UNAUDITED CONSOLIDATED

FINANCIAL REPORTS

FOR THE FIRST QUARTER ENDED

31ST MARCH 2023

Custodian Investment Plc

Financial Reports

31 March 2023

Consolidated and separate statement of financial position

As at 31 March 2023

Group

Group

Company

Company

In thousands of naira

Note

31-Mar-23

31-Dec-22

31-Mar-23

31-Dec-22

Unaudited

Audited

Unaudited

Audited

Assets

Cash and cash equivalents

5

20,598,473

22,044,849

1,223,366

1,855,127

Trade receivables

7

1,815,873

1,653,611

-

-

Financial assets:

6

137,622,127

136,467,520

4,201,473

3,842,238

- Fair value through profit or loss

81,421,225

82,577,385

564,892

528,078

- Fair value through OCI

2,248,776

2,645,972

391,000

391,000

- Debt securities at amortised cost

53,952,126

51,244,163

3,245,581

2,923,160

Reinsurance assets

8

13,278,327

9,394,263

-

-

Inventories

9

5,142,577

5,265,758

-

-

Deferred acquisition costs

10

1,769,004

987,566

-

-

Other receivables and prepayments

11

6,259,560

5,846,664

4,240,322

2,334,405

Right-of-use-assets

19

38,510

28,397

-

-

Investment in subsidiaries

12

-

-

15,373,012

15,373,012

Investments in joint ventures

14

125,647

125,647

-

-

Equity accounted investee

13

3,299,647

3,290,257

3,109,987

3,109,987

Investment properties

15

11,901,485

11,901,485

7,081,417

7,081,417

Property, plant and equipment

17

13,213,258

13,279,230

387,785

401,425

Intangible assets

16

220,739

239,712

14,661

16,755

Statutory deposits

18

2,750,543

2,672,415

-

-

Total assets

218,035,770

213,197,374

35,632,023

34,014,366

Liabilities and equity

Liabilities

Current income tax payable

25

3,975,230

3,346,153

1,527,989

1,294,989

Trade payables

23

6,951,860

12,134,504

-

-

Other payables

24

11,023,008

11,637,870

1,355,435

1,523,843

Insurance contract liabilities

20

108,204,820

100,079,820

-

-

Investment contract liabilities

21

8,879,073

9,070,212

-

-

Interest bearing loans and borrowings

22

2,226,815

2,179,173

Deferred tax liabilities

26

2,115,014

2,066,875

636,163

636,163

Total liabilities

143,375,820

140,514,607

3,519,587

3,454,995

Equity

Issued share capital

27

2,940,933

2,940,933

2,940,933

2,940,933

Share premium

28

6,412,357

6,412,357

6,412,357

6,412,357

Retained earnings

29

40,902,740

39,114,585

22,759,146

21,206,081

Contingency reserve

29

13,776,717

13,594,424

-

-

Fair value reserves

29

440,971

477,604

-

-

Revaluation reserve

29

630,498

630,498

-

-

Equity attributable to owners of the parent

65,104,216

63,170,401

32,112,436

30,559,371

Non-controlling interests

9,555,734

9,512,366

-

-

Total equity

74,659,950

72,682,767

32,112,436

30,559,371

Total equity and liabilities

218,035,770

213,197,374

35,632,023

34,014,366

The accounts were approved by the Board of directors on 28 April 2023 and signed on its behalf by:

Dr. (Mrs.) Omobola Johnson

Wole Oshin

Ademola Ajuwon

Chairman

Managing Director

Chief Financial Officer

FRC/2018/IODN/00000018366

FRC/2013/CIIN/00000003054

FRC/2013/ICAN/00000002068

2

Custodian Investment Plc

Financial Reports

31 March 2023

Consolidated and separate statements of profit or loss and other comprehensive income

For the period ended 31 Mar 2023

Group

Group

Company

Company

Year to date

Year to date

Year to date

Year to date

In thousands of naira

Note

31-Mar-23

31-Mar-22

31-Mar-23

31-Mar-22

Unaudited

Unaudited

Unaudited

Unaudited

Gross Revenue

27,851,395

23,384,896

2,101,270

1,520,139

Interest income

31

4,514,270

3,549,794

40,746

22,631

Operating and Investment Income

30

23,337,125

19,835,102

2,060,524

1,497,508

Operating Expenses

32

(14,728,976)

(12,716,056)

-

-

Change in Provision for Outstanding Claims and

Life Fund Estimate

32(iii)

(1,218,327)

(6,694,878)

-

-

Net income

11,904,092

3,973,962

2,101,270

1,520,139

Net fair value gains/(losses)

33

(6,238,837)

1,151,755

36,812

(91,387)

Net realised gains

34

102,068

491,845

519

2,565

Impairment allowance

36

(61,014)

(19,671)

