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Published On: Tue, Nov 4th, 2014

Custodian and Allied declares N3.2bn PAT

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Custodian-and-Allied-PLCStories from Ngozi Onyeakusi, Lagos

Custodian and Allied Plc, has recorded a profit after tax of N3.2 billion in its unaudited results for the nine months ended September 30, 2014.

This represented an increase of a 54 per cent over 2013 figure of N2.06 billion. Profit before tax as well grew by 52 per cent from N2.5 billion in the comparable period of 2013 to N3.8 billion within the period under review while gross revenue rose by 14 per cent to N14.5 billion from N16.2 billion .

Also in the period under review, Custodian and Allied said it grew its shareholders’ funds by 11 per cent to N21.2 billion from N19.1 billion as of December 31, 2013.

The total assets, which stood at N49.9 billion were 9.4 per cent higher than the N45.6 billion the company reported at the end of December last year.

Commenting on the company’s performance, Chief Finance Officer, Custodian and Allied, Mr. Ademola Ajuwon, stated that the companys favourable underwriting income from its insurance subsidiaries and remarkable efficiency gains group-wide were factors that contributed

to the improved result.

He added, “The performance is a concise representation of Custodian and Allied Plc’s unrelenting commitment to its corporate ideal of exceeding customer and other stakeholders’ expectations at all times as demonstrated daily through customer focus, comprehensive systems, processes and operations integration.

“Barring any unforeseen adverse developments, management is confident that the company’s well-articulated business plans and forecast will be achieved in the short, medium and long terms; ultimately benefiting all stakeholders.”

Custodian and Allied recently paid an interim dividend of six kobo per 50 kobo share after paying a total of 16 kobo per share on the preceding year’s results.

 

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