Royal Exch Insurance

[pumping]

Originally Posted by hispy99

GROSS EARNINGS PBT TAX PAT
N'000 N'000 N'000 N'000
30-Jun-09 6 Mths N2,142,000 N301,336 (N96,427) N204,909
30-Jun-08 6 Mths N2,081,000 N253,919 (N76,176) N177,743
2.93% 18.67%
FIXED ASSETS:- JUN 09: N475.3MILLION, DEC 08: N500.3MILLION; NET ASSETS - JUN 09: N8.1BILLION, DEC 08: N6.1BILLION

Another insurance stock making a U-Turn.

After dropping from N1.23 to 50k within 6 weeks due to the FY losses, it has been gaining maximum points daily for the last 2 weeks.

[muranay@yahoo.com]

ROYAL EXCHANGE PLC INTERIM REPORT FOR THE PERIOD
ENDED 30TH JUNE 2009 SECOND QUARTER
2009 2008
TURNOVER N2.142b N2.081b
PROFIT BEFORE TAXATION N301.336m N253.919m
TAXATION N96.427m N76.176m
PROFIT AFTER TAXATION N204.909m N177.743m
BALANCE SHEET INFORMATION JUNE 2009 DEC 2008
FIXED ASSETS N475.340m N500.326m
STOCK N3.156b N2.800b
CASH AND BANK BALANCES N1.218b N1.632b
OTHER DEBIT BALANCES N9.543b N6.772b
SHORT TERM BORROWINGS NILL N239.838m
OTHER CREDIT BALANCES N6.294b N5.382b
WORKING CAPITAL N1.220b N678.769m
NET ASSETS N8.099b N6.084b

[hispy99]

http://www.proshareng.com/news/singleNews.php?id=8687
Royal Exchange Assurance pays N3.24bn claim to NBC

[pumping]

Does anyone have the most recent result for Royalex? NSE site had one but the site is down now. The result did not add up because PAT increased over PBT by the tax amount instead of decreasing.

[hispy99]

Originally Posted by pumping

Does anyone have the most recent result for Royalex? NSE site had one but the site is down now. The result did not add up because PAT increased over PBT by the tax amount instead of decreasing.

I don't understand o. From the result below, PAT is lower than PBT by the tax paid, or am I missing something?

PROFIT BEFORE TAXATION N301.336m N253.919m
TAXATION N96.427m N76.176m
PROFIT AFTER TAXATION N204.909m N177.743m

[nosa2]

@ hispy. You're looking at the second quarter result @pumping here's my source for the 3rd quarter result http://www.proshareng.com/investors/...hp?ref=ROYALEX thou it's not detailed i believe its correct

[pumping]

Originally Posted by hispy99

I don't understand o. From the result below, PAT is lower than PBT by the tax paid, or am I missing something?

PROFIT BEFORE TAXATION N301.336m N253.919m
TAXATION N96.427m N76.176m
PROFIT AFTER TAXATION N204.909m N177.743m

This looks good. Where did you get this result from? FSDH reported PAT as N602.41m with PBT of N383.62m for 9 months.

Oh, I see. The result you have stated above is for Q-2 and this was released in October last year. The Q-3 result was released on Feb 04, 2010. This is the result we need to verify.

[hispy99]

Originally Posted by nosa2

@ hispy. You're looking at the second quarter result @pumping here's my source for the 3rd quarter result http://www.proshareng.com/investors/...hp?ref=ROYALEX thou it's not detailed i believe its correct

thanks, i never saw the 3Q results.

[hispy99]

Originally Posted by pumping

This looks good. Where did you get this result from? FSDH reported PAT as N602.41m with PBT of N383.62m for 9 months.

Oh, I see. The result you have stated above is for Q-2 and this was released in October last year. The Q-3 result was released on Feb 04, 2010. This is the result we need to verify.

ok, never saw it...I was going to say their 3Q result was late

[pumping]

Originally Posted by nosa2

@ hispy. You're looking at the second quarter result @pumping here's my source for the 3rd quarter result http://www.proshareng.com/investors/...hp?ref=ROYALEX thou it's not detailed i believe its correct

The correctness is the problem. The summary corresponds to the NSE and FSDH version. However, in these versions,

PBT = N383.62m so how did pat become N602.41m? Simply by adding the tax of N218.8m. How does tax increase PAT above PBT unless this is a LAX or they have a tax credit? However, the NSE result shows that the net assets dropped even though there is no significant drop in fixed assets.

Note that this is not the first time that the NSE is giving us incorrect results and I think sometimes, it is intentional by some dodgy elements. The same goes for FSDH.

