Veritas Kapital Climbs by 18% after Strong Q1 Earnings
Assurance Company, Veritas Kapital Plc, market value surged by about 18% to N10.261 billion on the Nigerian Exchange last week after it released first quarter earnings scorecard.
The assurance company was one of the top performers, according to gainers charts. Its share price rose from 69 kobo to 74 kobo amidst seesaw price movement spanning five trading sessions.
The last three trading session saw large volume of Veritas Kapital shares exchanging hands. The assurance company with market valuation which printed at N10.261 billion has 13.886 billion outstanding shares listed on the Nigerian Exchange.
Its latest unaudited financial statement showed that Veritas Kapital posted N5.67 billion as net profit in the first quarter of 2024. This translates to significant year on year growth when compared with N376 million the company achieved in the comparable period in Q1-2023.
Its earnings beat followed sizeable growth in insurance revenue in the period, up by 280% year on year from N1.677 billion in Q1-2023 to N6.372 billion at the end of Q1-2024.
Despite increase revenue generating activities, insurance expenses rose by 153% year on year to N2.687 billion from N1.062 billion 12 months earlier.
With devaluation of the naira, Veritas Kapital was one of the winners, recorded more than N4.044 billion in exchange rate gain from revaluation of its foreign currency denominated assets. In the equivalent period in 2023, the company recorded N2.085 million as FX revaluation gain.
Then, net insurance and investment results climbed to N6.955 billion in Q1-2024, skyrocketing from less than N632 million 12 months earlier. Net profit surged by more than 1408% year on year N5.67 billion from N373 billion in Q1-2023. #Veritas Kapital Climbs by 18% after Strong Q1 Earnings
