Enterprise Group records sterling profits for 2014

The Enterprise Group on Thursday held its Annual General Meeting (AGM) where a dividend of two and a half pesewas was declared for shareholders.

Speaking at the AGM, Chief Executive of the Enterprise Group, Keli Gadzekpo intimated, “we are glad to know our shareholders are happy with our performance, 2014 was a year that was difficult.”

Chairman of the Enterprise Group Limited, Trevor Trefgarne indicated that Net insurance premium growth of 29.2% was achieved in a very difficult operating environment.

Group net income growth of 24.9% represented a strong and progressive recovery, quarter on quarter throughout 2014.

Group Profit after Tax went up by some 54.5% primarily on the account of higher investment income driven by higher yields on fixed income and material fair value gains on investment properties.

Following two years of strong growth in equity prices, the Ghana Stock Exchange performance in 2014 was rather subdued, registering an overall nominal growth of 5.4%.

The share price of Enterprise Group fluctuated to a high of GHS 2.50 and closed the year at Ȼ1.75 due to the retreat of some offshore investors.

The disposal of 40% of the Group’s Equity in Enterprise Insurance Company Limited to Sanlam Emerging markets favourably impacted reserves and cash resources.

This resulted in a total dividend payout of some Ȼ25.1 million, representing 0.9per share, in December 2014.

This was by far the biggest dividend paid in the history of the group as the cumulative dividend of the five-year period between 2009 and 2013 financial years amounted to Ȼ12.6 million.

The Group indicated it was strategising to cope with the number of claims it may have to handle following the June 3 Fire and Flood disaster.


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