[nosa2]

Originally Posted by pumping

The correctness is the problem. The summary corresponds to the NSE and FSDH version. However, in these versions,

PBT = N383.62m so how did pat become N602.41m? Simply by adding the tax of N218.8m. How does tax increase PAT above PBT unless this is a LAX or they have a tax credit? However, the NSE result shows that the net assets dropped even though there is no significant drop in fixed assets.

Note that this is not the first time that the NSE is giving us incorrect results and I think sometimes, it is intentional by some dodgy elements. The same goes for FSDH.

If you swap the PBT figure with that of the PAT the result begins to make more sense but the stock no longer looks cheap.

[knightofdelta]

Originally Posted by pumping

The correctness is the problem. The summary corresponds to the NSE and FSDH version. However, in these versions,

PBT = N383.62m so how did pat become N602.41m? Simply by adding the tax of N218.8m. How does tax increase PAT above PBT unless this is a LAX or they have a tax credit? However, the NSE result shows that the net assets dropped even though there is no significant drop in fixed assets.

Note that this is not the first time that the NSE is giving us incorrect results and I think sometimes, it is intentional by some dodgy elements. The same goes for FSDH.

I wish NSE could just up and post the right results.

It is not possible for tax credits to increase PAT above PBT. Tax credits are used to reduce tax payable not turn positive tax to negative tax. Another explanation apart from the PBT/PAT switch could be extraordinary profits (net of taxes) added to the PAT (after taxes have been deducted from PBT).

[pumping]

Originally Posted by knightofdelta

I wish NSE could just up and post the right results.

It is not possible for tax credits to increase PAT above PBT. Tax credits are used to reduce tax payable not turn positive tax to negative tax. Another explanation apart from the PBT/PAT switch could be extraordinary profits (net of taxes) added to the PAT (after taxes have been deducted from PBT).

For now I will assume someone left out the negative sign on PBT and PAT (LAT).

[pumping]

This is the result on the NSE web site. See the sharp drop in net assets higher than the drop in fixed assets.


04-02-2010 ROYAL EXCHANGE PLC INTERIM REPORT FOR THE
PERIOD ENDED 30TH SEPTEMBER 2009 THIRD QUARTER
2009 2008
GROSS PREMIUIM WRITTEN N2.822b N2.935b
PROFIT LOSS BEFORE TAXATION N383.621m (N202.793m)
TAXATION N218.787m N341.546m
PROFIT AFTER TAX N602.408m N132.753m
BALANCE SHEET INFORMATION 30-09-09 31-12-08
FIXED ASSETS N5.281b N3.949b
STOCK N2.062b N3.015b
CASH AND BANK BALANCES N1.084b N1.632b
OTHER DEBIT BALANCES N4.567b N3.108b
SHORT TERM BORROWINGS NILL N239.838m
OTHER CREDIT BALANCES N4.879b N5.382b
WORKING CAPITAL N1.086b N399.392m
NET ASSETS N8.116b N11.706b

[hispy99]

someone was obviously buying today..who was it? oya, make una confess

[bivins1]

Originally Posted by hispy99

someone was obviously buying today..who was it? oya, make una confess

Hispy you suppose know say na Oga Nosa na. e talk say e must make am 30% of portfolio , you dey ask again. I no fit rule out Waaan 5 sha.

[nosa2]

Originally Posted by bivins1

Hispy you suppose know say na Oga Nosa na. e talk say e must make am 30% of portfolio , you dey ask again. I no fit rule out Waaan 5 sha.

no be me o ! ! How i go buy stock when comma dey the resul, na goldlink i dey buy today.

[hispy99]

Originally Posted by nosa2

no be me o ! ! How i go buy stock when comma dey the resul, na goldlink i dey buy today.

na u no allow me buy Goldlink today....

[pegheneji]

http://www.tribune.com.ng/index.php/...equential-loss

Royal Exchange completes claims payment to NBC ...pays additional N563m as consequential loss

[Oracle]

Royal exchange plc 25 august 2010
audited year ended december 2009
2009 2008 %change
turnover n3.632b n3.314b 9.58
profit before tax ei n337.122m (n164.643m)
exceptional items (n451.767m)(n1.374b)
taxation n274.715m (n896.463m) -130.64
profit after taxation n160.070m (n2.435b) -106.57
fixed assets n1.095b n610.093m 79.63
stocks n511.518m n84.769m 503.43
trade debtors n990.062m n1.061b -6.73
cash and bank balancesn398.509m n1.632b -75.58
other debit balances n11.144b n8.918b 24.96
trade creditors n244.593m n105.661m 131.49
short term borrowings n119.208m n239.838m
other credit balances n6.011b n5.877b 2.28
net assets n7.865b n6.084b 29.27