Custodian Investment Plc has released its audited financial statement for the period ended 31 December 2024, reporting a pre-tax profit of N60.6 billion.
This figure reflects a strong year-over-year increase of 133.44% from the previous year’s profit of N25.9 billion, driven by investment results and unrealized foreign exchange gains of N23.2 billion.
Investment result soared to N78.2 billion, up from N29.7 billion, with interest income reaching N34.4 billion—an increase of 63.93% from the previous year.
- The interest income largely comprised interest on investments at amortized cost, which accounted for N29.3 billion.
- In the insurance business unit, insurance service revenue increased to N96.2 billion, a 47.61% rise from the previous year’s total of N65.1 billion.
- Non-life insurance service revenue made up N66.2 billion, while life insurance service revenue accounted for N29.9 billion.
- However, insurance expenses rose to N68.3 billion, marking a 45.71% increase compared to the N46.9 billion reported the previous year.
- After factoring in a net reinsurance expense of N35 billion, the overall insurance result was a negative N7.2 billion.
Other highlights:Â
- Interest income: N34.4 billion, +63.93% YoY
- Operating and investment income: N21.3 billion, +68.41% YoY
- Insurance service revenue: N96.2 billion, +47.61% YoY
- Insurance expense: N68.3 billion, +45.71% YoY
- Net income: N53.9 billion, +188.16% YoY
- Unrealized foreign exchange gain: N23.2 billion, +32.25% YoY
- Pre-tax profit: N60.6 billion, +133.44% YoY
- Total assets: N407.2 billion, +50.96% YoY
Custodian closed trading on March 29th at a share price of N19.50 in the Nigerian stock market, with a year-to-date performance of 14.04%.
In 2024, the company’s share price returned 90% year-to-date.
