Custodian Investment Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Premiums & Annuity Revenue	111,800	96,228	65,190	57,304	40,881	33,893	Upgrade
Total Interest & Dividend Income	31,505	27,922	18,751	13,657	12,235	10,532	Upgrade
Gain (Loss) on Sale of Investments	20,998	21,634	-4,593	-6,605	-14,854	21,921	Upgrade
Non-Insurance Activities Revenue	11,629	11,629	5,344	5,897	825.4	1,182	Upgrade
Other Revenue	11,463	6,748	5,222	4,339	5,696	4,988	Upgrade
Total Revenue	187,396	164,160	89,913	74,591	44,784	72,516	Upgrade
Revenue Growth (YoY)	73.76%	82.58%	20.54%	66.56%	-38.24%	52.84%	Upgrade
Policy Benefits	126,022	103,433	69,217	53,732	15,351	47,130	Upgrade
Policy Acquisition & Underwriting Costs	-	-	-	-	5,424	4,443	Upgrade
Amortization of Goodwill & Intangibles	101.29	101.29	51.91	40.44	86.87	83.16	Upgrade
Depreciation & Amortization	601.05	601.05	736.46	672.71	559.92	425.05	Upgrade
Selling, General & Administrative	10,034	9,735	6,077	5,012	5,600	3,756	Upgrade
Non-Insurance Activities Expense	8,715	7,985	3,442	4,289	685.13	1,423	Upgrade
Other Operating Expenses	-385.3	-385.3	-795.71	-742.51	478.42	102.98	Upgrade
Total Operating Expenses	151,084	127,465	82,293	65,898	31,803	60,122	Upgrade
Operating Income	36,312	36,695	7,620	8,693	12,981	12,393	Upgrade
Interest Expense	-385.17	-238.3	-248.3	-198.4	-555.85	-302.17	Upgrade
Earnings From Equity Investments	1,663	793.85	1,233	233.07	308.48	4.78	Upgrade
Currency Exchange Gain (Loss)	23,248	23,248	17,578	2,639	315.33	-	Upgrade
Other Non Operating Income (Expenses)	173.7	173.7	-192.4	149.59	-726.28	380.2	Upgrade
EBT Excluding Unusual Items	61,012	60,673	25,991	11,517	12,322	12,476	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-41.08	-	-	Upgrade
Asset Writedown	20.74	-	-	-	-	-	Upgrade
Other Unusual Items	-	-	-	-	-	1,210	Upgrade
Pretax Income	61,032	60,673	25,991	11,476	12,322	13,686	Upgrade
Income Tax Expense	7,246	7,129	6,314	2,614	2,151	896.94	Upgrade
Earnings From Continuing Ops.	53,786	53,543	19,677	8,861	10,171	12,789	Upgrade
Earnings From Discontinued Ops.	-	-	-	-	-116.29	-101.62	Upgrade
Net Income to Company	53,786	53,543	19,677	8,861	10,055	12,687	Upgrade
Minority Interest in Earnings	-1,414	-1,276	-620.25	-488.58	605.11	-1,271	Upgrade
Net Income	52,372	52,268	19,057	8,373	10,660	11,417	Upgrade
Net Income to Common	52,372	52,268	19,057	8,373	10,660	11,417	Upgrade
Net Income Growth	88.16%	174.27%	127.61%	-21.45%	-6.63%	99.13%	Upgrade
Shares Outstanding (Basic)	5,888	5,882	5,882	5,882	5,882	5,882	Upgrade
Shares Outstanding (Diluted)	5,888	5,882	5,882	5,882	5,882	5,882	Upgrade
Shares Change (YoY)	0.11%	-	-	-	-	-	Upgrade
EPS (Basic)	8.89	8.89	3.24	1.42	1.81	1.94	Upgrade
EPS (Diluted)	8.89	8.89	3.24	1.42	1.81	1.94	Upgrade
EPS Growth	87.96%	174.27%	127.61%	-21.45%	-6.63%	100.10%	Upgrade
Free Cash Flow	58,267	53,338	43,981	17,503	-7,068	46,245	Upgrade
Free Cash Flow Per Share	9.90	9.07	7.48	2.98	-1.20	7.86	Upgrade
Dividend Per Share	1.250	1.250	0.800	0.650	0.500	0.550	Upgrade
Dividend Growth	56.25%	56.25%	23.08%	30.00%	-9.09%	22.22%	Upgrade
Operating Margin	19.38%	22.35%	8.48%	11.65%	28.98%	17.09%	Upgrade
Profit Margin	27.95%	31.84%	21.20%	11.22%	23.80%	15.74%	Upgrade
Free Cash Flow Margin	31.09%	32.49%	48.91%	23.47%	-15.78%	63.77%	Upgrade
EBITDA	37,433	37,710	8,359	9,275	13,412	12,972	Upgrade
EBITDA Margin	19.98%	22.97%	9.30%	12.44%	29.95%	17.89%	Upgrade
D&A For EBITDA	1,121	1,015	739.08	581.74	431.15	578.32	Upgrade
EBIT	36,312	36,695	7,620	8,693	12,981	12,393	Upgrade
EBIT Margin	19.38%	22.35%	8.48%	11.65%	28.98%	17.09%	Upgrade
Effective Tax Rate	11.87%	11.75%	24.29%	22.78%	17.46%	6.55%	Upgrade

Updated Jan 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.