Veritas Kapital Assurance Plc has introduced plans to lift as much as N15 billion in contemporary capital, in keeping with a discover issued forward of its forty eighth Annual Common Assembly scheduled for October 31, 2025, in Abuja.
In line with the discover, the board of administrators will search shareholder approval to lift the funds by means of personal placement or different strategies, topic to all mandatory regulatory approvals.
The proposed capital enhance will be sure that new shares rank equally with present strange shares and, as soon as permitted, are registered with the Securities and Trade Fee, the Company Affairs Fee, and The Nigerian Trade Restricted.
Consistent with this, the corporate’s Memorandum and Articles of Affiliation might be amended to mirror the brand new share capital in accordance with the Firms and Allied Issues Act (CAMA) 2020.
The board can also be looking for authorization to nominate advisers, execute mandatory paperwork, and take all steps required to implement the decision, whereas all earlier actions associated to the capital increase might be ratified and permitted on the assembly.
The deliberate capital increase is predicted to strengthen the corporate’s operations, which, regardless of recording sturdy income progress within the first half of 2025, nonetheless confronted some challenges.
H1 2025 Efficiency
Veritas Kapital Assurance Plc delivered a strong top-line efficiency within the first half of 2025, with income rising to N12.5 billion, up from N9.9 billion in the identical interval final 12 months.
- Aviation insurance coverage remained the important thing driver, contributing N5.8 billion, adopted by the Oil and Gasoline section with N2.9 billion, whereas different enterprise strains made up the remaining.
After accounting for bills, the corporate’s insurance coverage service consequence stood at N4.7 billion, representing a robust 141.99% enhance year-on-year.
- Nonetheless, international trade actions weighed efficiency, as Veritas recorded a Internet FX lack of N26.3 million in comparison with a achieve of N4.1 billion in the identical interval of 2024.
- This impacted web funding earnings, which fell to N1.8 billion from N5.7 billion. Consequently, web insurance coverage and funding outcomes declined to N6.6 billion, down from N7.6 billion a 12 months earlier.
Different working bills additionally elevated to N3.3 billion from N2.26 billion, resulting in a 36.02% drop in revenue earlier than tax to N3.7 billion.
Stability sheet and robust share worth
Regardless of the softer earnings, the corporate’s steadiness sheet was sturdy.
Whole property rose to N41.7 billion, in comparison with N37.5 billion in the identical interval of 2024.
The group additionally rebounded with N1.7 billion in retained earnings, recovering from a lack of N1.18 billion a 12 months earlier, whereas whole liabilities remained regular at round N22 billion.
As well as, the corporate obtained N13 billion in premiums, representing a 9.83% enhance year-on-year.
Yr-to-date, the inventory has gained 51.47%, with a lot of the advance occurring within the third quarter, when a robust market rally in August pushed the share worth from N1.30 to above N2.00.
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