Madison Financial Services (LUSE: MFIN) reported a 20% year-on-year increase in net profit to K36 million in financial year (FY) 2014. Earnings per Share (EPS) came in at K0.66 (K0.52 in 2013): The increase in net profits was driven by:
Madison experienced revenue growth of 23% year-on-year to K406 million in FY 2014: Growth in the revenue lines was driven by increased business activity, increased capital raising activity and consequent growth in the revenue generating asset portfolio. Increased financing towards the micro-finance loan book which generated a significant increase interest and fee income. Competition continued to be very strong in the insurance sector with premium rate under-cutting a prevalent tactic. Madison’s stock price closed the year at K3.5, up 12.9% from its Initial Public Offering (IPO) price in 2014. Dividend A final dividend of K0.20 per share was recommended for FY 2014. Outlook In their outlook for 2015, the company said: The penetration of financial services in Zambia is still low and the Group has set itself a strategic direction built on innovation, responsiveness and discipline to attain by optimizing on the available opportunities. Consequently we are confident of delivering continued growth and improved results for our shareholders.
1 Comment
2/1/2016 07:25:58 am
Increased financing towards the micro-finance loan book which generated a significant increase interest and fee income.
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