Royal Exchange Return to Profitability in Q1
Royal Exchange Plc returned to profitability in the first quarter of 2024 after earning decline reported in Dec 2023. Earnings per share rose to 7 kobo in the first quarter from loss per share of 4 kobo, according to its regulatory filing.
The insurance company said its earned income fell by 8% in the first three months in the year, to N706.029 million from N767.400 million in Dec, 2023.Profit before tax however climbed to N571.292 million from pretax loss of N206 million in Dec, 2023.
Zero tax provision equated the company’s pre and post-tax profit at N571 million in Q1-2024. The company said its shareholder funds increased by 59% to N6.01 billion at the end of Q1.
Royal Exchange forecasted N33.845 million profit for the first quarter of the year, according to its regulatory filing. It projected N110.140 million as net earnings for the period as management anticipated that operating expenses would sulk in N61.79 million.
In three month, Royal Exchange Plc total asset climbed to N9.638 billion from N8.070 billion at the end for financial year 2023. # Royal Exchange Return to Profitability in Q1. How to Start Investing in Nigerian Stocks with N5,000 or $3
