Custodian and Allied plc has released its unaudited result for the half year period ended June 30, 2014, showing profit before tax of N2.751 billion and profit after tax of N2.276 billion for the period.
The result represents an increase of over 100 percent against the N1.137 billion profit after tax recorded in the corresponding period of 2013. Similarly, shareholders’ funds grew by 9.34 percent to N20.88 billion from N19.09 billion, as of June 30, 2013, while total assets stood at N48.2 billion compared with N45.6 billion reported as of June 30, 2013.
Custodian and Allied is listed in the Other Financial Services Sector of the Daily Official List of the NSE and holds significant interests in insurance (Life and Non-life), pension administration, property holding and trusteeship businesses.
Following this improved performance, the board of directors has recommended the payment of an interim dividend of 6 kobo on every 50 kobo ordinary share of the company to shareholders on record as of the close of business on August 8, 2014.
Ademola Ajuwon, the company’s chief finance officer, in a statement made available to the media, said “the results have been transmitted to the Nigerian Stock Exchange (NSE),” observing that the improved result was achieved on the back of favourable underwriting income from the insurance subsidiaries and remarkable efficiency gains group wide.
According to Wole Oshin, a director, “the performance presents in concrete terms, the result of Custodian and Allied plc’s unwavering customer focus, comprehensive systems, processes and operations integration; coupled with unrelenting commitment to its corporate ideal of exceeding customers and other stakeholders’ expectations at all times. We will continue to ensure that our products and services are customer-driven; even as we strive to position our subsidiaries to become Africa’s insurers of choice.”
