Connect with us
SSN
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

live feed

Niger Insurance Plc posts N311.43 million loss in Q2 2020

Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year.

Published

on

Niger Insurance Plc posts N311.43 million loss in Q2 2020

Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year, from a profit of N29.02 million recorded in the corresponding period last year.

This is according to a notification sent by the firm to the Nigeria Stock Exchange and seen by Nairametrics.

READ: Fidelity Bank: Regulatory-induced fee cut, surge in OPEX halt profit growth

Some other key highlights of the Niger Insurance Plc Q2 2020 result are;

  • Gross premium written declined to N189.41 million, -53.7% Y-o-Y.
  • Gross Premium Income declined to N186.0 million,-46.6% Y-o-Y.
  • Pre-tax operating profit declined to a loss of N358.19 million, -1,323% Y-o-Y.
  • Fee and commission income declined to N3.44 million, -71.3% Y-o-Y.
  • Net underwriting income declined to N177.89 million, -42.1% Y-o-Y
  • Claims expenses increased to N265.6 million, +429.9% Y-o-Y.
  • Total underwriting expenses increased to N266.23 million, +566.6% Y-o-Y.
  • Basic Earnings per Share declined to a loss of N4.02.
  • Tax paid declined to N15 million, -81.3% Y-o-Y.

READ: Fidson Healthcare Plc records 30.28% increase in 2020 9M revenues

Bottom line

The mass decline in some income-earning components like gross premium, fee and commission income, etc. coupled with a drastic rise in expenditure items, like net claims, total underwriting expenses and others, contributed to the decline in the firm’s profit before and after-tax.

READ: Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Company Results

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.

Published

on

Focus: This small-cap oil company is seriously lagging behind

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

Continue Reading

Company Results

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.

Published

on

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

Continue Reading



Advertisement





Nairametrics | Company Earnings