August 23, 2019 (MLN): Adamjee Insurance Company Limited has reported earnings of Rs. 549 million (EPS: Rs. 1.51) for the half year ended June 30, 2019, which is nearly half of what it earned in the same period of previous year.
The company also announced an interim cash dividend for the quarter ended June 30, 2019 at Rs. 1 per share i.e. 10%.
The official notice issued by the company on Friday revealed that despite a positive underwriting result, the company suffered significantly due to increase in fair value loss on financial assets by 187%
On top of that, the company paid finance costs amounting to Rs. 12 million during the period, as opposed to no such costs in the same period of previous year.
Consolidated Profit and Loss account for the half year ended June 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
Jun-19 | Jun-18 | % Change | |
Net insurance premium | 12,832,970 | 12,168,397 | 5.46% |
Net insurance claims | (7,690,332) | (6,705,724) | 14.68% |
Net commission and other acquisition cost | (1,955,646) | (1,524,430) | 28.29% |
Insurance claims and acquisition expenses | (9,645,978) | (8,230,154) | 17.20% |
Management expenses | (2,208,494) | (1,757,600) | 25.65% |
Net change in insurance liabilities | (267,489) | (2,519,289) | -89.38% |
Underwriting result | 711,009 | (338,646) | |
Investment income | 1,765,985 | 2,554,059 | -30.86% |
Net fair value loss on financial assets at fair value through profit or loss | (1,631,530) | (566,807) | 187.85% |
Net realized gains on investment property | 21,000 | 47,019 | -55.34% |
Rental income | 3,189 | 5,030 | -36.60% |
Other income | 174,041 | 89,144 | 95.24% |
Other expenses | (73,495) | (84,275) | -12.79% |
Results of operating activities | 970,199 | 1,705,524 | -43.11% |
Finance cost | (12,887) | ||
Profit/(loss) from Window Takaful Operations | 57,859 | 44,281 | 30.66% |
Profit before tax | 1,015,171 | 1,749,805 | -41.98% |
Income tax expense | (465,194) | (641,061) | -27.43% |
Profit after tax | 549,977 | 1,108,744 | -50.40% |
Basic and diluted earnings per share – Rupees | 1.51 | 3.13 | -51.76% |
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