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Linkage Assurance Plc: Increase in other operating income, others boost revenue

Linkage Assurance Plc recorded a major boost from other operating income, as gross premium increased. 

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linkage assurance

Linkage Assurance Plc reported gross premium income of N2.04 billion in Q3 2020, compared to N1.59 billion in the corresponding period of 2019. 

 Key highlights for 2020 Q3  

  • Gross premium income increased by 28.43% from N1.59 billion to N2.04 billion YoY. 
  • Investment income increased to N908.77 million, +80.56% YoY.  
  • Fees and commission income decreased to N171.27 million, -8.20% YoY.  
  • Net premium income decreased to N1.01 billion, -1.49% YoY.  
  • Other operating income increased to N15.12 million, +4031.42% YoY. 
  • Gains on financial assets increased to N166.57 million, +1157.33% YoY. 
  • Pre-tax profits increased to N611.71 million, +1156.05% YoY. 
  • Earnings Per Share increased to 7.2 kobo, +100% YoY. 

Bottom Line

Linkage Assurance Plc recorded a major boost from other operating income, as gross premium increased.  Though companies have generally recorded decreased revenues in the last three quarters, mostly due to the negative impacts of COVID-19 on businesses worldwide; Linkage Assurance Plc was able to record increased gross premium income.

Pre-tax profits also increased in the period under consideration due to increased investment income and gains on financial assets.

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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