Royal Exchange Plc has recorded a 187 percent loss for the third quarter (Q3) of the year which ended 30 September 2019.
This was revealed in the insurance company’s unaudited financial statements published on the website of the Nigerian Stock Exchange. According to the financial statement, Royal Exchange generated ₦11 billion in its gross premium income over the past nine months of 2019. However, there was a 0.9 percent decrease compared to ₦11.1 billion which was generated in Q3 2018.
For its Profit Before Tax (PBT), the underwriting firm recorded a loss before tax of ₦72.8 million in Q3 2019, compared to a profit before tax of ₦163.5 million in Q3 2018, thereby resulting to a 145 percent decrease.
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The Profit After Tax (PAT), has it that the company recorded a loss after tax for the period under review to ₦96.2 million, as against the profit after tax of ₦111.1 million in Q3 2018. This indicates a 187 percent decline. This is even as the company’s earnings per share for the period stood at a loss of ₦2, as against ₦2 in the third quarter of 2018.
Recall that recently, the Nigerian Stock Exchange (NSE) lifted the ban placed on the shares of Royal Exchange Plc. The ban was lifted as a result of the company’s compliance with the rules for the filing of accounts, treatment of default filing and the rulebook of The Exchange (issuers’ rules).
Royal Exchange and other 33 companies were placed on red alert for breaching various post-listing regulations ranging from failure to submit their financial statements and accounts to the NSE and the inability to publish same in at least one or two national dailies as well as on the companies’ websites.
