06-04-2018, 10:21 AM
ARM Pensions posts N3 billion profit for 2017
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Despite the recession and challenges facing economy last year, ARM Pensions Managers Limited has showcased consistent growth in performance and reported an increase in earnings per share from 231 kobo to 257 kobo for the 2017 financial year.
ARM Pensions also recorded revenues of N8.12billion during the financial year ended 31 December 2017, against N6.54 billion the previous year. Profit before tax and profit after tax for the year stood at N4.37billon and N3.05 billion respectively.
To consolidate on the company’s achievements for the year, Chairman of the company, Emmanuel Ikazoboh, and two other directors, Lai Afolabi and Aliu Yaradu’a were also returned unopposed to serve for another term at 13th Annual General Meeting (AGM) held recently in Lagos.
Assessing performance of the industry in the year under review, Managing Director, ARM Pensions, Wale Odutola noted that like all sectors in the country, the industry was equally affected by recession.
According to him, it is difficult to remove an industry from the economy stressing that what affect the economy would ultimately impact the industry.
He said: “Like the economy, we had our up and down, but I think the trajectory is still on the way up”.
Optimistic about the growth of the industry, Odutola said the company strong performance is a pointer that the future of the industry is bright.
Noting that over the last thirteen year, the company has grown in leap and bound, the Managing Director however said coverage far from how it should be among Nigerians.
Speaking on the Voluntary Pension Scheme, he said it has been effective especially considering the payout that the industry has made since inception.
He also cited the certainty that RSF holders have been receiving their pensions unlike what was obtainable in the past.
He said beyond that, the industry is always looking for ways to integrate better with the larger economy, to invest, to ensure that fund is sustainable going forward.
http://www.businessdayonline.com/arm-pen...ofit-2017/
[email=<img width=] [/email]
Despite the recession and challenges facing economy last year, ARM Pensions Managers Limited has showcased consistent growth in performance and reported an increase in earnings per share from 231 kobo to 257 kobo for the 2017 financial year.
ARM Pensions also recorded revenues of N8.12billion during the financial year ended 31 December 2017, against N6.54 billion the previous year. Profit before tax and profit after tax for the year stood at N4.37billon and N3.05 billion respectively.
To consolidate on the company’s achievements for the year, Chairman of the company, Emmanuel Ikazoboh, and two other directors, Lai Afolabi and Aliu Yaradu’a were also returned unopposed to serve for another term at 13th Annual General Meeting (AGM) held recently in Lagos.
Assessing performance of the industry in the year under review, Managing Director, ARM Pensions, Wale Odutola noted that like all sectors in the country, the industry was equally affected by recession.
According to him, it is difficult to remove an industry from the economy stressing that what affect the economy would ultimately impact the industry.
He said: “Like the economy, we had our up and down, but I think the trajectory is still on the way up”.
Optimistic about the growth of the industry, Odutola said the company strong performance is a pointer that the future of the industry is bright.
Noting that over the last thirteen year, the company has grown in leap and bound, the Managing Director however said coverage far from how it should be among Nigerians.
Speaking on the Voluntary Pension Scheme, he said it has been effective especially considering the payout that the industry has made since inception.
He also cited the certainty that RSF holders have been receiving their pensions unlike what was obtainable in the past.
He said beyond that, the industry is always looking for ways to integrate better with the larger economy, to invest, to ensure that fund is sustainable going forward.
http://www.businessdayonline.com/arm-pen...ofit-2017/