IGI Holdings reports a 33% reduction in annual profits
MG News | March 10, 2020 at 10:48 AM GMT+05:00
March 10, 2020 (MLN): IGI Holdings Limited has announced its financial results for the year ended December 31, 2019, as per which the insurance company has observed the decline in its net profits by around 33% YoY to Rs 650 million with EPS clocked in at Rs 4.56.
As per the financial statement issued by the company, operating expenses increased by 4.6% YoY but a greater percentage increase in operating revenue (up nearly by 5.23% YoY) caused operating profits to increase by around 10% YoY to Rs 1.2 billion.
More notably, the other income of the company surged by 73% YoY to Rs 404 million which provided the cushion to bottom-line.
On the cost side, the general and administrative expenses dropped by 17% YoY. However, the other expenses increased substantially by 77% YoY.
The share of profits from associates decreased by 64% YoY to Rs 105 million.
Other than this, the Board of Directors announced cash Dividend for the year ended December 31, 2019 of Rs 3 per share i.e. 30%.
| Profit and Loss account for the year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Operating revenue | 9,901,680 | 9,409,115 | 5.23% |
| Operating expenses | (8,692,097) | (8,306,325) | 4.64% |
| Operating profits | 1,209,583 | 1,102,790 | 9.68% |
| Other income | 404,361 | 233,124 | 73.45% |
| General and administrative expenses | (432,014) | (519,916) | -16.91% |
| Other expenses | (502,120) | (283,226) | 77.29% |
|
| 679,810 | 532,772 | 27.60% |
| Change in insurance liabilities (other than outstanding claims) | 138,149 | 638,981 | -78.38% |
| Surplus appropriated to shareholders' fund from Ledger B to C | 16,020 | 15,604 | 2.67% |
| Share of profit from associates- net | 105,118 | 293,487 | -64.18% |
| Profit before taxation | 939,097 | 1,480,844 | -36.58% |
| Taxation | (288,773) | (512,787) | -43.69% |
| Profit after taxation | 650,324 | 968,057 | -32.82% |
| Basic and diluted earnings per share (Rupees) | 4.56 | 6.79 | -32.84% |
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