• Tuesday, September 26, 2023
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CHI shareholders get dividend

CHI shareholders get dividend

Shareholders of Consolidate Hallmark Insurance Plc (CHI) has taken home N433.6 million as dividend, translating to 2 kobo per share at the end of the 2021 financial year.

The Company at its 27th Annual General Meeting in Lagos, announced that it paid N216.8million interim dividends of 2 kobo to shareholders and second batch amounting to N216.8 million at same 2kobo per share, totalling N433.6million

Obinna Ekezie, chairman, Consolidated Hallmark Insurance (CHI) Plc said the Company’s Gross Premium Written rose to N10.5 billion in 2021 as against N9.8billion recorded in the previous year representing 7.4percent increase.

Commenting on the dividends, Ekezie explained that the dividend payment was in a bid to reward its teeming shareholders for their commitment and loyalty to the company.

He added that the Profit Before Tax (PBT), grew significantly by 26 per cent from N772.6 million in 2020 to N971.7million in 2021, while Profit After Tax (PAT) grew by 17 per cent from N678 million in 2020 to N790.6million in 2021.

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He said also:“despite the prevailing economic environment, investment income grew from N940 million to N1.2 billion in 2021. The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment.”

Also speaking on the performance ratio, the group managing director/CEO, Eddie Efekoha while addressing the shareholders explained that the company had to put some prudent cost control measures in place which assisted in it’s all time high Profit Before Taxation of N971.7million in the year under review.

“Though modest and about N29 m short of a desirable N1billion mark, it represents a 26 percent improvement on the N772.6m recorded in 2020. Profit After Taxation also grew positively from N678.0 million in 2020 to N790.6 million in 2021, representingagrowthof17 percent.”

“The success of our fund raising exercise in the past has helped to reaffirm the confidence you all have in your company as key stakeholders. We shall continually look forward to your similar support in the future.” He said.