ROYAL EXCHANGE : QUARTER 1 - FINANCIAL STATEMENT FOR 2023
September 13, 2023 at 03:44 am EDT
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Royal Exchange Plc
(RC: 6752)
Consolidated Unaudited Financial Statements
31 March 2023
ROYAL EXCHANGE PLC RC: 6252
New Africa House
T. 01-4606690 - 01-4606699
31 Marina
E. info@royalexchangeplc.com
P.O. Box 112, Lagos
W. www.royalexchangeplc.com
Directors:
Mr. Kenneth Ezenwani Odogwu (Chairman), Chief Anthony Ikemefuna Idigbe (SAN), Alhaji Ahmed Rufa'i Mohammed, Mr. Adeyinka Adekunle Ojora, Mr. Hewett
Royal Exchange Plc Annual Report and Consolidated Financial Statements
2
Table of Contents
Corporate information
3
Directors Report
4
Report of Corporate Governance
9
Share Dealing Policy
13
Free Float Report
17
Statement of Directors' Responsibilities in Relation to the Financial Statements
18
Report of the Audit Committee
19
Independent Auditors report
Result at a glance
20
Consolidated Statements of Financial Position
21
Consolidated Statement of Profit or Loss and Other Comprehensive Income
22
Statement of Changes in Equity
23
Consolidated Statements of Cashflows
26
Notes to the financial statements
28-125
Other financial information
Value added statement
127
Five Year Financial summary
128
CORPORATE INFORMATION
Directors:
Chairman
Kenneth Ezenwani Odogwu
Non-Executive Directors:
Chief Anthony Ikemefuna Idigbe (SAN)
Alhaji Ahmed Rufai Mohammed
Mr. Adeyinka Ojora
Group Coordinator
Mr. Hewett Benson
Group Company Secretary
Mazars Ojike and Partners
Registered Office
31, Marina, Lagos
Auditors
Deloitte & Touche
Bankers:
Access Bank Ltd.
Diamond Bank Plc
Ecobank Ltd.
FCMB Ltd.
First Bank of Nigeria Limited
FSDH Merchant Bank Limited
Guaranty Trust Bank Limited
Heritage Bank Limited
Keystone Bank Limited
Royal Exchange Microfinance Bank Limited
Polaris Bank Plc
Stanbic IBTC Bank Plc
Sterling Bank Plc
SunTrust Bank Limited
United Bank for Africa Plc
Union Bank Nigeria Plc
Wema Bank Plc
Zenith Bank Plc
Registrars
Cardinal Stone Registrars Limited,
358, Herbert Macauley Street,
Yaba,
Lagos.
RC No
6752
ROYAL EXCHANGE PLC
RESULTS AT A GLANCE
FOR YEAR ENDED 31 MARCH 2023
31-Mar-23
31-Dec-22
%
EARNED INCOME
7,579
249,612
(97)
PROFIT/(LOSS) BEFORE TAX
(67,787)
(148,333)
(54)
PROFIT/(LOSS) AFTER TAX
(68,592)
(150,474)
54
SHARE CAPITAL
2,572,685
2,572,685
-
SHAREHOLDERS' FUND
2,036,190
2,104,781
(3)
LOSS PER SHARE (NAIRA) - BASIC
(1)
(6)
76
STOCK EXCHANGE QUOTATION (NAIRA)
1.06
0.88
20
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Royal Exchange plc published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2023 07:43:03 UTC.
Royal Exchange Plc is a financial services group organized around 5 areas of activity:
- non-life insurance (78.2% of net income): energy insurance, car insurance, fire insurance, accident insurance, marine and aviation insurances, etc.;
- life insurance (7.3%);
- financial services (7.5%);
- asset management (5.4%);
- health insurance (1.6%).
Nigeria accounts for all net income.