Recently, AXA Mansard released its unaudited financial statement for the second quarter of 2024. The company reported a pre-tax profit of ₦14.9 billion, marking a significant increase of approximately 57% compared to the ₦9.4 billion reported in the same period last year.
The company’s revenue also experienced a notable rise, surging over 80% year-on-year. The Q2 2024 revenue reached ₦44.2 billion, compared to ₦23.4 billion in Q2 2023. Additionally, earnings per share grew by 56%, with the Q2 2023 earnings standing at ₦1.01 per share, and the Q2 2024 earnings at ₦1.58 per share.
AXA Mansard’s revenue grew by 88.8% when compared to last year’s figures. This revenue spike, however, led to a 99.10% increase in net expenses related to reinsurance of previously held contracts. Conversely, the return on investment from gross premiums rose by 52.76%, contributing to the surge in pre-tax profits.
Despite the remarkable 57% increase in pre-tax profit from ₦9.4 billion in Q2 2023 to ₦14.9 billion in Q2 2024, AXA Mansard’s stock is currently trading at ₦5.32 per share on the Nigerian stock market, reflecting a strong buy trend. To further enhance the stock’s performance, an increase in trading volume could potentially drive the price to a short-term target of ₦7.00 per share.
