{"id":48137,"date":"2023-07-06T07:07:56","date_gmt":"2023-07-06T07:07:56","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=48137"},"modified":"2023-07-06T06:59:00","modified_gmt":"2023-07-06T06:59:00","slug":"net-income-of-enterprise-group-soars-by-37-4","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4","title":{"rendered":"Net Income of Enterprise Group Soars by 37.4%"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Enterprise Group recorded a 37.4 per cent jump in net income last year at GH\u00a21.602 billion compared with the previous year\u2019s figure of GH\u00a21.166.3 billion. <\/b><\/p>\n

The growth was on the back of a 21 per cent increase in net-earned premium, positive currency impact on investment properties valuation and revenue from the group\u2019s pensions, funeral and properties businesses.<\/p>\n

The group\u2019s profit after tax rose to GH\u00a2223 million from GH\u00a2122.9 million in 2021 because of the fair value gains on investment properties resulting from currency movement.<\/p>\n

However, the profit growth was heavily impacted by a GH\u00a2329 million impairment due to the Domestic Debt Exchange Programme (DDEP).<\/p>\n

Board Chairman of the Group, Keli Gadzekpo, said the Group was committed to the long-term value creation for the benefit of all stakeholders through staying focused on plans with the support of shareholders in Black Star Holdings Limited.<\/p>\n

He said while the DDEP was painful short-term for both some policy holders and shareholders, the main benefit for all long-term stakeholders wold be greater financial stability with lower inflation and interest rates.<\/p>\n

Mr. Gadzekpo announced a dividend of GH\u00a20.0744 per share for 2022, the same as that paid in the previous year.<\/p>\n

He explained that the general cost increases experienced in the year also had impact on the group\u2019s expenses negatively.<\/p>\n

\u201cOur operating companies -Enterprise Life, Enterprise Insurance, Enterprise Trustees, Enterprise Funeral Services, Acacia- have all retained their market positions in their respective industries notwithstanding the difficult operating conditions,\u201d he said.<\/p>\n

He said net income without fair value gains grew by 22.6 per cent for the period under review.<\/p>\n

\u201cTotal expenses went up by 30 per cent over the prior year, driven largely by a 32.94 per cent in claims and benefits and impairment of government bonds on shareholder investment of GH\u00a264.8 million,\u201d he said.<\/p>\n

He said investment income grew by 13.8 per cent from GH\u00a2249.17million to GH\u00a2283.57 million despite the negative returns on the equity market.<\/p>\n

He said that based on the financial metrics, the group was on track to achieve its 2020-2024 financial ambitions contained in the company\u2019s five-year strategy of delivering GH\u00a22 billion net income by 2024.<\/p>\n

Mr. Gadzekpo said the group\u2019s outlook for the future remains uncertain and potentially unstable, adding \u201cWe believe that in turbulent times like this, our businesses are being called upon to work even harder to deliver peace of mind to our cherished customers and value to our shareholders.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Enterprise Group recorded a 37.4 per cent jump in net income last year at GH\u00a21.602 billion compared with the previous year\u2019s figure of GH\u00a21.166.3 billion. The growth was on the back of a 21 per cent increase in net-earned premium, positive currency impact on investment properties valuation and revenue from the group\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":48136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-48137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nNet Income of Enterprise Group Soars by 37.4% - Ghana<\/title>\n<meta name=\"description\" content=\"Enterprise Group recorded a 37.4 per cent jump in net income last year at GH\u00a21.602 billion compared with the previous ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net Income of Enterprise Group Soars by 37.4%\" \/>\n<meta property=\"og:description\" content=\"Enterprise Group recorded a 37.4 per cent jump in net income last year at GH\u00a21.602 billion compared with the previous ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-06T07:07:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/07\/sm_1688610491.4718.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Net Income of Enterprise Group Soars by 37.4%\",\"datePublished\":\"2023-07-06T07:07:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\"},\"wordCount\":417,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/07\/sm_1688610491.4718.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/net-income-of-enterprise-group-soars-by-37-4\",\"name\":\"Net Income of Enterprise Group Soars by 37.4% - 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