Kathmandu. Neco Insurance has released the revised financial statements for the third quarter of the current fiscal year (July-April).
According to the financial statement, the company has earned a profit of Rs 369.3 million till the third quarter. In the same period of the previous fiscal year, the company had earned a profit of Rs 377.4 million. The company’s profit declined by 2.16 percent in the review period compared to the previous fiscal year.
As of the third quarter of the current fiscal year, the company has rs 2.20 billion in special reserves, Rs 156.7 million in disaster fund, Rs 676.1 million in retained earnings and Rs 326.3 million in other equities. As of Mid-July last year, rs 2.02 billion was deposited in special reserves, Rs 138.2 million in disaster fund, Rs 513.6 million in retained earnings and Rs 292.5 million in other equities.
As of the review period, the company’s insurance fund stood at Rs 4.6 billion. The insurance fund stood at Rs 3.41 billion as of Mid-June last year. The size of the company’s insurance fund increased by 17.30 percent in the review period compared to the previous year.
Till the third quarter, the company has earned a total insurance premium of Rs 2.16 billion. In the same period of the previous fiscal year, the company had earned a total insurance premium of Rs 1.93 billion. Compared to the same period of the previous fiscal year, the company’s total insurance revenue has increased by 11.75 percent.
The company has earned a net insurance premium of Rs 1.22 billion during the review period. In the same period of the previous fiscal year, the company had earned a net insurance premium of Rs 1.07 billion. Net insurance premium has increased by 14.39 percent compared to the previous year.
The company’s annualised earnings per share (EPS) decreased to Rs 24.47 billion from Rs 2.01 billion. Last year, the EPS was Rs 25.01. The company has a net worth of Rs 267.40 per share with a PE ratio of 30.68 times.
