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Business News

LASACO Assurance records half-year profit gain of 25%

LASACO Assurance Plc has disclosed that its Profit After Tax grew significantly from the corresponding period which recorded N382.4 million in 2018. The company reported a 25% growth to hit N479.4 million in 2019 Half-Year financial report.

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LASACO Assurance Plc has said its Profit After Tax grew significantly from the N382.4 million recorded during the corresponding period in 2018.

The company reported a 25% growth to hit N479.4 million in 2019 Half-Year financial report.

This and other Key Performance Indicators  (KPIs) of the company are stated in the underwriter’s unaudited financial statements for the period under review posted on the website of the Nigerian Stock Exchange (NSE) on Tuesday.

[READ MORE: As economy bites, companies use ‘shrinkflation’ to rip-off Nigerians]

Gross Premium inched up by 11% from N6.1 billion in 2018 to N6.8 billion on June 30, 2019, while Profit Before Tax (PBT) for Half Year 2019 climb by 21% compared to the corresponding period of 2018.

In specific terms, the PBT rose from N527.5 million in 2018 to N639.9 million this year, indicating an appreciation of N112.3 million over six months.

The overall improvement in the company’s major performance parameters, notably its earnings, impacted the Earnings Per Share (EPS) favourably during the period. This went up by 28.57% from 7 kobo to 9 kobo for 2018 and 2019 respectively.

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Why this matters: The growth in LASACO Assurance KPI is a development that the  company shareholders should be happy about. It generally implies that the company is on a sound financial footing and can record greater yields across all performance parameters at the current pace.

Interestingly, this impressive trend should be enough to sustain confidence in the current investors and could be a good motivation for potential investors to look the way of LASACO Assurance shares. Given the positive momentum, the company might end the year with greater results.

[READ ALSO: Nigerians spend over N359 billion on MTN airtime in 6 months]

On Earnings Per Share: Earnings Per Share is the profit that each unit of a company’s ordinary shares yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects an improvement in its bottom-line, while a fall, on the other hand, indicates a declining profit.

LASACO Assurance currently trades on the floor of the NSE at 37 kobo per share.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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