The Reliance Insurance Trust Corporation (RITCORP) has recorded a total profit of Le1.577 billion before tax as compared to Le1.287 billion in 2007 which registered a growth rate of 23 percent.
In this regard, the Board of Directors recommended a dividend of Le1.00 per share to all members of the company, which is the highest paid amongst the public limited liability companies in the country for the financial year 2008.
Speaking at the 21st Annual General Meeting of the company last Friday at Santano House, the acting Chairman of the Board, Abu Bangura assured shareholders that the value of their shares would continue to grow.
Shareholders were also informed that underwriting profit for 2008 was Le1.191 billion as against Le1.138 billion for the previous year.
He boasted that the last four years RITCORP declared the highest dividend in the country, and emphasized that, “despite we are constructing our head office; we are doing so without any loan from any Bank.”
On behalf of the Board, he expressed their sincere thanks to shareholders for their continued support, while he lauded the management and staff for what he termed their professional and dedicated service to customer.
He further stated that “consequently they have helped in creating the reputation for excellence that RITCORP enjoys in the local market.” On the construction of the new head office, he stressed, “the first phase of the construction has been completed and the architectural and design work of the completion stage have been approved by the Board.”
The completion is anticipated next March, and shareholders have been notified in advance that the 22nd AGM will take place at the new headquarters at Percival Street.