Royal Exchange Turns a Profit on Africinvest Deal

Royal Exchange Plc has benefitted from the sale of one of its segments to Pan-African Asset Management Company AfricInvest as that helps it return to the path of profitability.

For the year ended December 2023, Royal Exchange posted a profit after tax (PAT) of N460.09 million from a loss after tax of N150.47 million the previous year.

A 146.16 percent surge in profit from the sale of associate companies is responsible for the uptick at the bottom-line (profit).

In 2021, Pan-African asset management company AfricInvest acquired a minority stake in Royal Exchange General Insurance Company.

Royal Exchange has investments in Royal Exchange General Company Limited (REGIC), Royal Exchange Microfinance Bank Limited (REMFB) and Royal Exchange Healthcare Limited (REHL), now known as DotHMO.

The company’s net interest income spiked by 233.35 percent to N109.18 million in December 2023 from N32.95 million the previous year.

It has a total asset of N7.64 billion in December 2023, which represents a 7 percent increase from 2022’s N7.15 billion.

The company had embarked on a rebranding exercise with the launch of a new corporate identity.

About the company

Royal Exchange PLC is a Nigeria-based company, which is engaged in financing, asset management and trusteeship services.

Its segments include Life insurance, Healthcare and Credit Financing.

The Company’s subsidiaries include Royal Exchange Prudential Life Assurance Plc, Royal Exchange Healthcare Limited, Royal Exchange Finance Company Ltd, Royal Exchange General Insurance Company Limited and Royal Exchange Microfinance Bank Limited.

Royal Exchange Finance Company Limited is involved in the business of finance, financial advisory, fund management, leasing and investment management.

Royal Exchange Healthcare Limited is engaged in providing health management services and healthcare insurance. Royal Exchange Microfinance Bank Limited is engaged in the business of assisting all enterprises engaged in small-scale industries, micro-economic activities and co-operative related endeavors.

Royal Exchange General Insurance Company Limited is focused on the non-life insurance business.

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