Sovereign Trust strengthens fundamentals: introduces innovative products
July 9th, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
As the anticipated rebound in the Nigerian Stock Exchange gradually surfaces, some companies that have all the while remained focused in their ideals and have kept faith with their vision may soon have their share prices rally in an upbeat market. Sovereign Insurance Trust Plc may not be an exception in the anticipated trend as the company recently introduced three new products into its service portfolio, a move aimed at enhancing the everyday life of its numerous customers and shareholders alike.
In keeping faith with being a leading brand in the industry, Sovereign Trust Insurance Plc launched: Sovereign Trust Enhanced Motor Insurance Cover (STEMIC); Sovereign Well-being Insurance Scheme (SWISF) - a package for the family; Easy Trip Insurance Cover (ETIC). With this development, it is expected that the business frontiers of the company, which is currently at a renewal phase, would be enhanced.
A peer at the company’s recently released results show that the company grew its turnover comparing Q1 2007 and Q1 2008 by 119.67 per cent, standing at N1.33bn in Q1 2008. In the same vein, profit after tax grew by 71.61 per cent. The share price of the company has peaked at an all year (2008) high of N6.51, sustaining N3.15 while the bearish run lasted. As at the end of the first quarter 2008, the EPS stood at 8 kobo.
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