179 percent.
(No Ratings Yet)
Loading ...
The company is a subsidiary of a very respectable and transparent company, hence such required and much needed openness are envisaged.
All shareholders of this company have adequate assurance of premiums.