Custodian and Allied Grows Profit to N7.3bn, Declares 32k Final Dividend

Custodian and Allied Plc, a non-bank financial institution with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses, has announced its audited result for the year ended 31st December 2017.

The group’s revenue rose from N38.551 billion to N43.052 billion in 2017. Operating expenses stood at 29.988 billion, compared with N25.899 billion in 2016. Profit before tax improved from N7.89 billion to N8.933 billion, while profit after tax rose by 37 per cent from N5.3 billion achieved in 2016 to N7.3 billion.

The directors have recommended the payment of a final dividend of 32 kobo for every 50 kobo ordinary share. The company had earlier paid an interim dividend of 10 kobo per share, bringing the total to 42 kobo per share. The company has consistently paid dividends to its shareholders every year for the past 20 years.

Chairman of Custodian & Allied Plc, Mrs. Mobola Johnson had last year said the company’s management continued to deploy the group’s assets professionally, prudently and profitably within the dictates of the evolving local and world economies to ensure the safety of its insurance / investment client’s fund and not to erode shareholders’ value

She disclosed that the company formally constituted its social responsibility foundation in 2016, saying that the company fully renovated, refurbished, computerised and stocked the Lags State Public Library at Ilupeju.

“The unprecedented effort of the foundation, which is in line with our commitment to the societies in which we operate, was lauded by the state government and is being used as a template for further corporate social responsibility activities in the state,” she stated.

Meanwhile, trading at the stock market was bullish as the Nigerian Stock Exchange (NSE) All-Share Index inched up by 0.63 per cent to close higher at 40,788.68.

Investors were bullish in the equities market, with the ASI inching 0.63% higher to 40,788.68 points due to bargain hunting across major sectors.

A total of 33 stocks appreciated, while 18 depreciated. Unity Bank Plc led the price gainers with 9.4 per cent, while C & I Leasing Plc led the price losers with 5.0 per cent.

Also, total volume of trades surged 732.41 per cent to 1.60 billion shares worth N10.91 billion in 4,729 deals, following major crosses on 320 million units of UBA at N11.00 per share and 834 million units of FCMB at N2.47.