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| From left: Chairman Royal Exchange Plc, Kenneth Odogun and Group Managing Director Chike Mokwunye at the event in Lagos. |
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Pays 4kobo dividend
Chuks Udo Okonta
Royal Exchange Plc generated gross premium of N7.61
billion last year, its Chairman, Kenneth Odogun, has said.
He disclosed this today, Wednesday, at the firm’s
Annual General Meeting (AGM) in Lagos. He said the company’s claims expenses
during the year amounted to N1.63 billion, similar to N1.64 billion paid in
2011.
Odogun noted that the firm’s expense increased
by 15.13 per cent, from N1.85 billion in 2011 to N2.13 billion last year,
adding that this translated into net income before overhead expenses of N3.54
billion, as against N3.17 billion of 2011, an increase of 11.91 per cent.
He said the firm’s investment income
increased significantly by 35.10 per cent from N475.21 million in 2011 to
N642.02 million last year, adding that the appreciable recovery of the capital
and money markets instruments enabled the firm to maximise returns from its
quoted equities and cash portfolios.
He said the group achieved a profit before
tax of N743 million, stressing that the achieved result was due improvements in
the performances of the group’s subsidiaries.
His declaration of the board’s decision
to pay a dividend of 4kobo per 50kobo ordinary share was accepted by the shareholders,
who poured encomium on the firm for paying dividend at a time many companies are
facing challenges.
President Independent Shareholders
Association of Nigeria (ISAN) Sunny Nwosu, lauded the company’s courage to pay dividend
to shareholders. He urged the company to sustain the confidence reposed on it
by doing what is right to shareholders.
Odogun, who his tenure elapsed this
year, was return as the firm’s chairman together with his other board members.
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