Consolidated Hallmark Holdings Grows Revenue By 32%

Harboursandport.com: Lagos - Consolidated Hallmark Holdings Plc has grown its revenue by 32 per cent to N15.7 billion in 2023 from N11.9 billion recorded in 2022.

Chairman of the company, Shuaib Abubakar Idris, who disclosed this at the company’s annual general meeting in Lagos, noted that it achieved the feat despite the odds in the economy.

L-r: Eddie Efekoha, Group Chief Executive Officer; Shauibu Abubakar Idris, Non-Executive Director/Chairman, and Rukevwe Falana, Company Secretary, during the 1st annual general meeting of Consolidated Hallmark Holdings Plc in Lagos

The Chairman also disclosed that total assets of the company recorded a significant leap of 44 per cent to N26.2 billion from N18.2 billion, while profit before tax rose to N4.6 billion from N983 million, even as total profit attributable to shareholders for the 2023 financial year stood at N3.8 billion from N547 million in 2022.

On dividend payment, Idris stated: “Our commitment to adequate returns on investments to our shareholders through consistent dividend payment remain firm and we shall stay focused on that pathway. Towards this end, we wish to hereby present to you for your consideration and approval, a dividend of N0.05 or 5 kobo per ordinary share of 50 kobo. The total dividend payout will amount to N542 million.”

On the future outlook, Idris said: “We remain optimistic of a more friendly operating environment in the years ahead, which we hope to take full advantage of and increase the market share of our member companies in all sectors where we are operational. The use of technology remains pivotal in our quest to continually consolidate our operations as one of the top players in the financial services sector and beyond.

Also speaking, Group Chief Executive Officer, Mr. Eddie Efekoha stated that one of the major strategies of the company remains the prompt payment of fully documented claims.

Efekoha said: “One of our major strategies remains the prompt payment of fully documented claims. This has continued to endear us to our clients in retail, corporates, and brokerage. We have further simplified the processes using technology to Fasttrack the claims journey. The amount expended on claims has risen significantly over the years as we fully meet our obligations.

“In 2023, Group claims settlement was N5.1 billion from N4.5 billion expended in 2022. There has been a rise by 2,485% in 2023 FY over the 2007 claims payment figure of N197.2 million. As a Group, we remain committed to prompt claims settlement whether in health insurance, micro life assurance or in our general business and special risks insurance. Our quest to significantly grow our market would continually receive a boost with the faith of our customers in our ability and preparedness to meet their needs when claims arise.”