WAPIC INSURANCE PLC FORECAST N206.6M PAT FOR Q2 2013

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WAPIC Insurance Plc forecast a Gross Income of N1,884,099,000 for Q2 2013 in its latest release. It further projects a Pre-tax profit of N232.3m.  WAPIC continues to see major earnings decline year on year. The forecast if it becomes actual will represent a 26% drop in Gross Premium (it was a 21.5% in 2012 compared to 2011). Wapic ended trading today (13/3/2013) at N1.42 a 4.41% increase from the previous day. Despite the fall in Gross Premium, their share price has one year return 173%. This may be due to its strong fundamental ratios as efficiency was good for Q3 2012 despite dip in revenue. See Q2 forecast below;

Source: NSE