Equity Assurance plc records 722 percent profit.

Equity Assurance plc has recorded a profit after tax of N445 million in its 2007 financial year. These was made known by the chairman of the company, Mr Olufemi Somolu during the company’s 21st annual general meeting held in Lagos on Monday. The profit after tax rose compared to the N54.1 million it recorded in 2006 shows an increase of 722 percent. Profit before tax for the company was also impressive as it stood at N498.7 million compared to N55.8 million in the 2006 financial year, indicating an appreciation of 793 percent.
Turnover during the period under review grew by 572 percent from N225.6 million in 2006 to N1.5 billion in 2007. While attributing the impressive outcome of the result to the merger that occurred in the company during the last consolidation exercise in the insurance company, he announced that the company was going to give a dividend payout of 35 kobo per share.