Nigeria: Custodian Investment Declares 10 Kobo Interim Dividend, Posts N3.7 Billion Profit

27 July 2018

Custodian Investment Plc thursday announced an interim dividend of 10 kobo for the half year (H1) ended June 30, 2018.

The interim dividend came on the heels of 42 kobo paid by the company for the full year ended December 31, 2017.

The company recorded earnings per share of 60 kobo for the H1 2018, out of which the directors approved an interim dividend of 10 kobo.

According to the results, Custodian Investment posted gross revenue of N23.739 billion in 2018, up from N19.798 billion.

Gross written premium rose from N16.291 billion to N18.8 billion in 2018, while gross premium income stood at N17.098 billion, compared with 14.186 billion in the corresponding period of 2017.

Investment income rose from N3.107 billion to N3.759 billion, while fees and commission improved from N1.602 billion to N2.174 billion.

The company ended the H1 with profit after tax of N3.703 billion, showing a marginal decline from N3.806 billion in 2017.

Shareholders had in April changed the new name of the company from Custodian and Allied Plc to Custodian Investment Plc in a bid to enable the company expand its operations within the financial services industry.

Custodian Investment Plc comprises Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and CrusaderSterling Pensions Limited.

Addressing shareholders at the annual general meeting (AGM), Chairman of the company, Mrs. Omobola Johnson observed that after a moderate growth in the previous year, global economy witnessed steady improvement in 2017 on the back of accommodative monetary and fiscal policies as well as robust global trade.

According to her, following the meltdown of the stock market and the relatively low interest rate regime of 2016, the environment in 2017 was more favourable to companies with net investible funds such as Custodian and Allied Plc among others.

She said the various revenue streams including premium income, investment income, fees and commission recorded significant growth while the company's costs were effectively managed, resulting in a 37 percent increase in the net profit of N7.3 billion in 2017 compared with N5.3 billion and comprehensive income of N8.02 billion compared with N5.04 billion in the corresponding period of 2016.

On the future outlook, the chairman noted that in spite of the uncertainty that usually accompanied election cycles in Nigeria, she was confident that the management was well- positioned and adept enough to weather the storm and continue to take the company to greater heights.

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