-

-

Finance costs

37

(36,035)

(53,721)

-

-

Management expenses

35

(3,046,324)

(2,378,507)

(352,536)

(352,492)

Share of result of equity accounted investee

13

9,137

(373,025)

-

-

Profit before taxation

2,633,087

2,792,638

1,786,065

1,078,825

Income tax expenses

25

(629,077)

(597,506)

(233,000)

(137,000)

Profit from continuing operation

2,004,010

2,195,132

1,553,065

941,825

Discontinued operations

Loss from discontinued operation

39

-

(8,728)

-

-

Profit for the period

2,004,010

2,186,404

1,553,065

941,825

Other comprehensive income (OCI):

Items that will not be reclassified to profit or loss

Equity-accounted investee -share of OCI

13

253

-

-

-

Net gain/(loss) on equity instrument at FVOCI

38

(27,080)

(135,535)

-

-

Other comprehensive income for the period net

of tax

(26,827)

(135,535)

-

-

Total comprehensive income for the period

1,977,183

2,050,869

1,553,065

941,825

Profit for the period attributable to:

- Owners of the parent

1,970,448

2,066,805

1,553,065

941,825

- Non-controlling interests

33,562

119,599

-

-

2,004,010

2,186,404

1,553,065

941,825

Total comprehensive income attributable to:

- Owners of the parent

1,923,244

1,938,343

1,553,065

941,825

- Non-controlling interests

53,939

112,526

-

-

1,977,183

2,050,869

1,553,065

941,825

Earnings/(loss) per share:

From continuing operations

Basic/diluted earnings per share (kobo)

40

34

35

26

16

From continuing and discontinued operations

Basic/diluted earnings per share (kobo)

40

34

35

26

16

3

Custodian Investment Plc

Consolidated and separate statement of changes in equity

Financial Reports

31 March 2023

For the period ended 31 Mar 2023

Group

Attributable to owners of the Parent

Issued share

Share

Retained

Contingency

Revaluation

Other

Fair Value

Non-controlling

In thousands of naira

capital

premium

earnings

reserve

Reserve

Reserve

Reserve

Total

interests

Total equity

At 1 January 2023

2,940,933

6,412,357

39,114,585

13,594,424

630,498

-

477,604

63,170,401

9,512,366

72,682,767

Profit for the period

-

-

1,970,448

-

-

-

1,970,448

33,562

2,004,010

Share of profit

-

-

-

-

-

-

-

-

-

Other comprehensive income

-

-

-

-

(36,633)

(36,633)

9,806

(26,827)

Statute barred dividend refund

-

-

-

-

-

Transfer of fair value reserve of equity instruments

designated at FVOCI

-

-

-

-

-

-

-

-

-

Gain on reclassification of asset of disposal

group held for sale

-

-

-

-

-

-

-

-

-

Transfer between reserves

-

-

(182,293)

182,293

-

-

-

-

-

-

2,940,933

6,412,357

40,902,740

13,776,717

630,498

-

440,971

65,104,216

9,555,734

74,659,950

Dividend Paid

-

-

-

-

-

-

-

-

-

At 31 March 2023

2,940,933

6,412,357

40,902,740

13,776,717

630,498

-

440,971

65,104,216

9,555,734

74,659,950

Issued share

Share

Retained

Contingency

Revaluation

Other

Fair Value

Non-controlling

capital

premium

earnings

reserve

Reserve

Reserve

Reserve

Total

interests

Total equity

At 1 January 2022

2,940,933

6,412,357

31,613,718

12,961,014

685,081

-

504,196

55,117,299

9,142,483

64,259,782

Profit for the period

-

-

2,066,805

-

-

2,066,805

119,599

2,186,404

Other comprehensive income

-

-

-

(79,969)

(79,969)

(55,566)

(135,535)

Share of profit

-

-

-

-

-

-

-

-

Net changes in fair value of loan from equity holders

-

-

-

-

-

-

Mandatory takeover of NCI

-

-

-

-

Transfer between reserves

-

-

(553,224)

