Regency Alliance Insurance Spikes by 24% after Earnings Forecast
Regency Alliance Insurance Plc saw about 24% weekly gain as equities investors ramped up more shares in the open market.
The share price climbed to 47 kobo on Friday from 38 kobo at the beginning of the week. The Assurance Company’s share price uptick listed its market valuation or capitalisation to N3.134 billion.
At this level, Regency Assurance is trading below its 52 week high of 68 kobo, and its lowest price in the last 12 months was 31 kobo. Regency Assurance Plc is targeting about N607 million in profit for the third quarter, according to its earnings forecast submitted to the Nigerian Exchange last week.
Its profit forecast was anchored on its estimated N5.112 billion insurance revenue. The assurance company also forecasted that insurance expenses for the period would likely reach N2.198 billion.
In addition, Regency Assurance Plc expects net expenses from re-insurance contract to reach N2.147 billion in the third quarter of 2024.
This left the company with about N767 million as revenue from its operation for the period. The amount is expected to be boost by investment income estimated at N268 million.
In the third quarter, Regency Assurance estimated its management expenses for the period to reach about N376 million. Pretax profit is forecasted to settle at N659.55 million in Q3-2024. Tax provision was estimated at N52.764 million, leaving the company with N606.789 million as net profit. Top Performer: CUTIX Sees 28% Surge in Market Value
