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-As company records 78% loss for 2009 FYE
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By Peter OBIORA investadvocate
17 August, 2010 16:02 GMT
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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.
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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.
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“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.
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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.
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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.
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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%)
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Meanwhile, AGM of Regency Alliance Insurance is scheduled to hold on Wednesday September 08 2010. The venue and time is yet to be fixed.