Neco Insurance publishes strong Q3 report with 45.57% rise in net profit; EPS and PE stands at Rs 35.52 and 46.88 times
Mon, May 10, 2021 6:09 AM on Financial Analysis, Latest,
Neco Insurance Company Limited (NIL) has published its third-quarter report of the fiscal year 2077/2078 with an increase in Net Profit by a satisfactory 45.57% compared to the corresponding quarter of the previous year. The company’s net profit increased to Rs. 35.09 crores in this quarter from Rs. 24.10 crores in the corresponding quarter.
As per the unaudited report for the third quarter published today, NECO Insurance has a paid-up capital of Rs. 1.31 Arba with a reserve of Rs. 68.23 crores. Similarly, the company has Rs. 9.68 crores as a contingent fund. The company has an insurance fund of Rs. 1 arba.
The Net Premium rose by an outstanding 46.46% to Rs. 1.36 arba in FY 2077/2078 from Rs. 92.88 crores in the corresponding quarter of the previous year. The company has earned Rs. 11.01 crores from income from investment, loans, and other headings.
The company’s Net claim increased by 17.89% to Rs. 45.05 crores in this quarter. The company’s number of policies stood at 2,24,394 till Q3 of 2077/2078.
Its annualized earnings per share (EPS) stood at Rs. 35.52 whereas Net worth per share stood at Rs. 235.59. The company traded at a P/E multiple of 46.88 times.
Major Highlights:
| Particulars (In Rs '000") | Neco Insurance Limited | ||
|---|---|---|---|
| Q3 2077/78 | Q3 2076/77 | Difference | |
| Paid Up Capital | 1,317,432 | 1,317,432 | 0.00% |
| Reserve and Surplus | 682,317 | 431,042 | 58.29% |
| Insurance Fund | 1,007,155 | 727,960 | 38.35% |
| Contingent Fund | 96,874.00 | 68,954.00 | 40.49% |
| Gross Premium | 1,972,400 | 1,622,300 | 21.58% |
| Net Premium | 1,360,407 | 928,863 | 46.46% |
| Re-Insurance Commission Income | 164,780 | 180,737 | -8.83% |
| Income from Investment, Loan and others | 110,116 | 68,400 | 60.99% |
| Claim Payment (Net) | 450,589 | 382,198 | 17.89% |
| Agent Commission | 40,618 | 31,451 | 29.15% |
| Gross Profit | 398,736 | 297,901 | 33.85% |
| Net Profit | 350,922 | 241,063 | 45.57% |
| No of Policies | 224,394 | 201,534 | 11.34% |
| EPS (In Rs.) | 35.52 | 24.40 | 45.57% |
| Net Worth per Share (In Rs.) | 235.59 | 193.21 | 21.94% |
| Qtr End PE Ratio | 46.88 | - | - |
| Qtr End Market Price | 1,665.00 | - | - |
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