• Tuesday, May 28, 2024
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BusinessDay

Partnership Investment posts 29% growth in 2013 earnings

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Partnership Investment Company plc posted 29 percent growth in earnings from N1.46 billion in 2012 to N1.94 billion in 2013, while its profit after tax (PAT) grew by 18.8 percent from N243.44 million to N288.64 million. The company’s total asset stood at N10.8 billion.

Henry Omoragbon, chairman, says the company’s balance sheet remains strong to support its business, adding that the company intends to improve profitability by expanding into other lines of business in order to improve on bottomline.

The company is proposing dividend of 5 kobo per share subject to shareholders’ approval at the annual general meeting. Also, shareholders will be re-electing directors.

“Our company assumed a holding structure in the course of the year with the registration of Partnership Securities Limited as our full fledged stock broking and issuing house subsidiary within the Partnership Investment Company plc Group,” Omoragbon said.

As a customer-centric institution, the company has established a reliable business model that has placed it in position of relevance in the financial services industry. Partnership recently concluded the acquisition of a health maintenance organisation (HMO) as part of its strategy for inorganic growth. This will be followed by recapitalisation plan to upgrade the new subsidiary into a formidable player in the health maintenance industry

He added that in line with the effort by the Securities and Exchange Commission to encourage Collective Investment Schemes (CIS), the company was designing products that will cater to the needs of clients and potential clients in this regard.

Partnership Investment Company was appointed as Supplementary Market Maker as well as Designated Adviser by the Nigerian Stock Exchange in recognition of its preeminent position in the Nigerian capital market, featuring consistently among the top 10 firms based on volume and value of transaction. The company has regional offices in Abuja, Port Harcourt and Benin City, with head office in Lagos.