The Board of Directors of Noor Takaful Insurance Ltd, the pioneer and leading takaful operator in Nigeria, has announced a 123 percent increase in profitability for the 2023 financial year.
The board also approved a five kobo dividend per share for the 2023 financial year compared to the three kobo paid out in the 2022 financial year.
The Chairman of the Board of Directors, Mr Muhtar Bakare disclosed this during the seventh Annual General Meeting (AGM) held at the Corporate Head Office in Lagos.
Bakare revealed that the company’s Gross Written Contribution grew from N4.9 billion in 2022 to N6.5 billion in 2023, representing a significant rise of 30 percent.
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Additionally, Profit After Tax rose from N468.5 million in 2022 to N1.05 billion in 2023, representing a remarkable 123 percent rise in profitability.
Bakare stressed that the company’s focus on its takaful and ethical model as the main driver of the growth.
He noted that the company remains committed on bringing innovation that can help improve its current achievements.
He stated that the company has identified the need for financial inclusion as the driving force behind its success.
Some shareholders who attended the meeting applauded the company’s leadership for ensuring steady annual growth. They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as Chairman of Noor Health.
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