JSE Re-Instates Trading of IronRock Insurance Company (ROC) Shares

• IronRock Insurance Company Limited (ROC), resumed trading of its ordinary shares, effective Tuesday, July 23, 2024.
• IronRock filed its outstanding 2023 Audited and 1st Quarter (Q1) Financial Statements on July 22, 2024, therefore remedying its breaches of the JSE’s Junior Market Rule Appendix 2, Part 4 (1) (e) & 4 (2) (e). As a result, the JSE has lifted the suspension of trading in the ordinary shares of ROC, as the Company is now compliant.
• ROC’s Q1 2024 results saw insurance revenue increase by 29% over Q1 2023 to $401.4Mn, driven by successful reinsurance treaty renewals and growth in Marine Cargo. Its net profit rose to $5.52Mn (net profit margin of 1.4%) from a loss of $11.63Mn in Q1 2023.
• Likewise, Audited results showed FY2023 insurance revenues increased by 40.7% to $1.40Bn and net profit increased 149.7% to 83.94Bn at a net margin of 6.0% up from 3.4% in FY2022.
• ROC’s stock price closed at $2.18 before its suspension on July 2nd. In light of the positive financial performance and resumed trading activity, ROC’s share price has since increased by 37.6%, closing Monday’s trading session at $3.00. At this price, the company trades at a P/E of 6.4x, which is below the Junior Market Financial Sector Average of 14.2x.

(Source: JSE and NCBCM Research)