The Enterprise Group has demonstrated remarkable financial strength in 2023, achieving significant top-line growth across its various subsidiaries.
This strong performance, despite a challenging operating environment, underscores the Group’s strategic execution and commitment to delivering value to its stakeholders.
At the Annual General Meeting, Mr. Daniel Larbi-Tieku, Group Chief Executive Officer of Enterprise Group, highlighted the key factors contributing to this success. He remarked, “Despite facing significant headwinds in a challenging operating environment, we achieved strong growth in earnings per share, as a result of continued excellent execution of our integrated Group-wide strategies.”
One of the standout achievements for the Group in 2023 was the significant growth in insurance revenue, which increased by 23.8% under the International Financial Reporting Standards (IFRS) 17. The revenue rose from GH₵ 980 million in 2022 to an impressive GH₵ 1.2 billion in 2023. This growth reflects the Group’s ability to adapt and thrive, even amidst economic uncertainties.
Investment income for the year remained largely stable at GH₵ 288 million, a slight increase from GH₵ 283 million in 2022. While the growth in investment income was modest, the Group’s overall financial performance was bolstered by a substantial improvement in profit after tax.
The profit after tax surged from GH₵ 174 million in 2022 to GH₵ 273 million in 2023, representing a year-on-year increase of 57%. This exceptional performance was further highlighted by a 67% growth in profit after tax, reaching GH₵ 193 million, compared to the previous year’s results.
Strong Liquidity and Solvency
In addition to its impressive revenue and profit growth, the Enterprise Group has strengthened its financial foundations and liquidity position. The Group’s solvency ratios across its key entities have consistently remained above the prescribed regulatory minimum of 150%. This strong financial footing not only ensures the Group’s resilience in the face of economic challenges but also positions it well for future growth.
Reflecting its strong financial performance, the Enterprise Group has proposed dividends in line with its progressive dividend policy. Mr. Larbi-Tieku emphasized the Group’s commitment to delivering value to its shareholders, stating, “We remain committed to delivering the best possible performance each day to inspire trust and achieve the best possible outcomes for all our stakeholders”.
The Group proposed a final dividend of GH₵ 0.95 per share, reflecting a 30% increase over the previous year’s payment. This move aligns with the Group’s strategy to continue making attractive distributions to shareholders while maintaining a focus on long-term growth.
Strategic Focus for the Future
Looking ahead, the Enterprise Group’s strategic focus will revolve around several key areas. First, they aim to develop consumer-led propositions that resonate with customers, enhancing their lives in meaningful ways. The Group also plans to leverage digital technologies to create seamless and innovative customer experiences. Innovation and agility will be at the forefront, allowing the Group to stay ahead of market trends and competition.
Additionally, the Group is committed to exploring new markets and opportunities, breaking new frontiers to expand its reach and influence. By maximizing value through synergy extraction across its subsidiaries, the Group will strengthen its overall structure. Finally, empowering employees to meet current and future market needs will be crucial, ensuring that the Group remains adaptable and prepared for ongoing success.
Mr. Larbi-Tieku also reiterated the Group’s commitment to operational and financial resilience, which he identified as the core foundation of the Group’s success. He stated, “We will continue to remain extremely focused on our operational and financial resilience, as they form the core foundation of our success.”
As the Enterprise Group looks to the future, sustainability remains a key priority. The Group is committed to creating a more sustainable future for its teams, customers, communities, shareholders, and the broader industry. With renewed optimism and determination, the Group enters 2024 with confidence in its ability to develop relevant solutions and deliver on its purpose.
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