Aiico steps up performance: boosts Q1 2008 turnover by 176 per cent
July 22nd, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
Aiico Insurance Plc, last week released its first quarter 2008 results on the floor of the Nigerian Stock Exchange. As a direct result of the re-capitalization in the industry, Aiico Plc posted an over 160 over cent leap in the top line, and well over 300 per cent increase in its profit after tax for the first quarter, 2008. Analysts are of the opinion that the funds raised through the public offer floated by the company sometime late last year would generate shareholder’s value and increased expansion when fully deployed.
The current Earning per Share of the company, which stands at 15 kobo, a quantum leap of about 200 per cent as compared with Q1 2007, has been projected to be in the region of 60 kobo by year-end if the company continues to pace at this rate of operational intensity. The profit margin for the first quarter also indicates that the company deployed every naira in the process of generating income in a better way, as it shows an improvement from 10.93 per cent in Q1 2007 to 19.33 per cent in Q1 2008.
A look at the share price of the company this year reveals that it has peaked at N7.50 and has maintained a minimum of N3.43. As at the date of the release of the Q1 2008 figures, the price stood at N4.23, a price it also closed at last week after shedding 9.62 per cent the same week.
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