Gni Explains Delisting From NSE
Great Nigeria Insurance Plc (gni) said it grew its profit before tax by 202 per cent, from a loss position of N442.7 million in 2016, to a profit of N449.7million in 2017.
The company also gave reasons why it recently sought and secured approval of its shareholders to delist its shares from the Daily Official List and trading on the main board of the Nigerian Stock Exchange( NSE).
Announcing the financial performance of the company for the year ended December 31, 2017, gni Chairman, Mr Bade Aluko, said its gross premium rose to N3.02 billion in 2017, as against N2.21 billion reported the previous year of 2016,
This, it stated indicated a growth of 36.59 per cent.
He said the company’s investment income grew by 30.89 per cent from N306 million to N401 million in 2017; while value of the company’s total assets appreciated by 1.2 per cent to N10.12 billion, as against the N10 billion reported in 2016.
He said the company’s shareholders’ fund also witnessed a 7.7 per cent growth to stand N5.89 billion, as against the N5.43 billion reported in 2016.
Speaking on the company’s performance, its Managing Director, Mrs Cecelia Oshipitan, said the company had re- engineered its operations and had become more committed to dominating the retail market through continuous and consistent awareness using a motivated retail workforce, improved technology- driven applications and easily adaptable digital platform GNIOnGo to drive its sales.
“We will continue to improve our understanding of customer’s evolving needs and how they wish to be served,” she stated.
In his comments, one of the shareholders, Alex Adido, commended the company’s board for the bold step they have taken to delist the company voluntarily from the exchange, adding that the company has what it takes to survive after the delisting.
According to him, remaining at the exchange has not in any way benefited the company, while assuring that shareholders would support initiatives by the company.
Aluko, explained that the decision to delist the company from NSE was as a result of non-trading on the shares of the company over five years.
“Over the last five years, there is little or no trading activity with only 0.50 per cent of shares held by the minority shareholders being traded.
There has also been a measurable fall in trading volumes over the last 12 months with an average daily volume of circa 1,200 units during the period January 2017 to December 2017.
“Neither our company nor you, our esteemed shareholders are benefiting from the continued listing as shares are not getting any exit opportunity and their investments have been locked up and they find it difficult to dispose of their shareholders.
“Moreover, the company is bearing unnecessary cost in complying with its listing obligations.”
The shareholders at the meeting adopted the 2016 and 2017 financial accounts of the company.
On the future of the company, Aluko said, “Given our past performance and the competence of our team, I believe we can look ahead with confidence and optimism. I thank our shareholders for the confidence reposed in us.
“Together, we have built a strong business, driven by a single resounding purpose of service delivery to customers by keeping our promises. I believe that, with this focus on the customer, we will achieve and exceed our goal.”