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Market Digest Nigeria

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Royal Exchange’s profit rose by 19% in Q2

Royal Exchange Plc said its profit after tax rose by 19 per cent from N171.14m in the half year of 2016 to N203.3m in the corresponding period of this year.

A statement obtained from the firm said its gross written premium rose by 11 per cent to N9.37bn in the period under review from N8.43bn in corresponding period of last year.It disclosed that its gross premium income witnessed a moderate growth of 6.3 per cent to N6.86bn in the second quarter of 2017, compared to the N6.46bn generated in the corresponding period of 2016.Net premium income for the period amounted to N4.72bn, representing a marginal growth of 2.5 per cent over the half year 2016 figure, which stood at N4.60bn.The total net claims paid for the period under review amounted to N1.76bn, a decrease of 10 per cent from that of half year 2016, which was N1.95bn.This feat, the firm said, was achieved as a result of stringent underwriting policies implemented throughout the company in the period under review.

The Group Managing Director, Royal Exchange, Alh. Auwalu Muktari, said, “By focusing on the growth objectives set forth at the beginning of the year, which included an increased focus on the retail and corporate markets, among others, we have been able to achieve moderate growth and the board and management of the company are definitely optimistic for the second half of the year.”“The beginning of the 2017 financial year witnessed difficulties in the Nigerian economy, but as evidenced by our stellar results and those of other firms in the Nigerian stock market, there is renewed optimism in the Nigerian economy.”

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