LASACO Insurance PLC is on track to pay holders of its common stock N183.359 million in dividend in the latest corporate action deriving strength from a twofold increase in profit for last year, a statement by the underwriter shows on Monday.
In other words, shareholders in possession of the company’s shares by August 5 qualify to receive N0.10 for each unit of shares owned, according to the document published by the Nigerian Exchange, a proposal for which the board is hoping to muster support at its August annual general meeting.
The insurer raked in a post-tax profit of N679.357 million from earnings in a year the pandemic’s advance brought the shutters down on businesses and forced global financial services industry to mostly conduct operations away from the office.
Perhaps the biggest boost to earnings, the firm reported a boost of 415 per cent to its foreign exchange gains, coming from an epic appreciation in the currency with which LASACO offered international services compared to the value of local unit naira, which was under unprecedented pressure for most parts of the year.
“On 30th August, 2021, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 5th August, 2021 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts,” the LASACO board said in the statement seen by PREMIUM TIMES.
The underwriter’s shares are quoted at 12:12pm Nigerian time in Lagos on Monday at N1.60 per unit, not yet recording any movement.
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