Adamjee Insurance Ltd., (PSX:AICL)

AICL, announced its annual results for the year ending December 2022.

AICL announced a cash dividend of Rs. 1.5 per share as its final dividend. This is in addition to the Rs. 1.5 per share announced with the half yearly results, making a total of Rs. 3 per share for the whole year, translating into a cash dividend yield of over 10%.

AICL earned Rs. 2.585 billion for the year 2022, compared to Rs. 3.136 billion earned last year. Earning per share for the year 2022 was Rs. 7.4 (last year's EPS was Rs. 8.96), showing a drop of 17.5%.

However, while profit before tax had declined by more, i.e., 28.5%, its full impact on the bottom line was cushioned due to the lower tax rate of 17.8% compared to the 28.8% tax rate last year.

From its underwriting business, AICL made a loss of Rs. 209.4 million for the year 2022, compared to Rs. 672.2 million profit last year. A substantial portion of AICL's income is from investments. In the year 2022, 'investment income' at Rs. 2127.6 million, declined by 13.8% over investment income last year.

AICL today closed at Rs. 27.71 up 2.6%. AICL 52-week price range is Rs.26.5 - Rs 35.

AICL trading at a P/E of 3.75 and price to book (PBV) of less than 1.

See Earning Release announcement. PSX:AICL Link

AICL Price Chart:

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