By Modupe Gbadeyanka
One of the insurance firms in Nigeria, Custodian and Allied Plc, has released its audited 2016 financial statements.
From the document posted on the website of the Nigerian Stock Exchange (NSE) on Tuesday, March 28, 2017, the insurance company declared a profit of N5.3 billion for the year 2016 compared with N4.2 billion it declared in 2015, representing 27 percent rise in profit.
During the period under review, the company posted a profit before income tax expense of N7.4 billion in contrast to N5.7 billion it achieved a year before.
However, Custodian and Allied Plc had to pay N2.1 billion as income tax expense for the year against N1.5 it paid a year earlier.
The insurance firm further noted in the financial results that during the year, it grossed N38.6 billion as revenue compared with N29.8 billion it achieved in 2015.
During the period, from the audited results, the operating expenses incurred by Custodian and Allied Insurance grew to N25.9 billion from N20.4 billion in 2015.
