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Karachi: Further, to our letter Ref. #.BOD-60/l 2 dated March 17, 2012, we hereby inform you that the Board of Directors of our company in their meeting held on March 24, 2012 at 12:00 noon at the Cotton Exchange, I.I. Chundrigar Road, Karachi recommended the following:
i) Cash Dividend
A Final cash dividend for the year ended December 31, 2011 at Re. l.00 per share of Rs. 5 each i.e. 20%
The above entitlement will be paid to the shareholders whose names will appear in the register of members at the close of business on April 18, 2012.
The Financial results of the Company are as follows:
| 2011 | 2010 | |
| (Rs. in ‘000) | ||
| Profit before Tax | 90,009 | 141,746 |
| taxation – net | (18,953) | (20,763) |
| ——- | ——- | |
| Profit after Tax | 71,056 | 120,983 |
| Add: Unappropriated profit from | ||
| Previous year | 119,107 | 148,829 |
| ——- | ——- | |
| Available for appropriation | 190,163 | 260,812 |
| ——- | ——- | |
| Earnings per share of Rs. 5/- each Rupees | 1.17 | 2.00 |
| ——- | ——- | |
| To be appropriated as follows: | ||
| Cash Dividend at 20% (2010: 25%) | 60,564 | 75,705 |
| Transfer to general reserve | – | 75,000 |
| Unappropriated profit carried forward | 129,599 | 119,107 |
| ——- | ——- | |
| 190,163 | 269,812 | |
The Profit and Loss Account of the Company is enclosed.
The 60th Annual General Meeting (AGM) of the company will be held on April 28, 2012 at 9:00 a.m. at Karachi.
The Share transfer Books of the company will be closed from April 19, 2012 to April 28, 2012 (both days inclusive). Transfers received at our Registrar, FAMCO Associates (Pvt) Limited, State Life Building No.1-A, 1st Floor, I. I. Chundrigar Road, Karachi, Pakistan by the close of business on April 18, 2012 will be treated in time for the purpose of above entitlement to the transferees.
Profit and Loss Account for the Year Ended December 31, 2011 (Amounts in Rupees ‘000)
| 2011 | 2010 | ||||||
| Marine, | |||||||
| Fire and | Aviation and | ||||||
| Property | transport | Motor | Others | Treaty | Average | Aggregate | |
| Revenue accounts | |||||||
| Net premium revenue | 153,865 | 63,910 | 216,113 | 28,529 | (1) | 462,416 | 376,719 |
| Net claims | (32,854) | (21,858) | (139,136) | (24,976) | (4) | (218,828) | (168,204) |
| Expenses | (62,332) | (25,890) | (87,550) | (11,557) | 1 | (187,328) | (158,597) |
| Net commission | (21,134) | (6,703) | (30,952) | 7,477 | 1 | (51,311) | (33,036) |
| ——- | —— | ——- | —— | — | ——- | ——- | |
| Underwriting result | 37,545 | 9,459 | (41,525) | (527) | (3) | 4,949 | 16,882 |
| ——- | —— | ——- | —— | — | |||
| Investment income | 143,448 | 158,638 | |||||
| Gain on disposal of fixed assets | 434 | 1,323 | |||||
| Rental income | 2,930 | 332 | |||||
| Other income | 2,089 | 1,821 | |||||
| General and administration expenses | (63,841) | (37,250) | |||||
| —— | ——- | ||||||
| Profit before tax | 90,009 | 141,746 | |||||
| Provision for taxation | (18,953) | (20,763) | |||||
| —— | ——- | ||||||
| Profit after tax | 71,056 | 120,983 | |||||
| —— | ——- | ||||||
| Profit and loss appropriations account | |||||||
| Balance at commencement of year | 269,812 | 240,992 | |||||
| Profit after tax for the year | 71,056 | 120,983 | |||||
| Cash dividend for 2010 Rs. 1.25 per share (2009: Re. 1 per share) | (75,705) | (52,665) | |||||
| Bonus shares for 2010 Nil (2009: 15%) | – | (39,498) | |||||
| Transfer to general reserve | (75,000) | – | |||||
| —— | ——- | ||||||
| Balance unappropriated profit at the end of the year | 190,163 | 269,812 | |||||
| —— | ——- | ||||||
| Earnings per share – basic and diluted (in Rupees) | 1.17 | 2.00 |
For more information, contact:
Afroz Qureshi
Chief Financial Officer and
Company Secretary
Premier Insurance Limited
5th Floor, State Life Building No. 2A,
Wallace Road, P.O. Box No. 4140,
Karachi- 74000, Pakistan.
Phone: (92-21) 3241 6331-4
Fax: (92-21) 3241 6572
Email: info@pil.com.pk
Web: www.pil.com.pk