UNAUDITED CONSOLIDATED
FINANCIAL REPORTS
FOR THE HALF YEAR ENDED
30TH JUNE 2023
Custodian Investment Plc | |||||
Financial Reports | |||||
Consolidated and separate statement of financial position | 30 June 2023 | ||||
As at 30 June 2023 | |||||
Group | Group | Company | Company | ||
In thousands of naira | Note | 30-Jun-23 | 31-Dec-22 | 30-Jun-23 | 31-Dec-22 |
Unaudited | Audited | Unaudited | Audited | ||
Assets | |||||
Cash and cash equivalents | 5 | 21,587,325 | 22,044,849 | 1,429,341 | 1,855,128 |
Trade receivables | 7 | 5,334,485 | 1,653,611 | - | - |
Financial assets: | 6 | 165,255,652 | 136,467,520 | 4,471,218 | 3,842,238 |
- Fair value through profit or loss | 86,586,163 | 82,577,385 | 763,397 | 528,078 | |
- Fair value through OCI | 8,465,364 | 2,645,972 | 391,000 | 391,000 | |
- Debt securities at amortised cost | 70,204,125 | 51,244,163 | 3,316,821 | 2,923,160 | |
Reinsurance assets | 8 | 13,563,357 | 9,394,263 | - | - |
Inventories | 9 | 4,466,698 | 5,265,758 | - | - |
Deferred acquisition costs | 10 | 1,948,167 | 987,566 | - | - |
Other receivables and prepayments | 11 | 6,025,780 | 5,846,664 | 2,271,293 | 2,334,405 |
Right-of-use-assets | 19 | 22,634 | 28,397 | - | - |
Investment in subsidiaries | 12 | - | - | 15,373,012 | 15,373,012 |
Investments in joint ventures | 14 | 125,647 | 125,647 | - | - |
Equity accounted investee | 13 | 3,313,035 | 3,290,257 | 3,109,987 | 3,109,987 |
Investment properties | 15 | 11,901,485 | 11,901,485 | 7,081,416 | 7,081,416 |
Property, plant and equipment | 17 | 13,235,822 | 13,279,230 | 357,157 | 401,425 |
Intangible assets | 16 | 244,805 | 239,712 | 12,566 | 16,755 |
Statutory deposits | 18 | 2,830,465 | 2,672,415 | - | - |
Total assets | 249,855,357 | 213,197,374 | 34,105,990 | 34,014,366 | |
Liabilities and equity | |||||
Liabilities | |||||
Current income tax payable | 25 | 1,566,635 | 3,346,153 | 844,606 | 1,294,989 |
Trade payables | 23 | 21,520,224 | 12,134,504 | - | - |
Other payables | 24 | 11,913,989 | 11,637,870 | 1,370,994 | 1,523,843 |
Insurance contract liabilities | 20 | 123,461,660 | 100,079,820 | - | - |
Investment contract liabilities | 21 | 9,830,989 | 9,070,212 | - | - |
Interest bearing loans and borrowings | 22 | 2,146,881 | 2,179,173 | ||
Deferred tax liabilities | 26 | 2,428,962 | 2,066,875 | 659,695 | 636,163 |
Total liabilities | 172,869,340 | 140,514,607 | 2,875,295 | 3,454,995 | |
Equity | |||||
Issued share capital | 27 | 2,940,933 | 2,940,933 | 2,940,933 | 2,940,933 |
Share premium | 28 | 6,412,357 | 6,412,357 | 6,412,357 | 6,412,357 |
Retained earnings | 29 | 41,803,332 | 39,114,585 | 21,877,405 | 21,206,081 |
Contingency reserve | 29 | 13,947,529 | 13,594,424 | - | - |
Fair value reserves | 29 | 1,681,778 | 477,604 | - | - |
Revaluation reserve | 29 | 630,498 | 630,498 | - | - |
Equity attributable to owners of the parent | 67,416,427 | 63,170,401 | 31,230,695 | 30,559,371 | |
Non-controlling interests | 9,569,590 | 9,512,366 | - | - | |
Total equity | 76,986,017 | 72,682,767 | 31,230,695 | 30,559,371 | |
Total equity and liabilities | 249,855,357 | 213,197,374 | 34,105,990 | 34,014,366 |
The accounts were approved by the Board of directors on 28 July 2023 and signed on its behalf by:
Dr. (Mrs.) Omobola Johnson | Wole Oshin | Ademola Ajuwon |
Chairman | Managing Director | Chief Financial Officer |
FRC/2018/IODN/00000018366 | FRC/2013/CIIN/00000003054 | FRC/2013/ICAN/00000002068 |
2
Custodian Investment Plc
Financial Reports | |||||||||
30 June 2023 | |||||||||
Consolidated and separate statements of profit or loss and other comprehensive income | |||||||||
For the period ended 30 June 2023 | |||||||||
Group | Group | Group | Group | Company | Company | Company | Company | ||
Q2 ended | Q2 ended | Year to date | Year to date | Q2 ended | Q2 ended | Year to date | Year to date | ||
