August 8, 2023
Expressed in Trinidad and Tobago Dollars unless otherwise stated.
Guardian Holdings Limited (GHL), for the six months ended June 30, 2023, reported Insurance revenue of TT$2.65 billion, 11% higher than the TT$2.39 billion reported for 2022. For the second quarter, insurance revenue amounted to TT$1.37 billion, 11% higher than the TT$1.23 billion reported in 2022. Insurance service expenses amounted to TT$1.76 billion relative to TT$1.69 billion reported a year earlier. Net expenses from reinsurance contracts held increased by 25% to TT$537.95 million from the TT$431.75 million reported in 2022.
Net results from insurance activities for the six months rose 29%, year over year, from TT$268.22 million in 2022 to TT$344.88 million in 2023. For the quarter, net results from insurance activities rose 27% to reach TT$152.55 million (2022: TT$120.43).
Net income from investing activities increased by 224% to TT$869.16 million in 2023 from TT$268.06 million in 2022. For the quarter, net income from investing activities totalled TT$569.51 million (2022: TT$ 39.01 million).
Net fair value gains amounted to TT$151.15 million compared to losses of TT$420.90 million in 2022.
Fee and commission income from brokerage activities for the six months rose by 10% to TT$83.87 million (2022: TT$76.30 million).
Net income from all activities for the year rose 39% to TT$865.72 million (2022: TT$616.93 million). For the quarter, net income from all activities rose 94% to TT$514.81 million (2022: TT$264.94 million).
Operating expenses for the six months ended June 30, 2023 rose 13% to close at TT$416.12 million relative to TT$369.42 million in 2022.
Operating profit for the six months ended June 30, 2023 amounted to TT$351.89 million relative to an operating profit of TT$143.68 million booked for the comparable period last year.
Share of after-tax profits of associated companies amounted to TT$6.82 million (2022: TT$11.50 million).
Profit before taxation amounted to TT$358.72 million relative to a profit of TT$155.18 million in 2022. For the quarter, profit before taxation amounted to TT$259.04 million from TT$23.80 million reported in 2022.
Following taxes of TT$105.02 million in 2023 (2022: TT$25.19 million), net profit after tax totalled TT$253.69 million for the six months ended June 30, 2023, a 95% increase compared to a net profit of TT$129.99 million reported last year. For the quarter, net profit after taxation totalled TT$191.68 million from the TT$892,000 reported last year.
Net Profit attributable to shareholders for the six months totalled TT$250.85 million, up 95% from the TT$128.35 million reported in 2022. For the quarter, net profit attributable to shareholders totalled TT$190.08 million from a loss of TT$207,000 in 2022.
As such, earning per share for the period amounted to J$24.62 (TT$1.08) relative to an EPS of J$12.40 (TT$0.55) in 2022. The stock traded at J$439.94 as at August 4, 2023 with a corresponding P/E ratio of 3.67 times. The number of shares used in our calculations amounted to 232,024,923 units.
Balance Sheet at a Glance:-
Total assets amounted to TT$37.03 billion as at June 30, 2023, this represents a 4% increase over the TT$35.57 billion reported in 2022. ‘Investment Securities’ and ‘Reinsurance assets’ contributed the most the assets base amounting to TT$23.09 billion (2022:TT$21.29 billion) and TT$709.70 million (2022:TT$489.74 million) respectively.
Shareholder’s equity as at June 30, 2023 stood at TT$4.61 billion (2022: $4.17 billion) resulting in book value per share of TT$19.93 (J$453.87) relative to TT$18.01 (J$403.63) as at June 30, 2022.
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