Custodian Investment saw its revenue jump by 14.2 per cent for 2021 but reported a deceleration in post-tax profit by as much as more than one-fifth, its audited financials issued on Monday showed.
The investment firm’s turnover advanced from N75.1 billion to N85.7 billion, thanks to a surge in gross premium written from its life insurance unit.
General and life insurance account’s for the bulk of the business of Custodian Investment, whose operations also span trusteeship, real estate and pension.
According to data from the company’s website, Custodian Investment’s group-wide assets under management are above $1.1 billion.
Operating expenses rose 17.4 per cent to N52.6 billion driven by a higher spending on gross claims and increased underwriting expenses.
That weighed on bottom-line, forcing profit before tax to fall 10 per cent to N12.3 billion.
After-tax profit stood at N10.1 billion, 20.8 per cent weaker than the figure recorded a year earlier.
Last August, Custodian Investment announced completion of mandatory takeover offer of UPDC PLC, a loss-making spin off of UACN, having entered a binding pact a year earlier for an initial acquisition of 51 per cent of UPDC.
The board is proposing a final dividend of N0.40 per unit payable on April 8 provided that shareholders endorse the cash reward plan at the forthcoming annual general meeting.
“Shareholders are kindly requested to update their records and advise Meristem Registrars and Probate Services Limited of their updated records and relevant bank accounts for the payment of their dividends,” the company said.
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