News Column

University Press, Continental Re Declare Dividends

July 8, 2014

Goddy Egene

Shareholders of University Press Plc and Continental Reinsurance Plc will soon receive dividends on their investments for the 2013 financial year. University Press declared a dividend of 35 kobo per share, while Continental Reinsurance Plc proposed a dividend of 11 kobo per share.

The shareholders of the University Press are going to enjoy a dividend despite a marginal decline in profit for 2013. According to the audited results of the company, revenue rose from N2.312 billion in 2012 to N2.438 billion in 2013. Gross profit before tax reduced from N374 million to N342 million, while profit after tax stood at N234 million, down from N261 million in 2012.

The reduction in bottom-line notwithstanding, directors of the company have recommended the payment of 35 kobo dividend, which is the same paid the previous year.

University Press Plc is engaged in the business of printing, publishing and selling of books in areas of educational and general titles. The company was founded in 1949 under the name of Oxford University Press Nigeria, and has grown to become one of the oldest ,most experienced and the nation's foremost publishers of materials for educational and for general reading.

On the other hand, Continental Reinsurance Plc will be paying 11 kobo dividend, which one kobo above the 10 kobo paid the previous year.

The company recorded net insurance premium of N13.351 billion in 2013, up from N10.392 billion. Underwriting profit was N1.677 billion, compared with N1.347 billion in 2013, while profit for the year rose from N1.732 billion to N1.753 billion. Based on the results, the directors recorded the 11 kobo dividend per share.

Continental Reinsurance is a composite professional reinsurance company in Africa, offering a full suite of non-life and life reinsurance services to African insurers.

The company operates in more than 46 African countries and has expanded its regional footprint with offices in Cameroun, Kenya, Cote d'Ivoire and Tunisia. Continental Reinsurance, which began operations in 1987 and got listed on the Nigerian Stock Exchange (NSE) in 2007.

As part of efforts to boost its life business, the company recently appointed Mr Abayomi Oluremi-Judah as the new Head of Life Operations. Oluremi-Judah trained and worked as an actuary in the United Kingdom and Europe over the past 13 years. He holds a Bachelor of Science in Mathematics and Economics (University of Warwick) and is an Associate of the Institute of Actuaries.

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Source: AllAfrica

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