Investment & Allied Assurance Plc posts 258 percent profit.
May 12th, 2008 Ikechukwu Emelike © www.StockMarketNigeria.com
By Ikechukwu Emelike
Investment & Allied Assurance Plc has released its results for the third quarter ended September 30, 2007 to the floor of the Nigerian Stock Exchange. Highlights of the results which seem impressive showed that Gross Premium for the period grew significantly from N69.617 million in the 2006 financial year end to N194.770 million in the nine months period ended September 30, 2007 indicating a growth of 180 percent.
Profit before tax increased from N68.063 million in the 2006 financial year end to N167.246 million in the nine months period showing an increase of 146 percent. Also profit after tax appreciated significantly by 258 percent from N41.024 million in the 2006 financial year end to N146.831 million in the nine months period.
The company was also able to increase its shareholders funds in the 9 months under review by 34 percent from N3.119 billion in year 2006 end to N4.176 billion. Today the company was the highest traded stock in the insurance sub sector on the floor of the Stock Exchange. It traded a total of 196,028,000 shares valued at N278,359,760.00 and it closed at N1.42 kobo appreciating by N0.06 kobo at the end of trading.
In the same vein, the company has listed 28 billion ordinary shares of 50 Kobo each at N1.30 Kobo per share worth N36.4 billion on the floor of the Nigerian Stock Exchange.
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