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Earnings Watch: Staco Insurance Plc Releases 3Q 2011 Statements

By on December 7, 2011

Staco Insurance Plc has released its Q3 results to the Nigerian Stock Exchange.

Gross Premium earned appreciated 16.6% from N 4.3 Billion over the same period last year to N 5 Billion at the end of last September.

The company also reported a decline in commissions received as this income was down by 20.6% to N 63 Million from N79.8 Million over the same period last year.

Investment Income spiked 242% from a loss of N 102 Million over the 3Q last year to a gain of N 146 Million as at the end of the last quarter.

Profit Before Tax suffered a marginal loss of 0.2% to close the 3Q at N 703 Million from N 705 Million last year.

Net Income was also down, although by a much wider spread of 6.7% to N 592 Million from N634 Million over the same period last year.

The company’s stock is currently trading at 50 kobo, that is its nominal value.