By NKIRUKA NNOROM

On the top 10 performing stocks last week were shares of Mansard Insurance Plc, Academy Press Plc, Royal Exchange Assurance Plc, P.Z Industries Plc, Ikeja Hotels Plc and Evans Medicals Plc.

The rest were Ashaka Cement Plc, Continental Reinsurance Plc, Berger Paints Nig. Plc and Learn Africa Plc.

Mansard Insurance, one of the early insurance firms that has successfully migrate its financial reporting style to International Financial Reporting Standard, IFRS, emerged the top on the list with N0.57 or 18.10 per cent increase, closing at N3.72 from N3.15 early in the week.

At a period when most insurance companies are coming under the Nigerian Stock Exchange, NSE, hammer for either late submission or outright non-submission of their quarterly financial statements, Mansard has severally escaped such hammer as it has consistently delivered on that obligation to investors.

Only recently, the company received recognition from the Exchange for being one of the few listed entities with outstanding corporate governance practice. Besides, Mansard also won two consecutive awards at the tail end of the year.

Firstly, it emerged the first place overall winner in Insurance and Pensions category at the 2014 Nigerian Risk Awards, an award dedicated to rewarding organizations and individuals who have achieved results through the effective implementation of enterprise risk management principles. Also at the fourth edition of Marketing World Awards, which held on November 7, 2014, in Lagos, it was adjudged Insurance Brand of the year.

The company returned to profitability in 2013 financial year after posting a pre-tax loss of N77.310 million in 2012. It recorded profit before tax of N86.94 billion during the period. Its gross premium written grew by three per cent to N2.54 billion from N2.48 billion a year earlier, while the net income premium witnessed one per cent increase from N1.52 billion in 2012 to N1.14 billion during the period. However, in quarter one ended March, 2014 GWP returned to double digit, growing by 63 per cent to N1.44 billion from N879.423 million in the same period in 2013.

Academy Press gained N0.13 or 13.68 per cent to close as the second most traded. The share price closed at N1.08 from N0.95 it started the week at. Due to the continued importation of print products that has been threatening growth in printing industry, the company recorded slight reduction in profitability in 2014 financial year.

Though the company’s revenue grew to N2.34 billion in 2014, as against N2.28 billion in 2013, its profit before tax fell to N82.6 million, compared to N83.3 million posted in 2013. Despite this, the directors recommended eight kobo dividend, which was duly approved by shareholders at the last annual general Meeting, AGM. According to the chairman, Mr. Simeon Oguntimehin, the company has started retooling its operations in order to return to profitability in 2015 “Our expansion project has been fully delivered and fully operational.

The new facility will strengthen the print industry ability to close up the gap of capacity inadequacy which prints services foreign importers have ben exploiting to prevent government commitment to change in tariff structures. There is hope of improved revenue and profit from the next financial year,” he assured.

Royal Exchange Assurance followed with N0.06 or 12 per cent price appreciation, closing at N0.56 from N0.50. Shareholders of the underwriting firm recently called on the Board to recapitalise the company to the tune of N50 billion, as its current capital base is inadequate for the company to effectively compete in its new sector –

Other Financial Institutions of NSE. They held that the group’s net assets at N9 billion is grossly inadequate for the subsidiaries to compete effectively and efficiently in order to produce best results among their peers.