In thousands of naira | Note | 30-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-2230-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-22 | |
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | ||
Gross Revenue | 31,032,442 | 25,113,101 | 58,883,837 | 48,497,997 | 2,791,245 | 2,574,830 | 4,892,515 | 4,094,969 | |
Interest income | 31 | 4,878,380 | 3,359,006 | 9,392,650 | 6,908,800 | 42,908 | 16,241 | 83,654 | 38,872 |
Operating and Investment Income | 30 | 26,154,062 | 21,754,095 | 49,491,187 | 41,589,197 | 2,748,337 | 2,558,589 | 4,808,861 | 4,056,097 |
Operating Expenses | 32 | (15,407,178) | (14,537,116) | (30,136,154) | (27,253,172) | - | - | - | - |
Change in Provision for Outstanding Claims and | |||||||||
Life Fund Estimate | 32(iii) | (14,488,284) | (3,119,756) | (15,706,611) | (9,814,634) | - | - | - | - |
Net income | 1,136,980 | 7,456,229 | 13,041,072 | 11,430,191 | 2,791,245 | 2,574,830 | 4,892,515 | 4,094,969 | |
Net fair value gains/(losses) | 33 | 7,848,791 | (2,584,727) | 1,609,954 | (1,432,972) | 199,825 | (29,328) | 236,637 | (120,715) |
Net realised gains | 34 | 7,150 | 1,329,781 | 109,218 | 1,821,626 | - | 25,950 | 519 | 28,515 |
Impairment allowance | 36 | (357,632) | - | (418,646) | (19,671) | - | - | - | - |
Finance costs | 37 | (71,184) | (40,124) | (107,219) | (93,845) | - | - | - | - |
Management expenses | 35 | (3,462,495) | (2,495,224) | (6,508,819) | (4,873,731) | (335,915) | (314,426) | (688,451) | (666,918) |
Share of result of equity accounted investee | 13 | 140,654 | (385,452) | 149,791 | (758,477) | - | - | ||
Profit before taxation | 5,242,264 | 3,280,483 | 7,875,351 | 6,073,121 | 2,655,155 | 2,257,026 | 4,441,220 | 3,335,851 | |
Income tax expenses | 25 | (961,202) | (724,754) | (1,590,279) | (1,322,260) | (301,871) | (240,854) | (534,871) | (377,854) |
Profit from continuing operation | 4,281,062 | 2,555,729 | 6,285,072 | 4,750,861 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | |
Discontinued operations | |||||||||
Loss from discontinued operation | 39 | - | (19,559) | - | (28,287) | - | - | - | - |
Profit for the period | 4,281,062 | 2,536,170 | 6,285,072 | 4,722,574 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | |
Other comprehensive income (OCI): | |||||||||
Items that will not be reclassified to profit or loss | |||||||||
Equity-accounted investee -share of OCI | 13 | 2,205 | (6,818) | 2,458 | (6,818) | - | - | ||
Net gain/(loss) on equity instrument at FVOCI | 38 | 1,277,825 | 1,990 | 1,250,745 | (133,545) | - | - | - | - |
Other comprehensive income for the period net | |||||||||
of tax | 1,280,030 | (4,828) | 1,253,203 | (140,363) | - | - | |||
Total comprehensive income for the period | 5,561,092 | 2,531,342 | 7,538,275 | 4,582,211 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | |
Profit for the period attributable to: | |||||||||
- Owners of the parent | 4,306,429 | 2,489,382 | 6,276,877 | 4,556,187 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | |
- Non-controlling interests | (25,367) | 46,788 | 8,195 | 166,387 | - | - | - | - | |
4,281,062 | 2,536,170 | 6,285,072 | 4,722,574 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | ||
Total comprehensive income attributable to: | |||||||||
- Owners of the parent | 5,589,034 | 2,396,136 | 7,460,290 | 4,447,005 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | |
- Non-controlling interests | (27,942) | 135,206 | 77,985 | 135,206 | - | - | |||
5,561,092 | 2,531,342 | 7,538,275 | 4,582,211 | 2,353,284 | 2,016,172 | 3,906,349 | 2,957,997 | ||
Earnings/(loss) per share: | |||||||||
From continuing operations | |||||||||
Basic/diluted earnings per share (kobo) | 40 | 73 | 43 | 107 | 78 | 40 | 34 | 66 | 50 |
From continuing and discontinued operations | |||||||||
Basic/diluted earnings per share (kobo) | 40 | 73 | 43 | 107 | 78 | 40 | 34 | 66 | 50 |
