MADISON Financial Services Plc has recorded an increase in profit to almost K17.5 million as at June 30, 2015 from about K6 million last year in the same period due to overall growth recorded in revenue across the group.
The company recorded growth in insurance premiums, interest income, fee and commission income and investment income which grew by 10 percent, 44 percent, 19 percent and 44 percent respectively.
According to the company’s results for the half year ended June 30, 2015 issued by Madison Financial Services Plc company secretary Kafula Mwiche, the profit also grew because of efficient claims management in the insurance businesses.
“Net profit and the headline earnings per share for the half year ended June 30, 2015 grew by 147 percent in comparison to those recorded as at the half year period ended June 30, 2014. The increase in profits was due to overall growth recorded in revenue across the group, specifically in insurance premiums, interest income, fee and commission income and investment income,” he said.
Similarly, the company also registered growth in the revenue to about K268.6 million in the period under review from about K241.5 million the previous period driven by sustained efforts to grow business across the group, the increase in the microfinance loan book and sales activity in the property development portfolio.
During the period under review, the firm’s net revenue and profit before tax grew by 11 percent and 18 percent respective despite, the foreign exchange losses of K8.5 million which increased from K4.1 million for the same period in 2014.
“The company expects its unaudited results for the half year ended June 30, 2015 to be released via the Lusaka Stock Exchange Stock Exchange News Service and published in the local press on or about August 28, 2015. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until publication of the results,” he said.