161,804

391,420

-

-

2,940,933

6,412,357

33,127,299

13,122,818

685,081

391,420

424,227

57,104,135

9,206,516

66,310,651

Dividend Paid

-

-

-

-

-

At 31 March 2022

2,940,933

6,412,357

33,127,299

13,122,818

685,081

391,420

424,227

57,104,135

9,206,516

66,310,651

-

Company

Attributable to owners of the Company

Issued share

Share

Retained

Contingency

Revaluation

Other

Fair value

In thousands of naira

capital

premium

earnings

reserve

Reserve

Reserve

reserve

Total

At 1 January 2023

2,940,933

6,412,357

21,206,081

-

-

-

-

30,559,371

Profit for the period

-

-

1,553,065

-

-

-

1,553,065

Dividend Paid

-

-

-

-

-

-

-

At 31 March 2023

2,940,933

6,412,357

22,759,146

-

-

-

-

32,112,436

At 1 January 2022

2,940,933

6,412,357

19,187,018

-

-

-

-

28,540,308

Profit or loss for the period

-

-

941,825

-

-

-

941,825

Dividend Paid

-

-

At 31 March 2022

2,940,933

6,412,357

20,128,843

-

-

-

-

29,482,133

4

Custodian Investment Plc

Financial Reports

31 March 2023

Consolidated and separate statement of cash flows

For the period ended 31 Mar 2023

Group

Group

Company

Company

In thousands of naira

Note

31-Mar-23

31-Mar-22

31-Mar-23

31-Mar-22

Cash flows from operating activities

Profit/(loss) before taxation

2,633,087

2,792,638

1,786,065

1,078,825

Adjustments for non-cash items:

- Fair value (gain)/loss

33

6,164,486

(1,567,557)

(36,815)

91,267

- Write back of excess tax provision

(20,000)

-

-

-

- Depreciation

17

175,854

135,588

31,162

13,008

- Deprecition on right-of-use assets

19

1,078

6,682

-

-

- Impairment charge

36

61,014

19,671

-

-

- Amortisation of intangible assets and deferred expense

16

14,846

24,262

2,094

2,094

- Profit on disposal of property, plant and equipment

11,564

(4,039)

(519)

(200)

- (Gain)/loss on disposal of investment property

-

-

-

-

- (Gain)/loss on disposal equities & other investment

34

(10,815)

(2,365)

-

(2,365)

- Fair value gains on investment properties

-

-

-

-

- Exchange rate differential

74,351

415,802

3

120

- Share of result of equity accounted investee

13

(9,137)

373,025

-

-

- WHT on dividend

-

-

200,000

-

- Dividend income

(143,291)

(144,888)

(2,000,000)

(1,044,125)

- Interest income

(406,887)

(304,984)

(37,974)

(4,434)

- Investment income

(4,107,383)

(3,244,810)

(2,772)

(18,197)

- Net gain/(losses) in value of embedded derivative

-

-

- Net gain/(losses) on fair value through OCI assets

37,986

(79,969)

-

-

Changes in working capital:

(Increase)/Decrease in reinsurance assets

(3,884,064)

(4,070,082)

-

-

(Increase)/Decrease in other receivables and prepayment

(412,896)

275,494

(1,905,917)

(1,081,070)

Decrease in trade receivables

(162,262)

(280,453)

-

-

Increase/(Decrease) in deferred acquisition cost

(781,438)

(690,573)

-

Increase/ (Decrease) in insurance contract liabilities

8,125,000

12,337,714

-

-

Increase /(Decrease) in investment contract liabilities

(191,139)

317,646

-

-

Increase / (Decrease) in other liablilities

(614,862)

(1,032,671)

(168,408)

(34,165)

Increase / (Decrease) in trade payable

(5,182,644)

12,626,355

-

-

Increase / (Decrease) in inventories

123,181

(424,310)

-

-

Increase / (Decrease) in statutory deposit

(78,128)

38,990

-

-

Increase / (Decrease) in borrowings

47,642

(112)

-

-

Income tax paid

-

(85,442)

-

-

Net cash provided/(utilised) by operating activities

1,465,143

17,431,612

(2,133,081)

(999,242)

Cash flows from investing activities

Purchase of property, plant and equipment

17

(135,732)

(195,939)

(24,046)

(142,455)

Purchase of ROU asset

19

(12,902)

(6,681)

-

-

Proceeds on disposal of property, plant and equipment

14,286

4,039

7,043

200

Purchase of intangible

(4,369)

(411)

-

-

Net (Purchase)/redemption to investments (financial assets)

(7,356,012)

1,685,489

(322,420)

(127,975)

Proceeds from sales of long term investment securities(financial assets)

-

-

-

Purchase of investment in associate/subsidiary

-

-

-

-

Purchase of investment properties

15

-

-

-

-

Dividend received

143,291

144,888

1,800,000

1,044,125

Investment income received

4,514,270

3,549,794

40,746

22,631

Net cash provided/(used) in investing activities

(2,837,168)

5,181,179

1,501,323

796,526

Cash flows from financing activities

Fair value of loan from equity holders

-

-

-

-

Dividend Paid during the period

-

-

-

-

-

-

-

-

Net increase/(decrease) in cash and cash equivalents

(1,372,025)

22,612,791

(631,758)

(202,716)

Cash and cash equivalents at begining of the year

22,044,849

17,176,184

1,855,127

(120)

Effect of change in exchange rate

(74,351)

(415,802)

(3)

601,326

Cash and cash equivalents at end of the period

20,598,473

39,373,173

1,223,366

398,490

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Custodian Investment plc published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 16:32:40 UTC.