PAL Pensions records N983m profit after tax in 2015

In spite of the difficulties in the macroeconomic environment in the sector, the financial performance of PAL Pensions limited remained strong in 2015 with operating income growing at 15 percent to N3.04 billion, and Profit after Tax (PAT) growing 35 percent to N983 million for the year. This represents a 565bps increase in operating margin to 46.6 percent in 2015.

The company maintained Assets under Management (AUM) of over N197 billion as at December 2015. The company remained competitive in its investment strategies and acquired new accounts to boost revenue and also embarked on the use of technology to enhance internal efficiencies in order to reduce operating costs.

PAL Pensions took some measures to enhance her brand visibility and also invested in some corporate social responsibility (CSR) initiatives. The company developed its social media outreach during the year in a bid to reach youth’s fresh out of university by embarking on an online media marketing campaign. As a result, the PAL Pension’s online fan-base increased from about 44,000 at the end of 2014 to over 150,000 at the end of 2015.

Also, in continuation of the company’s CSR financial literacy campaign, PAL Pensions launched her financial literacy club in some secondary schools across the country to encourage knowledge of financial tools and entrench good habits from an early age.

The Chairman of the board of Directors Rilwan-Bello Osagie (Chairman) reiterated the company’s optimism about the Nigerian Pension industry given its potential for supporting development within the economy. He emphasized the company’s commitment towards delivering exceptional customer service to both contributors and retirees registered with PAL Pensions from the point of enrolment till retirement regardless of their location.

Speaking at the annual general meeting Dave Uduanu, managing director, stated that in over 10 years of operations as a PFA, the company has successfully grown a brand that is consistent with values of integrity, respect, warmth, partnership and openness. PAL Pensions is also well positioned to grow within the industry, given its strong brand coverage and strategies for the near to medium term.

 

HOPE MOSES-ASHIKE