Premium Pension Declares N1.020bn Profit

Premium Pension Declares N1.020bn Profit

Premium Pension Limited has declared a N1.020 billion profit after tax for the year ended December 2012. The company also announced a dividend of 60 kobo per share.

 

Chairman of the company Aliyu Dikko disclosed this yesterday at the companies annual general meeting in Abuja.

 

The profit after tax grew from N629.58 million in 2011 to N1.020 billion in the year in review while the profit before tax grew by 58.77 percent recording N1.487 billion in 2012 as against N936,513 million in 2013.

 

The report revealed that the number of Retirement Saving Accounts (RSAs) registered by the company both in public and private sector organisations increased from 422,572 as at December, 2011 to 566,043.

 

“Out of the total RSAs, 444,631 were funded while  121,412 were yet to be funded,” the chairman said. The RSAs (Active) fund which had a net value of N92.702 billion at the beginning of 2012 closed the year with a value of N154.771 billion signifying a growth 66.9 percent.

 

The Legacy Fund dropped to N45.334 billion from N47.19 billion “due to the steady migration of Legacy Fund to RSA by some organisations.”

 

“The asset under management which is the core under management has grown by about 60 percent and profit after tax has grown by 60 percent while the number of RSAs has also grown by 50 percent,” Dikko said.

Related news

GOOD NEWS: Excitement in northern Nigeria as oil is discovered

GOOD NEWS: Excitement in northern Nigeria as oil is discovered

GOOD NEWS: Excitement in northern Nigeria as oil is discovered