Nepal Insurance profit upswings by 60.82 % in Q4; AGM on Kartik 23 to endorse 9% stock dividend

Nepal Insurance Company Limited (NICL) has reported a massive profit growth of 60.82 percent in the fourth quarter of the last fiscal year 2071/72. According to the unaudited financial report for the fourth quarter published today, its net profit surged to Rs 6.23 crore in fourth quarter as compared to Rs 3.87 crore in the corresponding quarter of the last fiscal year 2070/71. The company’s net earnings from premiums grew to Rs 44.54 crore in Q4 from Rs 42.88 crore in the same quarter last year. Its paid up capital remains at Rs 26.38 crore. The reserve fund of the company has reached Rs 19.00 crore in Q4, up from Rs14.82 crore in the previous fiscal year. Likewise, Insurance fund has risen to 8.44 crore from Rs 5.96 crore. Nepal Insurance policy holder has increased to 59.28 thousand by the end of this quarter from 57.15 thousand reported in the same period of last year. NICL Earning per Share (EPS) stands at Rs 23.65 and net worth per share at Rs 202.91. Meanwhile, Nepal Insurance Company will be convening its 66th Annual General Meeting (AGM) on Kartik 23, 2072. The AGM will be held at Russian Center of Science & Culture, Kamalpokhari, Kathmandu at 1:00 PM. Main agendas of the AGM are:

• To endorse 9 percent bonus share and 0.47 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72. Current paid up capital of the insurance company stands at Rs 26.38 crore and after issuance of bonus share it’s paid up capital will rise to Rs 28.75 crore.
• To authorize BOD to amend any endorsement from AGM as directed by regulating bodies.

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owing shares till Ashwin 24 will be entitled to the dividend of the company. The book closure date for the bonus share is set on Ashwin 25.