Shareholders of Enterprise Group Limited are to enjoy a 20 per cent increase in dividends paid for 2018 as the board proposed a final dividend of 54 pesewas per share for 2019.
Presenting the Group’s 2019 Annual Report and Financial Statements, Chairman, Trevor Trefgarne, cited the sterling financial performance of the Group as a reason for the action.
Net Income hit GHc714 million representing a 17 percent increase from its GHc607 million performance in 2018.
Speaking at the AGM, Chairman of the Enterprise Group, Trevor Trefgarne said he is particularly proud of the Group’s achievement over the years.
“I am proud of the Group’s success during the five-year period to 2019 and I am happy to report that our Net Income grew from a 2014 base of GHc288.37 million to GHc714.1 million in 2019. This represents a five-year CAGR of 19.9 percent. Which exceeds the insurance industry average of 19 percent,” he stated.
Group CEO of Enterprise Group Limited, Keli Gadzekpo in his remarks noted that despite the pressures imposed on the business by the COVID-19 pandemic, the Group has put in place critical measures to ensure that the business is able to execute its mandate successfully without exposing staff and customers to the risks of the disease.
“As insurers, we understand how unpredictable shocks like the pandemic can disrupt our very existence.
“While we did not predict such momentous disruption as COVID-19, the Enterprise Leadership Team took it very seriously at the beginning of the crisis,” he said.
Meanwhile, Enterprise Group Limited experienced a sharp decline in its total market capitalisation.
Its performance on the equity market dropped from GHc61 billion in 2018 to GHc56 billion in 2019. This has been attributed to the poor performance of the Ghana Stock Exchange Composite Index.
Source: BusinessZone Online