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Earnings Watch: Goldlink Insurance Posts Great 3Q Results

By on November 9, 2011

Goldlink Insurance Plc is definitely an insurance company that is worth another look by investors and market analysts.

In an era where insurance companies are renowned for consistently losing money, the company has managed to book a, wait for it, N 1.13 Billion Net income or Profit After Tax, up 17% from N 975 Million recorded over the same period in 2010.

These numbers were reported on the Nigerian Stock Exchange today, as part of the company’s third quarter result.

Gross Premium also appreciated 6.4% to N 4.09 Billion from N 3.84 Billion over the same period last year.

Commissions earned were also up 14% to N 267 Million as at the end of September 2011.

Profit Before Tax following the upward trend, grew 14% to close the quarter at N 1.2 Billion up from N 1.06 Billion at 3Q, 2010.

The company’s management also increased its cash reserves to the tune of 78%, bringing the balance to N 325 Million from N 182 Million at 3Q, 2010.

The company’s stock is trading at N 0.53, not significant improvement from beginning of the year.