Royal Exchange Plc grows profit by 167% to N420m

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Royal Exchange Plc, Insurance Carriers, Brokers and Services company in the Financial Services sector announced 10.9% Gross Premiums growth in Q1’20 Results.

Royal Exchange Plc reported a profit after taxation of N420.076 million a 167% growth from N631.462 million loss in the same period of 2019.

Royal Exchange Plc result released on the Nigerian Stock Exchange (NSE) on Thursday showed that earned income fell by 2% to N7.825 billion from N7.990 billion in H1 2019.

Key Highlights

  • Gross Premium grew by 9.9% to N11.3bn from N10.3bn in the previous quarter.
  • Profit before tax stood at N618m.
  • Profit after tax stood at N420m.
  • Net Assets grew by 84.8% from N4.3bn to N8bn.

Royal Exchange Plc had earlier released its unaudited financial statements for the first quarter ended 31 March 2020 with profit after taxation of N25.412 million a 114% growth from N187.556 million loss in the same period of 2019. Earned income rose by 6% to N3.779 billion from N3.554 billion in Q1 2019.

Royal Exchange Plc grows profit by 167% to N420m
Olawale Banmore GMD, Royal Exchange-

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Moreover, its consolidated annual report and financial statements for the year ended 31 December 2019 showed a loss after taxation of N1.313 billion down from N160 million loss in the same period of 2018

Royal Exchange Plc result showed that total assets declined to N32.107 billion from N35.594 billion while shareholders fund/total equity also dropped to N3.983 billion from N5.149 billion.

Royal Exchange was incorporated as a private limited liability company on December 29, 1969, converted to a public limited liability company on July 15, 1989, and was listed on the Nigerian Stock Exchange on December 3, 1990.

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Royal Exchange Plc grows profit by 167% to N420m - Brand SpurRoyal Exchange Plc grows profit by 167% to N420m - Brand Spur

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Royal Exchange Plc grows profit by 167% to N420m - Brand SpurRoyal Exchange Plc grows profit by 167% to N420m - Brand Spur

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