Investments firm, Custodian Investment Plc, has posted N7.1 billion as profit after tax (PAT) as the valuation of its total assets appreciated to N98.1 billion in 2018 as against N80.6 billion in 2017.
This was disclosed at the Annual General Meeting (AGM) of the group for the year ended December 31st, 2018, held in Lagos.
According to the Chairman, Board of Directors, Mrs Omobola Johnson, despite the moderate macro-economic growth on the domestic front, the company was able to post strong financial performance across all of its business lines and from the subsidiaries.
“We recorded strong top line growth as gross revenue improved by 16.8% to N50.3 billion. Similarly, total asset and stakeholders’ funds remain strong at N98.1 billion and N41.5 billion with year-on-year growths of 21.5% and 13.9% respectively.”
The Chairman and erstwhile communication minister added that significant higher reinsurance and claims expenses, typical of the cyclical nature of the underwriting business, kept profit after tax (PAT) flat at N7.1 billion.
She further explained that “our overall strong performance underscores the resilience of our business model and tenacity of our management team and staff.”
