L-R Managing Director/CEO Mr. Umar Sanda Mairami, Board Chairman Mr. Ibrahim A. Babayo, Executive Director Business Development North & Strategy Mr. Kabir A. Tijjani, Executive Director Business Development South & Investment Mrs. Kemi Oluwashina and Executive Director Operations & Services Mr. Sadi Abdu at the AGM.
BY NKECHI NAECHE-ESEZOBOR–Despite increasing economic challenges and stiff competition in the industry, Premium Pension Limited on Wednesday said it was able to grow it’s Profit After Tax (PAT) for the financial year ended 2022 to N2.654 billion.
According to statement released by the firm’s Head; Corporate Communications, Aliyu Mohammed Ali, that this represents 35.51% above previous year levels.
Chairman, Board of Directors of Premium Pension Limited, Ibrahim Alhassan Babayo,
made disclosure of the assets under management at the 18th Annual General Meeting (AGM) of the Company held at the firm’s corporate head office in Abuja.
According to him PPL’s revenue rose by 18.34 percent to N10.039 billion from N8.483 billion recorded in 2021, resulting in a Profit Before Tax (PBT) of N3.988 billion, up by 32.99 percent year-on-year.
He added that total dividend of N2.65 kobo amounting to N1.740 billion, representing N1.20 kobo interim and N1.45 kobo final dividends of N788.14 million and N952.833 million respectively.
He also informed shareholders that this dividend represents the 15th consecutive year in which the Company has paid dividends.
Asset Under Management (AUM) of the company grew to N1.000.41 trillion at the end of 2022 financial, this he said represents a growth of N120.93 billion over 2021 year-end of N879.48 billion, representing a year-on-year growth rate of 12.08 percent.
He added that total number of retirement Savings Account Holders (RSAs) registered in both the public and private sector organizations as at 31st December 2022 stood at 774,235 representing 7.85 percent of the industry count of 9,862,129.
“Today, we celebrate a significant milestone of attaining over N1 trillion Assets under Management (AuM), a momentous achievement that demonstrates our resilience, innovation and commitment. Our collective efforts have enabled us to build a solid Company that can withstand market volatility and uncertainty. As we reflect on our journey, the success we have achieved today did not come easy. We have had to navigate challenging economic conditions, disruptive technologies, and changing client preferences. Yet, we have remained steadfast in our commitment.” Mr. Babayo said.
In his remark, the Managing Director and Chief Executive Officer Mr. Umar Sanda Mairami said the Company as a top tier PFA will continue to grow and deliver even greater value to its members, shareholders and other stakeholders through consistent Premium Experience.