3
Consolidated and separate statement of changes in equity
For the period ended 30 June 2023
Group | Attributable to owners of the Parent | ||||||||
Issued share | Share | Retained | Contingency | Revaluation | Fair Value | Non-controlling | |||
In thousands of naira | capital | premium | earnings | reserve | Reserve | Reserve | Total | interests | Total equity |
At 1 January 2023 | 2,940,933 | 6,412,357 | 39,114,585 | 13,594,424 | 630,498 | 477,604 | 63,170,401 | 9,512,366 | 72,682,767 |
Profit for the period | - | - | 6,276,877 | - | - | - | 6,276,877 | 8,195 | 6,285,072 |
Share of profit | - | - | - | - | - | - | - | - | - |
Other comprehensive income | - | - | - | - | 1,204,174 | 1,204,174 | 49,029 | 1,253,203 | |
Gain on reclassification of asset of disposal | |||||||||
group held for sale | - | - | - | - | - | - | - | - | - |
Transfer between reserves | - | - | (353,105) | 353,105 | - | - | - | - | - |
2,940,933 | 6,412,357 | 45,038,357 | 13,947,529 | 630,498 | 1,681,778 | 70,651,452 | 9,569,590 | 80,221,042 | |
Dividend Paid | - | - | (3,235,025) | - | - | - | (3,235,025) | - | (3,235,025) |
At 30 June 2023 | 2,940,933 | 6,412,357 | 41,803,332 | 13,947,529 | 630,498 | 1,681,778 | 67,416,427 | 9,569,590 | 76,986,017 |
Issued share | Share | Retained | Contingency | Revaluation | Fair Value | Non-controlling | |||
capital | premium | earnings | reserve | Reserve | Reserve | Total | interests | Total equity | |
At 1 January 2022 | 2,940,933 | 6,412,357 | 31,613,718 | 12,961,014 | 685,081 | 504,196 | 55,117,299 | 9,142,483 | 64,259,782 |
Profit for the period | - | - | 4,556,187 | - | - | 4,556,187 | 166,387 | 4,722,574 | |
Other comprehensive income | - | - | - | (74,991) | (74,991) | (65,372) | (140,363) | ||
Share of profit | - | - | - | - | - | - | - | - | |
Net changes in fair value of loan from equity holders | - | - | - | - | - | ||||
Transfer between reserves | - | - | (311,912) | 311,912 | - | - | |||
2,940,933 | 6,412,357 | 35,857,993 | 13,272,926 | 685,081 | 429,205 | 59,598,495 | 9,243,498 | 68,841,993 | |
Dividend Paid | (2,352,746) | - | (2,352,746) | (93,935) | (2,446,681) | ||||
At 30 June 2022 | 2,940,933 | 6,412,357 | 33,505,247 | 13,272,926 | 685,081 | 429,205 | 57,245,749 | 9,149,563 | 66,395,312 |
Company | Attributable to owners of the Company | ||||||||
Issued share | Share | Retained | |||||||
In thousands of naira | capital | premium | earnings | Total | |||||
At 1 January 2023 | 2,940,933 | 6,412,357 | 21,206,081 | 30,559,371 | |||||
Profit for the period | - | - | 3,906,349 | 3,906,349 | |||||
Dividend Paid | - | - | (3,235,025) | (3,235,025) | |||||
At 30 June 2023 | 2,940,933 | 6,412,357 | 21,877,405 | 31,230,695 | |||||
At 1 January 2022 | 2,940,933 | 6,412,357 | 19,187,018 | 28,540,308 | |||||
Profit or loss for the period | - | - | 2,957,997 | 2,957,997 | |||||
Dividend Paid | (2,352,746) | (2,352,746) | |||||||
At 30 June 2022 | 2,940,933 | 6,412,357 | 19,792,269 | 29,145,559 |
Custodian Investment Plc
Financial Reports
30 June 2023
4
Custodian Investment Plc
Financial Reports
30 June 2023
Consolidated and separate statement of cash flows
For the period ended 30 June 2023
Group | Group | Company | Company | ||
In thousands of naira | Note | 30-Jun-23 | 30-Jun-22 | 30-Jun-23 | 30-Jun-22 |
Cash flows from operating activities | |||||
Profit/(loss) before taxation | 7,875,351 | 6,073,121 | 4,441,220 | 3,335,851 | |
Adjustments for non-cash items: | |||||
- Fair value (gain)/loss | 33 | 3,489,398 | 1,259,939 | (235,319) | 120,643 |
- Write back of excess tax provision | - | - | - | - | |
- Depreciation | 17 | 350,502 | 269,269 | 63,091 | 30,814 |
- Deprecition on right-of-use assets | 19 | 27,205 | 20,759 | - | - |
- Impairment charge | 36 | 418,646 | 19,671 | - | - |
