Custodian Investment’s annual profit drops 21% despite surge in revenue to N86 billion

Custodian Funding noticed its income bounce by 14.2 per cent for 2021 however reported a deceleration in post-tax revenue by as a lot as greater than one-fifth, its audited financials issued on Monday confirmed.

The funding agency’s turnover superior from N75.1 billion to N85.7 billion, because of a surge in gross premium written from its life insurance coverage unit.

Normal and life insurance coverage account’s for the majority of the enterprise of Custodian Funding, whose operations additionally span trusteeship, actual property and pension.

In accordance with knowledge from the corporate’s web site, Custodian Funding’s group-wide belongings below administration are above $1.1 billion.

Working bills rose 17.4 per cent to N52.6 billion pushed by a better spending on gross claims and elevated underwriting bills.

That weighed on bottom-line, forcing revenue earlier than tax to fall 10 per cent to N12.3 billion.

After-tax revenue stood at N10.1 billion, 20.8 per cent weaker than the determine recorded a 12 months earlier.

Final August, Custodian Funding introduced completion of obligatory takeover provide of UPDC PLC, a loss-making spin off of UACN, having entered a binding pact a 12 months earlier for an preliminary acquisition of 51 per cent of UPDC.

The board is proposing a last dividend of N0.40 per unit payable on April 8 offered that shareholders endorse the money reward plan on the forthcoming annual basic assembly.

The firm had final 12 months paid an interim dividend of N0.10 per share, bringing the full for 2021 to N0.50. That compares with the N0.55 paid for monetary 12 months 2021.

“Shareholders are kindly requested to replace their information and advise Meristem Registrars and Probate Companies Restricted of their up to date information and related financial institution accounts for the fee of their dividends,” the corporate stated.

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