BY NKECHI NAECHE-ESEZOBOR–Custodian Investment Plc, has projected a rise in its gross revenue from N18.520 billion in Q1 2020 to N20.036 billion 2021.
The company disclosed this when it released its earnings forecast for the first quarter 2021 on the trading floor of Nigerian Stock Exchange ( NSE) that its profit after taxation is also expected to increase to N2.872 billion when compared with N2.422 billion in Q1 2020; this indicating a rise of 18.55%.
It had declared a Profit After Tax (PAT) of N1.5 billion in the third quarter of 2020, as against N1.37 billion posted the same period in 2019.
Custodian Investment Plc also recorded impressive results in some key financial metrics such as;
*Gross Revenue grew by 42% from N15.85 billion to N22.52 billion.
*Interest income advanced by 11.3% Year-on-Year.
*Investment income gained 25.4% from N5.61 billion to N7.03 billion.
*Earnings per share appreciated by 50% from N24 to N36 for the period under view.
*Other investments and operating income grew by approximately N6.40 billion.
*Total assets also grew by 27% from N118.01 billion to N149.94 billion for the period under view.
*Profit before tax marginally grew by 2.8% from N1.69 billion to N1.73 billion.
The growth in revenue and profitability is attributable to an increase in financial and reinsurance assets which appreciated by 35.62% and 32.5% (Y-O-Y) respectively.
An increase in investment and interest incomes were also very important in driving revenue.
