Himalayan Reinsurance Earns Net Profit Of Rs. 4.63 Crores In The Second Quarter Of FY 2079/80
Mon, Mar 20, 2023 12:10 PM on Latest, Financial Analysis, Stock Market,
Himalayan Reinsurance Limited reported its second-quarter report of FY 2079/2080 with a net profit of Rs. 4.63 Crores. In Q2, the net profit of the company decreased by 62.83%.
The paid-up capital of the company stood at Rs. 7 Arba whereas its reserve and surplus stood at Rs. 17.7 Crores in this quarter.
In this quarter the company had earned a income of Rs. 8.52 Crores from Investments, loans, and others.
The annualized EPS (Earnings Per Share) of the company stood at Rs. 1.33 and the Net worth Per-share remained at Rs. 104.71 for this quarter.
About the company:
Himalayan Reinsurance is the first private sector reinsurance company established in the Republic of Nepal. The company offers Reinsurance support to Life and General Insurance Companies in Nepal and overseas.
Promoters of Himalayan Reinsurance include leading business houses of Nepal, along with leading financial institutions of the country. Prominent Promoters include;
- Golchha Group
- Shanker Group
- Infinity Holdings
- Lucky Group
- Ramesh Corp
- Shiv Shakti Group
- Himalayan Infrastructure Fund Ltd.
- Shalimar Investment
- Saffron CK Investments
- Vaishnav Enterprises
- Murarka Group
- K L Dugar Group
- M V Dugar Group
- R H Group
- M S Corp
- IME Group
- Prem Gurung and Group
- Ashlesha Enterprises
- Allied Continental
- Balaji Marbles
Apart from these business houses, the Promoters include 2 of the topmost commercial banks of Nepal, which are primarily owned by the Govt of Nepal, which is Nepal Bank Limited and Rastriya Banijya Bank Limited.
Major Financial Highlights
| Particulars (In Rs '000) | Himalayan Reinsurance Company | ||
|---|---|---|---|
| Q2 2079/80 | Q2 2078/79 | Difference | |
| Paid Up Capital | 7,000,000.00 | 7,000,000.00 | 0.00% |
| Reserve and Surplus | 177,768.71 | 128,935.28 | 37.87% |
| Insurance Fund | 136,978.12 | 4,819.27 | 2742.30% |
| Contingent Fund | 15,059.29 | 460.74 | 3168.47% |
| Net Premium | 2,363,305.77 | 299,975.02 | 687.83% |
| Income from Investment, Loan and others | 85,219.10 | 8,788.66 | 869.65% |
| Claim Payment (Net) | 141,753.18 | 3,029.44 | 4579.19% |
| Reinsurance Commission | 608,071.06 | 56,098.17 | 983.94% |
| Net Profit | 46,381.77 | 124,788.59 | -62.83% |
| EPS (In Rs.) | 1.33 | 3.57 | -62.83% |
| Net Worth per Share (In Rs.) | 104.71 | 101.92 | 2.74% |
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