Enterprise Group records 31 per cent profit

The Enterprise Group Limited recorded a net profit of GHC68 million in 2016 as against GHC51.5 million in 2015, representing an increase of 31.9 per cent.

Net insurance premium rose from GHC253.7 million in 2015 to GHC308 million in 2016 while Net Investment Income increased from GHC74.9 million in 2015 to GHC85.6 million in 2016.

Mr Trevor Trefgame, the Chairman of the Board of Directors, disclosed this at the company’s Seventh Annual General Meeting in Accra on Tuesday.

He said Group Net income of the company shot from GHC349.3 million in 2015 to GHC420.5 in 2016.

Mr Trefgame said the company was in the process of entering into partnership with Black Star Holdings Limited to replace Sanlam Emerging Markets Proprietary Limited of South Africa in Enterprise Life, Enterprise Insurance and Enterprise Trustees, three of the Enterprise Group’s subsidiaries, to support the growth of the Group in Ghana and West Africa.

Mr Trefgame said the company had extended its product offerings in insurance products for individuals with higher disposable incomes and that development of plans and partnerships were in progress to extend the company’s product and service offerings beyond Ghana.

He said Enterprise Group had completed the Funeral Home project at Haatso in Accra and the construction of Advantage Place Office Tower at Ridge in Accra to help increase the company’s productivity.

“Against this background, our businesses performance in 2016 was better than anticipated,” he said adding that management would continue to help grow the business to maintain the lead in industry position.

“This places us in a strong position to benefit from the improving economic situation in 2017,” Mr Trefgame said.

No dividend was recommended for payment to the shareholders.