Adamjee Insurance Reports Financial Growth and Declares Dividend

Lahore: Adamjee Insurance Company Limited has disclosed its financial outcomes for the six-month period ending June 30, 2024, revealing significant growth in profits and declaring a cash dividend. The board of directors, in a meeting held on August 26, 2024, approved a 15% interim cash dividend of Rs. 1.50 per share.

According to information available from the Pakistan Stock Exchange (PSX), the company reported a robust increase in net insurance premium revenues, growing from Rs. 9.60 billion in the first half of 2023 to Rs. 11.88 billion in the corresponding period of 2024. The profit after taxation also saw a substantial rise, jumping from Rs. 676.39 million in 2023 to Rs. 1.90 billion in 2024, marking a significant year-on-year improvement.

The financial performance includes an interim cash dividend payment to shareholders registered by September 6, 2024. The company’s share transfer books will remain closed from September 9, 2024, to September 11, 2024, to facilitate this process. Additionally, the results of operating activities indicate a turnaround from the previous year, with a positive result of Rs. 2.89 billion in 2024 compared to Rs. 1.09 billion in 2023.

The meeting also noted that there would be no issuance of bonus shares, rights shares, or any other entitlements, which was confirmed by the lack of any price-sensitive or other significant information beyond the announced dividend. The quarterly report for the period ending June 30, 2024, will be subsequently issued through PUCARS, adhering to regulatory requirements for disclosure.

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