Adamjee Insurance Ltd. profits fall 65.04 percent to Rs. 1.221 billion
MG News | March 21, 2018 at 03:39 PM GMT+05:00
Adamjee Insurance Limited (AICL) today released financial statements for the year ended December, 31st 2018. The company reported a 14.97 percent increase in Underwriting Result amount. The company’s premium revenue and net claims went up by 19.96 percent and 19.70 percent respectively.
Company’s financial reveal a decline of 57.68 percent in Investment Income, on the other hand, the company reported a 32.84 percent increase in rental income.
Despite a marked reduction in company’s general and administration expenses by more than 39 percent, the company reported a 65 percent decline in profit after taxation clocking in at Rupees 1.221 billion.
Management at Adamjee Insurance reported earnings per share of Rupees 3.49 against 9.98 per share last year. Whereas declared a final cash dividend for the year ended 31-12-2017 at Rs. 1.00 per share i.e. 10 percent. This is in addition to the interim dividend already paid at Rs. 1.50 per sahre at 15 percent.
| Unconsolidated Profit and Loss Account - For the Year Ended, December 30th 2017 | |||
|---|---|---|---|
| Key Financials | 2017 | 2016 | % Change |
| Amounts in PKR ‘000 | |||
| Net premium Revenue | 11,534,999 | 9,615,381 | 19.96% |
| Net Claims | 7,433,828 | 6,210,499 | 19.70% |
| Expenses | 1,893,360 | 1,614,629 | 17.26% |
| Net Commission | 1,090,052 | 762,579 | 42.94% |
| Underwriting Result | 1,239,312 | 1,077,987 | 14.97% |
| Investment Income | 1,482,144 | 3,502,042 | -57.68% |
| Rental Income | 8,564 | 6,447 | 32.84% |
| General and Administration Expenses | 108,355 | 177,914 | -39.10% |
| Profit before Taxation | 2,120,906 | 4,053,636 | -47.68% |
| Taxation - Net | 899,678 | 560,692 | 60.46% |
| Profit after Taxation | 1,221,228 | 3,492,944 | -65.04% |
| Balance at the commencement of the year | 12,093,769 | 9,652,689 | 25.29% |
| Profit after tax for the year | 1,221,228 | 3,492,944 | -65.04% |
| Balance unappropriated profit at the end of the year | 11,863,964 | 12,093,769 | -1.90% |
| Earnings per year - basic and diluted | 3.49 | 9.98 | -65.03% |
Company release on Earnings Report can be accessed here.
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