The Reliance Insurance Trust Corporation (Ritcorp) has recorded Profit Before Tax to the value of Le5.818billion for 2015 as compared to Le7.412billion in 2014, which represents a 22% decrease.
However, this drop, did not halt the Chairman, Board and Management to recommend a dividend of Le1, per share to members at the Company’s Register as at 31st December 2016.
Chairman Mohamed Babatunde Cole addressing shareholders spoke about the economic challenges affecting the Company, but emphasised that the Company recorded a gross written premium income of Le25.767bn as compared to Le36.000bn in 2004 which represent a decrease of 30%.
He also outlined that “total comprehensive income after tax was Le7.412bn in 2014 a decrease of 47%, stressing that the decrease is mainly due to the revaluation gains in 2014 of Le7.704bn, representing 34% of 2014 profit after tax.
Shareholders were further informed that despite investing in government securities, the Company has acquired property on Lamina Sankoh Street and will commence construction of a multi-storey building before the end of the year.
Chairman Cole also highlighted the 30th anniversary of the Company, during which in fulfilling its “Corporate Social Responsibility, the Company donated to Street Child Sierra Leone the sum of fifty million Leones (Le50,000,000.00) for orphans affected by Ebola.”
Wednesday July 20, 2016
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