Royal Exchange Plc has said its gross revenues rose from N3.3 billion in 2008 to N3.6 billion for the 2009 financial year.
This figure translated into a net income before overhead expenses of N2.12bn in 2009, as against N1.3bn in 2008.

The Chairman of the company, Mr Kenneth Odogwu, who disclosed this during the company’s 41st Annual General Meeting held recently in Lagos said profit before tax and exceptional items of N337 million was reported for the Group from a loss of N165 million recorded in 2008.

According to him, the company’s overhead expenses in 2009 totaled N1.78 billion, up from N1.49 billion in 2008 and its profit after tax rose to N160m in 2009.

According to him, a declining Nigerian Stock Exchange (NSE) restricted the company’s ability to maximize investment returns from its quoted equity portfolio which, at N340 million in 2009, was N176 million below 2008 levels.
Odogwu noted that the company did not recommend payment of dividends to expectant shareholders but recommended a bonus payment of one share for every eight shares held by members in 2009 .

He said the company’s wholly owned subsidiaries as at the end of 2009 includes Royal Exchange General Insurance Company Limited, Royal Exchange Prudent Life Plc, Royal Exchange Finance and Investment Limited and Royal Exchange Micro finance Bank Limited.

“The company has improved its risk portfolio management as it now has a very robust reinsurance treaty agreement, a development that has been impacting positively on the company’s operation.

Mr Odogwu further disclosed that five branches of the company would be upgraded in 2010 to complement the six mini branches that were opened in 2009, in line with the company’s strategy of increasing its total outreach and focusing on expansion of all private lines business.