Nicoz Diamond maintains growth momentum

Nicoz Diamond maintains growth momentum
Published: 23 March 2012 (2182 Views)
Nicoz Diamond maintained the growth momentum in the first halve of 2011 that they had gathered in H1 2011 as GPW for amounted to US$11.8m compared to US$11.7 million in H1. Total GPW thus grew by 27% from FY 2010 to US$23.5 million. This was however a slowdown from the FY 2010 year on year growth of 40.6%.  

Although well above the estimated GDP growth rate, management feel the growth could have been better were it not for the on going liquidity challenges and industry capacity underutilisation.

The Net Premium Written went up by 21.6% whilst claims incurred went up by 33% on the prior year, indicating a CI/NPW of 60% up from 57%. The increase was on the back of a number of significant fire and engineering claims pay outs.

All the insurance operations were however reported to have recorded an underwriting profit. Stringent cost containment resulted in a 7% decline in other operating expenses. Investment revenue from rentals, interest and dividends supported the 558% growth in the operating profit to US$1.3 million.

Share of associates profits (from Clover Leaf panel beaters and Fidelity Funeral Assurance) amounted to US$290,883 whilst the PBT amounted to US$1.6 million and the attributable profit stood at US$1.6 million (FY 2010: US$ 404,779). The group declared a dividend of US 0.046 cents a share, which works out to a dividend yield of 1.8% and dividend cover of 6.3x.

The cashflow from operations was negative at US$563,642 attributed to significant claims during the year and continued negotiations from clients for extended premium payment terms.

The group's regional operations were maintained during the year as they all were profitable and recorded improved performance from the prior period. Management remains optimistic that the recovery of the local economy will support improved performance of the company.


- Byo24News

Tags: Nicoz, Diamond,
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