No dividend, bonus for shareholders of Regency Alliance

 

-As company records 78% loss for 2009 FYE

 

 

 

By Peter OBIORA investadvocate

17 August, 2010 16:02 GMT

 

 

 

Lagos–There will be no dividend payout or bonus for shareholders of Regency Alliance Insurance Plc (Regency) for its year 2009 Financial Year End (FYE) due to a loss in the insurance company’s operations in the review period.

 

 

This was contained in a notice of Annual General Meeting (AGM) of the company Tuesday August 17 2010 to the Exchange and made available to investadvocate in Lagos Nigeria.

 

 

“The Company has further stated that due to the loss it incurred for the year ended December 2009, no dividend or bonus is approved for its shareholders” the notice affirmed.

 

In the period under review, the insurance company made a loss of 78 percent (78%) when its Profit After Tax (PAT) declined from N312.656 million in year 2008 to (N68.752 million) in Audited Year Ended (December) 2009.

 

Turnover also declined from N1.722 billion in year 2008 to N1.503 billion in year 2009 indicating a decline of 12.71 percent (12.71%) in the review period.

 

While Profit Before Tax (PBT) dropped from N334.640 million in the year 2008 end to (N42.576 million) in year 2009 representing a drop of 87.27 percent (87.27%)

 

Meanwhile, AGM of Regency Alliance Insurance is scheduled to hold on Wednesday September 08 2010. The venue and time is yet to be fixed.

 

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