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AIICO Insurance grows profit by 62.8% in Q3



AIICO Insurance Plc has announced a profit after tax of N1.296bn for the third quarter ended September 30, 2009, which signified a 62.8 per cent rise from 796.1m in the comparable period of 2008. 


The result, which was announced on the floor of the Nigerian Stock Exchange on Monday, also revealed that gross premium increased by 39.2 per cent or 2.17bn to close at N7.7bn as against N5.53bn recorded in 2008. 


Fixed assets and net assets stood at N2.08bn and N13.7bn for the third quarter ended September 30, 2009 respectively. In a related development, Consolidated Hallmark Insurance Plc has forecast a gross premium of N910m during the first quarter ending March 31, 2010. 


The company also forecast a profit before tax of N157.43m and profit after tax of N107.051m for the same period. Meanwhile, Costain West Africa Plc informed the NSE on Monday of the appointment of two additional directors to its board. 


Mr. Harm Ploeger was appointed as the Finance Director, with effect from December 1, 2009, while Dr. Oladimeji Bada was appointed as a non-executive director effective January 8, 2010.


The company released its unaudited result for the first quarter ended June 30, 2009 last week, which showed a turnover of N2.030bn, as against N1.149bn in the comparable period of 2008. Profit after tax stood at N88.2m compared with N237.2m in 2008, which showed a decline of 62.8 per cent or N149m.


In a similar note, Vitafoam Nigeria Plc released its audited result for the year ended September 30, 2009. The board of directors is recommending a dividend of N0.25 per share. The date of closure for register of members is February 15, 29010, while payment date is March 19, 2010.


(Source: Punch)

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