In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Madison Financial Services PLC (“MFS” or “the Company”) hereby advises the Shareholders of the Company that the Earnings per Share and Headline Earnings per Share for the financial year ended 31st December 2020 are expected to be approximately 116% higher than for the financial year ended 31st December 2019.
The movement in EPS is primarily attributed to the profit attributable to the shareholders of K30.8 million for the year compared to a loss of K188.5 million in the year 2019. The profit was mainly derived from improved Gross written premium in the insurance business and gains from the derecognition of Madison Asset Management Company Ltd (MAMCo).
Shareholders are advised that the information contained in this Trading Statement has not been reviewed nor reported on by the external auditors of the Company.
The Company expects its results for the financial year ended 31st December 2020 to be released on SENS and published in the local press on or about 27th April 2023. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until the publication of the results.