Insurance revenues jumped 40 percent to $1.4 billion and net profit surged 150 percent to $84 million at Iron Rock Insurance for 2023 as insurance results climbed from $63 million to $120 and Investments delivered slightly higher gains of $79 million rising from $64 million in 2022, the company’s long-delayed audited financial statements show.
Operating expenses rose 14.4 percent from $104 million to $119 million as the company generated 39 cents in earnings per share for the year, up from 16 cents in 2022. ICInsider.com had a forecast of 32 cents.
At the end of 2023, shareholders’ equity stood at $748 million. Investments was $630 million, with reinsurance assets of $427 million and Insurance liabilities of $777 million.
The company improved its performance in the March quarter this year, with revenues rising by 29 percent to $401 million. Return on investments rose to $29 from $16 million in 2023. Other operating expenses climbed from $30 million to $37 million. A profit of $5.5 was realised, up from a $12 million loss in 2023, with earnings per share of 3 cents.
At the end of 2023, shareholders’ equity rose to $756 million. Investments stood at $719 million, with reinsurance assets of $312 million and Insurance liabilities of $735 million.
Iron Rock generated positive cash flows of $45 million in the quarter and $254 million for the 2023 fiscal year.
The stock was in the ICTOP10 Junior Market listing but was dropped following the suspension of trading but with projections of 55 cents per share for 2024 it will most likely be back, subject to stock price by week end.
The stock rose 12 cents on Tuesday to $2.30, with just three offers amounting to 115,000 shares, with 7,004 units at $3.30 up to $4.36.
With projected earnings of 55 cents per share, the PE ratio at the last price is just 4.2 times earnings, well below the market average of 12.4.
