Ekocorp plc records 45% drop in profit in 2016

Ekocorp plc records 45% drop in profit in 2016

Ekocorp plc is reporting 45% drop in profit to NGN79.6 million for the financial year 2016 compared to NGN146.9 million recorded in the financial year 2015.

The company ended the year with NGN1.3 million turn-over against NGN1.3 million posted in the year before. Meanwhile, gross profit fell to NGN395.3 million from NGN456.2 million in the year before.

Total operating expenses for the period under review increased to NGN292.8 million from NGN269.5 million recorded in the fiscal year 2015.

Ekocorp plc acquired total assets of NGN3.8 billion in the year 2016 compared to NGN3.6 billion acquired in the year 2015 while total liabilities was NGN2.0 billion versus NGN1.9 billion in the year 2015.

Corporate information

Ekocorp Plc is an International public company in Nigeria. The company provides hospital and medical service plans. The main activity of the company is to provide direct health and medical insurance carriers. The company provides also medical coverage protection from complications as well as life insurance coverage.