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Guinea Insurance Plc records 7.80% decline in 2020 9M revenues

Guinea Insurance Plc records 7.80% decline in revenues in 2020 9M.

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Guinea Insurance Plc

Guinea Insurance Plc reported revenues of N780.68 million in 2020 (9M), compared to N846.72 million in the corresponding period of 2019. 

Key highlights for 2020 9M 

  • Gross premium income decreased to N780.68 million, -7.80% YoY. 
  • Fees and commission income decreased to N56.40 million, -5.81% YoY. 
  • Net premium income decreased to N557.13 million, -13.19% YoY.  
  • Other operating income increased to N13.29 million, +102.06% YoY. 
  • Other operating expenses decreased to N489.66 million, –26.78% YoY. 
  • Underwriting expenses decreased to N200.43 million, -5.12% YoY. 
  • Pre-tax loss decreased to N137.55 million, -81.29% YoY. 
  • Earnings Per Share (loss) decreased to 2 kobo, -83.33% YoY.  

Bottom Line

Guinea Insurance Plc recorded a decreased net premium in the period under consideration. Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19. Guinea Insurance Plc was unable to grow its revenue; however, pre-tax loss decreased in the period under consideration due to increased other operating income, as well as, reduced other operating and underwriting expenses.  

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.

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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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