| Publicly-listed Mauritian Eagle Insurance Co Ltd has shown a substantial 46% turnover growth figure for the January-June 2004 semester. Profit Before Tax for the period was Rs 21.9 million and the Group’s total assets have jumped from Rs 704 million to Rs 1.1 billion.
Turnover for the Mauritian Eagle group has increased from Rs 196 million during the first semester of 2003 to Rs 287 million for the same period this year.
T/O includes Rs 221 million for the insurance activities (2003: Rs 167 m) during the half year – a 32% increase.
In comments to its accounts, the Mauritian Eagle management writes: “The improvement of our claims account has yielded underwriting profits of Rs 9.21 m compared to Rs 7.97m last year. Group profit before tax including leasing was up by 26% to reach Rs 21.91 m and attributable earnings increased by 25% to Rs 15.87m posting an earnings per share of Rs 5.95 for the same period last year.”
Net asset value per share was Rs 81.58m at 30 June 2004 compared to Rs 70.40 at the same date last year and Rs 78.13 at 31 December 2003.
“Should the trend registered in the first semester be maintained, financial results of the group for 2004 are expected to be better than last year”, writes Management.
The directors have declared an interest dividend of Rs 2.25 per share for the six months ended 30 June 2004, similar to last year.
Share capital stands at Rs 26.7m, and Total Shareholders’ Fund at Rs 208 million. Turnover (Gross Premium Income) will most likely exceed Rs 500m this year.
Mauritian Eagle Insurance Company Limited started its operations in January 1974, as a joint venture between Ireland Blyth Ltd as majority shareholder and South African Eagle Insurance Co Ltd (SAE).
Celebrating its 30th Anniversary last year, Mauritian Eagle positions itself as one of the leading insurance companies in Mauritius.
In 1993, its shares were admitted for listing on the Stock Exchange of Mauritius in December. The shareholding of the Company now stands as follows: IBL (60%), SAE (15%) and the public (25%).
In October 2001, Mauritian Eagle through its subsidiary, Mauritian Eagle Leasing launched its leasing activities. Mauritian Eagle Leasing also holds a licence for deposit taking from the Bank of Mauritius.
In September 2003, Mauritian Eagle was awarded the ISO 9001:2000 certification. Source: Business Magazine, 22nd September 2004 |
