Sena Kalyan Insurance Company Limited (SKICL) has reported robust financial results for the second quarter (April-June) and the first half (January-June) of 2024.
The company’s Earnings Per Share (EPS) and Net Operating Cash Flow Per Share (NOCFPS) have shown significant growth, which has been attributed to an increase in business income and interest income.
For Q2 of 2024, Sena Kalyan Insurance's EPS stood at Tk 1.14, a notable rise from Tk 0.65 during the same period in 2023. This marks a substantial year-on-year growth, reflecting the company's enhanced operational efficiency and profitability.
Over the first half of 2024, EPS reached Tk 2.06, up from Tk 1.32 in the corresponding period of the previous year.
The company's NOCFPS also saw a significant increase, reaching Tk 5.05 for H1 of 2024, compared to Tk 3.25 for H1 of 2023. This improvement underscored the company's strengthened cash flow management and operational effectiveness.
Furthermore, the Net Asset Value Per Share (NAVPS) was reported at Tk 22.83 as of June 30, 2024, slightly up from Tk 22.43 as of December 31, 2023. This increment indicates a steady enhancement in the company’s financial health and asset base over the first half of the year.
In a statement, SKICL attributed the improved EPS and NOCFPS to a significant rise in business income and interest income during H1 of 2024, reflecting its strategic initiatives and effective execution in expanding its business operations and investment activities.
The strong financial performance of the company demonstrates its resilience and strategic acumen in navigating the competitive insurance market. As the company continues to focus on enhancing its operational capabilities and financial strength, it is well-positioned for sustained growth in the future.
Meanwhile, SKICL has announced a 13.50 per cent cash dividend, or Tk 1.30 per share, for the year that ended on December 31, 2023. The Board of Directors' recommendation followed a year of significant financial growth, driven by robust underwriting income and increased interest income from Fixed Deposit Receipts (FDR).
For the fiscal year 2022-23, SKICL reported EPS of Tk 3.42, a notable increase from Tk 2.86 in FY2021-22. The NAVPS also saw a substantial rise and reached Tk 22.43 in FY23, compared to Tk 20.17 in FY22.
Additionally, the NOCFPS improved to Tk 5.82 in FY23 from Tk 4.45 in the preceding year.
The company attributed this positive financial performance to its successful strategies in enhancing underwriting income and effectively managing its investment portfolio, particularly the interest income from FDRs.
The recommended dividend reflects SKICL's commitment to delivering value to its shareholders. The increase in EPS, NOCFPS and NAVPS underscores the company's solid financial footing and its ability to generate sustainable growth.
