African Prudential Declares N1.16bn PBT for H1 2022

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CEM REPORT | African Prudential has announced its Unaudited Financial Statements for the period ended June 30th 2022, with a Profit Before Tax of N1.16 Billion from a Gross Earnings of N1.99 Billion.

As contained in the press statement sent to the Nigerian Exchange Thursday by the Insurance Company, Gross Earnings grew by 19% from the N1.67 Billion recorded in the first half of 2021 while the declared Profit Before Tax represent a growth of 19% as well compared to N0.97 Billion recorded in first half of 2021.

The delivered Earnings Per Share according to the statement, is 47k against the 41k delivered in H1 2021

Profit After Tax is put at N0.94 Billion, a 13% YoY Growth compared to the N0.83 Billion in first half of 2021

Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, had this to say:

‘’Our results remain a testament of the impact of our deliberate efforts at diversifying and strengthening our revenue lines to multiple income lines, innovating new ways to deliver value, and adopting cost efficiency in every facet of our operations. The 355% growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term. As we venture into the second half of the year, we will continue to deploy value to our customers leveraging on innovation and technology to transform their experience and increase shareholders’ wealth.

Within the Half Year period, Revenue from contracts with customers grew to N0.93 Billion, compared to N0.52 Billion in H1 2021 representing a 79% YoY Growth while Interest Income had an 8% decline to N1.06 Billion, compared to N1.15 Billion in H1 2021

The Balance Sheet as declared is as follows:

Total Assets: N38.18 Billion, compared to N15.76 Billion as at FY 2021 (142% YTD Growth);

Total Liabilities: N29.49 Billion, compared to N6.99 Billion as at FY 2021 (322% YTD Growth);

Shareholders’ Fund stood at N8.69 Billion, a 1% YoY decline from N8.77 Billion as at FY 2021.

According to African Exchanges, African Prudential Plc is a leading Nigerian technology-driven share registration and investor service provider, and capital market investment mediator in Nigeria, specializing in qualitative service delivery for corporate organizations.

The company, which was a fully owned subsidiary of United Bank for Africa, is a thoroughbred in share registration business in Nigeria, having over 30 years of share registration experience in the Nigerian capital market.

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Africa Prudential is the first and only listed registrar and investor services firm on the Nigerian Stock Exchange, managing over 70 client registers. This has afforded the company opportunities to participate in various offers including IPOs, right issues, debentures, and state and government bonds.

Africa Prudential Plc is listed on the Nigerian Stock Exchange (NGX) since November 1st, 2013. Africa Prudential Plc is currently the 59th most valuable stock on the NGX with a market capitalization of NGN 11.3 billion, which is about 0.04% of the Nigerian Stock Exchange equity market.

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