Wapic Insurance 2016 profit after tax declined by 63%

… As Custodian and Allied grows PAT to N4.1bn

Wapic insurance Plc has demonstrated commitment to reward value for shareholders confidence with performance that showed dedication of the directors to sustain growth trajectory, even as profit after tax declined remarkably.

The company’s 2016 audited financial statement released by the Nigerian Stock Exchange (NSE) for the period ended 31 December 2016 showed that revenue grew to N8.01 billion, from N7.I billion posted in the corresponding period of 2015.

However, the challenging operating environment which has weakened operations of many corporate reflected its negative impact in the company’s 2016 performance, as its profit after tax dropped by about 63 percent to N586.01 million, from N1.3 billion posted in the 2015 financial year.

Meanwhile Custodian and Allied Plc 2016 audited financial statement for the period ended 31 December 2016 has reinforced the growth potential of the company, having grown profit after tax remarkably.

The company’s result release by the Nigerian Stock Exchange (NSE) recently showed that the Custodian and Allied recorded growth in key performance indices as revenue grew to N N27.11 billion, from N20.37 billion posted in 2015.

The company’s commitment o reward shareholders manifested in the key profit and loss lines, as profit after tax in 2016 Profit after Tax (PAT) 2016 rose to N4.06 billion, from N3.77 billion posted in 2015.