- Amortisation of intangible assets and deferred expense | 16 | 23,980 | 47,783 | 4,189 | 4,189 |
- Profit on disposal of property, plant and equipment | 12,228 | (5,875) | (519) | (1,200) | |
- (Gain)/loss on disposal of investment property | (364) | - | - | - | |
- (Gain)/loss on disposal equities & other investment | 34 | (18,265) | (1,322,179) | - | (27,315) |
- Fair value gains on investment properties | - | - | - | - | |
- Exchange rate differential | (5,099,352) | 173,033 | (1,318) | 72 | |
- Share of result of equity accounted investee | 13 | (149,791) | 758,477 | - | - |
- WHT on dividend | - | - | 445,339 | - | |
- Dividend income | (512,572) | (568,201) | (4,655,039) | (3,189,583) | |
- Interest income | (960,507) | (504,550) | (78,560) | (14,303) | |
- Investment income | (8,432,143) | (6,404,250) | (5,094) | (24,569) | |
- Net gain/(losses) in value of embedded derivative | - | - | |||
- Net gain/(losses) on fair value through OCI assets | (1,204,174) | 74,991 | - | - | |
Changes in working capital: | |||||
(Increase)/Decrease in reinsurance assets | (4,169,094) | (7,378,172) | - | - | |
(Increase)/Decrease in other receivables and prepayment | (179,116) | (55,036) | 63,112 | (931,506) | |
Decrease in trade receivables | (3,680,874) | (2,668,026) | - | - | |
Increase/(Decrease) in deferred acquisition cost | (960,601) | (878,797) | - | ||
Increase/ (Decrease) in insurance contract liabilities | 23,381,840 | 19,961,473 | - | - | |
Increase /(Decrease) in investment contract liabilities | 760,777 | (336,631) | - | - | |
Increase / (Decrease) in other liablilities | 276,119 | (506,978) | (152,849) | 53,100 | |
Increase / (Decrease) in trade payable | 9,385,720 | (1,906,109) | - | - | |
Increase / (Decrease) in inventories | 799,060 | 576,164 | - | - | |
Increase / (Decrease) in statutory deposit | (158,050) | (82,864) | - | - | |
Increase / (Decrease) in borrowings | (32,292) | (112) | - | - | |
Income tax paid | (3,055,849) | (1,056,260) | (961,722) | (14,006) | |
Net cash provided/(utilised) by operating activities | 18,187,782 | 5,560,640 | (1,073,469) | (657,813) | |
Cash flows from investing activities | |||||
Purchase of property, plant and equipment | 17 | (339,615) | (305,130) | (25,347) | (157,054) |
Purchase of ROU asset | 19 | (24,154) | (15,094) | - | - |
Proceeds on disposal of property, plant and equipment | 20,293 | 6,028 | 7,043 | 1,200 | |
Purchase of intangible | (29,073) | (24,437) | - | - | |
Net (Purchase)/redemption to investments (financial assets) | (30,042,306) | (9,653,851) | (393,661) | 402,177 | |
Proceeds from sales of long term investment securities(financial assets) | - | - | - | ||
Purchase of investment in associate/subsidiary | - | - | - | - | |
Purchase of investment properties | 15 | - | (5,247) | - | - |
Dividend received | 512,572 | 568,201 | 4,209,700 | 3,189,583 | |
Investment income received | 9,392,650 | 6,908,800 | 83,654 | 38,872 | |
Net cash provided/(used) in investing activities | (20,509,633) | (2,520,730) | 3,881,389 | 3,474,778 | |
Cash flows from financing activities | |||||
Fair value of loan from equity holders | - | - | - | - | |
Dividend Paid during the period | (3,235,025) | (2,446,681) | (3,235,025) | (2,352,746) | |
(3,235,025) | (2,446,681) | (3,235,025) | (2,352,746) | ||
Net increase/(decrease) in cash and cash equivalents | (5,556,876) | 593,229 | (427,105) | 464,219 | |
Cash and cash equivalents at begining of the year | 22,044,849 | 17,176,184 | 1,855,128 | (72) | |
Effect of change in exchange rate | 5,099,352 | (173,033) | 1,318 | 601,326 | |
Cash and cash equivalents at end of the period | 21,587,325 | 17,596,380 | 1,429,341 | 1,065,473 |
5
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Custodian Investment plc published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2023 14:40:05 UTC.