Enterprise Group declares GH¢273m profit for 2023
The Enterprise Group has declared profit after tax of GH¢273 million in the 2023 financial year.
The Group delivered a strong financial performance for 2023 with robust top-line growth across its subsidiaries.
Mr Daniel Larbi-Tieku, Group Chief Executive Officer of Enterprise Group, speaking at the Annual General Meeting, attributed the performance to the excellent execution of the Group’s strategy.
He said, “Despite facing significant headwinds in a challenging operating environment, we achieved strong growth in earnings per share, as a result of continued excellent execution of our integrated Group wide strategies.”
The Group reported that insurance revenue measured under the International Financial Reporting Standards 17 increased from GH¢980 million in 2022 to GH¢1.2 billion.
An increase of 23.8 per cent investment income remained largely flat at GH¢288 million compared to GH¢283 million in 2022.
The Group CEO said profit after tax improved significantly from GH¢174 million in 2022 to GH¢273 million 2023.
This represented a 57 per cent increase, year on year and the performance reflected in the profit after tax of GH¢193 million, representing a 67 per cent growth over 2022.
He said the Group further bolstered its financial foundations and strong liquidity position, with their insolvency ratios across the key entities within the Group remaining above the prescribed regulatory minimum of 150 per cent.
The Group proposed dividends to be paid to its shareholders in line with its progressive dividend policy.
Mr. Larbi-Tieku said, “We remain committed to delivering the best possible performance each day to inspire trust and achieve the best possible outcomes for all our stakeholders.”
He said the Group had a progressive dividend policy and planned to continue making attractive distributions to our shareholders.
“A final dividend of GH¢0.95 per cent/share was proposed, reflecting a 30 per cent increase on prior year’s payment,” he added.
The Group CEO said, “Our strategic focus will continue around our six key pillars: consumer-led propositions to touch the lives of everyone who desires an advantage; digital-driven experience and engagement and innovation that leads us to becoming very nimble.
Others are breaking barriers into new frontiers and leveraging the Group structure to extract value in synergies; and empowering our people to be the X-factor in meeting our current and future market needs.
“We will continue to remain extremely focused on our operational and financial resilience, as they form the core foundation of our success,” he added.
He said the Group would remain steadfast in its efforts to create a more sustainable future for the teams, customers, communities, shareholders and industry.
The Group CEO said they had entered 2024 with renewed optimism and determination, and trust in their ability to develop relevant solutions and deliver on their purpose.
Source: GNA