FCMB records N43bn gross earnings in Q1

FCMB group Plc has released its scorecard for the first quarter financial period ended March 31, 2021, reporting gross earnings of N43 billiion.

The company result submitted at the Nigerian Exchange showed a drop of 12 per cent in earnings compared with N49 billion reported in the comparative period of 2020.

Profit before tax also went down by 22.2 per cent to N4.227 billion from N5.434 billion recorded in the same period of last year.

The company posted profit after tax of N3.572 billion from N4.722 billion, representing a drop of 24.4 per cent.

Analysis of the company result showed that fixed assets fell by 0.16 per cent to N46.127 billion from N46.202 billion in preceding year, cash and bank Balances grew by 55.22 per cent to N343.169 billion from N221.079 billion maded in the comparative period of 2020. Net Assets increased by 0.89 per to N228.750 billion from N226.741 billion while liability grew by 4.71 per cent to N1.917 trillion from N1.831 trillion recorded in the preceding year.

In another development, FCMB Group said its subsidiary, FCMB Pensions Limited has received relevant regulatory approvals and has concluded the acquisition of 60 per cent stake in AIICO Pension Managers Limited.

It said that the share is made up of 33.9 per cent stake held by AIICO Insurance Plc and 26.1 per cent stake held by other shareholders in AIICO Pensions.

The acquisition, according to the management of the Company makes AIICO Pensions an indirect subsidiary of FCMB Group Plc.

The acquired stake was reduced from the initial 96.3 per cent stake in its notification to the NGX on 25 June 2020 to comply with the transaction structure approved by regulators. The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business.