Home Business News NEM Insurance Plc declares 14 kobo dividend for FY 2018

NEM Insurance Plc declares 14 kobo dividend for FY 2018

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NEM Insurance Plc has declared a final dividend of 13 kobo per 50 kobo ordinary share for the financial year ended Monday, December 31, 2018.

The dividend is expected to be paid on the 25th of June to shareholders whose names appear on the Register of Members as at May 31st, 2019, and those who have completed the e-dividend registration and mandated the Payment Date Registrar to pay their dividends directly into their Bank accounts.

While the Register of Shareholders will be closed between 3rd and 7th of June, the qualification date has been scheduled for 31st of May, 2019.

Understanding Dividend: A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.

In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.

A look at NEM Insurance Plc’s financial results for 2019 Q1:

NEM Insurance Plc recorded a gross premium of N6.8 billion in 2019 against N5.7 billion in 2018.

Profit before tax stood at N1 billion in 2019 against N889 million in 2018. Profit for the year stood at N849 million in 2019 against N751 million in 2018.

About the company: NEM Insurance was incorporated in 1970. The company was listed on the Nigerian Stock Exchange (NSE) in 1989, following its privatization by the Federal Government. The firm operates in the general insurance segment.

NEM Insurance Plc traded N2.16 in NSE’s last trading session.

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