Consolidated Hallmark Insurance Plc releases first quarter results
May 22nd, 2008 Tunde Brown © www.StockMarketNigeria.com
By Tunde Brown
Last week, Consolidated Hallmark Insurance Plc made available its first quarter results on the floor of the Nigerian Stock Exchange. The Insurance Company popped an outstanding result for the first quarter that sets its 2008 fiscal year on a good start. The highlights of the report reveal that the company grew its gross premium by about 187 per cent, in a performance that drove its bottom-line by 210.21 per cent in comparative periods.
Details show that the gross premium moved up to N714.16m in Q1 2008 compared to Q1 2007 in which N249.34m was garnered. Similarly, the profit after tax increased to N263.5m, up from N84.9m in Q1 2007. The company’s current EPS (Earning per Share) stands at 4 kobo, while a total EPS of 16 kobo has been forecasted for 2008 year-end. The share price as at the close of trading activities yesterday was N3.00.
Consolidated Hallmark Insurance Plc listed by way of introduction, 6,000,000,000 ordinary shares at N1.85k per share earlier this year. The excellent performance notwithstanding, analysts are of the opinion that the company could consolidate on this performance in subsequent quarters if it beefs up its branch network and improve its service delivery policy and approach. They add that with the synergy derived from merger and improved funds accessible to the company’s management, investors should expect soaring performance in quarters ahead.
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