Royal Exchange records 14% Q3 profit

By Ikenga Chronicles November 8, 2016

Royal Exchange Plc has posted 14 per cent increase in pre-tax profit for the nine months ended September 2016.

The group’s profit before tax rose to N274.60 million as at Q3, 2016 from N111.34 Million achieved in the corresponding period in 2015, resulting in a growth rate of 14 per cent.

Net Income for the period amounted to N2.67 billion, with a modest growth of 12 per cent over that of 2015, which stood at N2.36 billion.

The insurance and financial services group also posted a 22 per cent growth in its Gross Written Premium (GWP) in the first nine months of the 2016 financial year, from N8.87 billion achieved as at September 2015 to N10.82 billion as at 30th September 2016.

The insurance group also stated that its gross premium income recorded an increase of 15 per cent over the corresponding period in 2015, with the 2016 amount standing at N9.38 billion, compared to N8.19 billion achieved the same period in 2015.

Commenting on the third quarter results released on the floor of the Nigerian Stock Exchange (NSE), Alhaji Auwalu Muktari, Group Managing Director, Royal Exchange Plc, stated that in spite of the economic recession, Royal Exchange was able to grow its business portfolio by focusing on the ever-growing retail insurance market.

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