Home Stocks & Shares Royal Exchange’s Q3 profit dips by 187%

Royal Exchange’s Q3 profit dips by 187%

Royal Exchange’s Q3 profit dips by 187%

Royal Exchange Plc has reported a 187% loss for the period ended 30 September 2019.This was disclosed in the Insurance firm’s unaudited financial statements published earlier today on the website of the Nigerian Stock Exchange.

Gross Premium Income: The financial statement shows that Royal Exchange generated N11 billion in its Gross Premium Income over the past nine months of 2019. This is indicative of 0.9% decrease compared to N11.1 billion which was generated in Q3 2018.

Profit Before Tax: The company recorded a loss before tax of N72.8 million in Q3 2019, compared to a profit before tax of N163.5 million in Q3 2018, representing a 145% decrease.

Profit After Tax: The company recorded a loss after tax for the period under consideration to N96.2 million, compared to a profit after tax of N111.1 million in Q3 2018. This represents a 187% decline.

Earnings Per Share: The company’s earnings per share for the period stood at a loss of N2, as against N2 in the third quarter of 2018.

Just recently, the Nigerian Stock Exchange (NSE) lifted the ban placed on the shares of Royal Exchange Plc. The ban was lifted as a result of the company’s compliance with the rules for the filing of accounts, treatment of default filing and the rulebook of The Exchange (issuers’ rules).

Recall that Royal Exchange and other 33 companies were placed on red alert for breaching various post-listing regulations ranging from failure to submit their financial statements and accounts to the NSE and the inability to publish same in at least one or two national dailies as well as on the companies’ websites.

What you should know: Royal Exchange Plc commenced operations in Nigeria in 1918, represented by Barclays Bank DCO. In 1921, it converted to a full branch of its then parent company, Royal Exchange Assurance, London.

The company was, in December 1969, reconstituted and incorporated as a Private Limited Liability Company. The company went public on July 18, 1989 and was duly listed on the NSE on December 3, 1990.

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