Business News of 2014-06-18

Ghana Reinsurance declares after tax profit of GH¢30m

The Ghana Reinsurance Company Limited (GRCL) has posted a 50 per cent profit after tax of GHc30 million from the GH¢20 million it made in 2012.
The company’s direct payments to government also totalled GH¢10,930,060 being GH¢3 million in dividends and GH¢7,930,060 in corporate taxes.
The Board Chairman of the GRCL, Mr Lionel Mobila, made this known at the annual general meeting of the company in Accra.
According to Mr Molbilia, the company had shown a remarkable strength in a challenging financial year, saying the company focused on strengthening its capital base and deepening its expansion on the African continent.
He said the company’s balance sheet expanded by 29.09 per cent, representing GH¢37.82 million, while 77.81 per cent of the company’s total assets involved investments.
Mr Mobila said the company supported several national hospitals last year as well as state and academic institutions with GH¢0.80 million.
Mr Mobila said the board was encouraged by the support from shareholders to recapitalise the company to give it the needed leverage to strengthen its business activities in Ghana and the African continent.
“We are committed to sustainable growth and are certain that with increased capacity from recapitalisation, we will boost business operations in our offices in Kenya and Cameroon and expand to other selected markets”, he said.
Mr Mobila gave the assurance that the board, management and staff would work hard to improve on their performance in their bid to place the company at the top of the insurance industry.
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