Nile Insurance SC reported 41.72 million birr profit after tax in the 2012/13 fiscal year, Fortune reported citing the Company’s annual report.

Nile Insurance's profit after tax for FY2012/12 was up 24.85 percent, from 33.4 million birr a year earlier. Nile also recorded earnings per share of 445 birr.

The company's total income of 89.12 million birr showed a rise of 13.4 percent compared with the year before the reported period. Its insurance surplus also grew by a 7.24 percent, earning it 54.72 million birr.

The company's total investments was up 41.75 percent, total assets increased by 17.4 percent to 466.47 million birr. Cash and bank balances-to-total assets dropped to 3.84 percent from 6.24 percent and the ratio of cash and bank balances to current liabilities fell to 5.66 percent from 8.97 percent.

Nile Insurance's paid-up capital has reached 111.54 million birr, representing 23.9 percent of the company's total assets.

Source: Fortune