Continental Reinsurance posts N2.5bn PAT for FY17


March 18, 2018 | 3:21 am
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Continental Reinsurance last Friday released its audited financial statement for the full year ended December 31, 2017. Gross premium rose by 32 percent to N29.7 billion compared with N22.4 billion made in 2016. Similarly, net insurance premium revenue trended upward by 6 percent to N23.1 billion in 2017 as against N21.8 billion realised in similar period in 2016.

On the contrary, both profit before income tax and profit after tax fell by 23 percent and 21 percent respectively. The reinsurance giant realised N3.57 billion as profit before tax in 2017 compared with N4.65 billion in similar period in 2016. Also, profit after tax stood at N2.47 billion by 2017 financial year ended in contrast to N3.12 billion in 2016.
The company has proposed 40 kobo dividend per share, translating to N1.45 billion, exactly what it paid shareholders in 2016 financial year. Shareholders that held more than 5 percent of the issued share capital of the company as at December 31 2017 are C-Re Holding Ltd, 65.2 percent and Stanbic Nominees Nigeria Limited, 6.38 percent.
Investors ignore corporate actions as equities shed N506 bn
Investors last week ignored the corporate actions so far declared by listed companies as the market capitalisation of listed stocks shed N506.04 billion.
Market capitalisation of listed stocks closed at N15.00 trillion compared with N15.51 trillion the week ended March 9, 2018. By implication, market capitalisation of listed equities closed by negative 3.26 week to date. Year to date, market capitalisation closed at 10.23 percent.
Similarly, the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) week on week at negative 2.85 percent last Friday. It closed the week at 41,935.93 points compared with 43,167.86 points on March 9, 2016. Year to date, ASI closed at 9.66 percent.
Lafarge announces the results of Rights Issue
Lafarge Africa Plc’s Rights issues of 3,097,653,023 ordinary shares of 50 kobo each at N42.50 per share, on the basis of 5 new ordinary shares for 9 ordinary shares held as at November 1,2017 was opened Friday November 24,2017 and closed on Friday December 15,2017.
A total of 3,577 acceptances for the 3,097,653,023 ordinary shares worth N131.65 billion were received and processed successfully in connection of the Rights Issue; having been confirmed as valid. Five applications for 14,375 units were not funded and were subsequently rejected.


Companies that apply for late submission of Audited Financial Statements 2017 & Others
Company Results expected Due date New date for the release of results Remark
Union Diagnostic Plc Q3 2017 Oct 31, 2017 November 1, 2017  
Omoluwabi Mortgage Bank Audited Financial Statement 2017 March 31, 2018 To be announced later  
Royal Exchange Audited Financial Statement 2017 March 31, 2018 To be announced later  
Standard Alliance Insurance Audited Financial Statement 2017 March 31, 2018 On or before April 30, 2018  
Afromedia Audited Financial Statement 2017 Dec 31, 2017 On or before March 31, 2018  
Neimeth International Audited Financial Statement 2017 Dec 31, 2017 Jan 24,2018  
Vitafoam Audited Financial Statement 2017 Dec 31, 2017 Jan 8,2018  

The Rights Issue were 100 percent subscribed.
• 3,313 shareholders accepted their provisional allotments in full, a total of 1,216,502,374 ordinary shares
• 154 shareholders with provisional allotment of 138,602,239 ordinary shares partially accepted their Rights for 88,246,242 ordinary shares. The balance of 50,355,997 ordinary shares were renounced.
• 386,589,834 ordinary shares were fully renounced thus a total of 436,945,831 ordinary shares were renounced by shareholders.
• There were 110 subscribers who bought traded Rights on the NSE, involving 1,355,958,576 ordinary shares
• Of the 3,313 shareholders who took up their Rights in full, 1,154 shareholders applied for additional 436,945,831 ordinary shares and additional shares were allotted in full from the renounced Rights.




March 18, 2018 | 3:21 am
  |     |     |   Start Conversation

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