Africa Prudential’s Quarterly Profit Drops to N45m

• Africa Prudential’s Quarterly Profit Drops to N45m

Africa Prudential Plc posted a profit before tax of N45m for the three months period ended March 31, 2019, compared to the N54m recorded in the same period last year.

The company’s unaudited financial statement, which was made available to the Nigerian Stock Exchange on Friday, showed that the profit after tax also dropped by 17 per cent year-on-year to N38m from N46m in Q1 2018.

Africa Prudential said its revenue from contracts with customers grew by 23 per cent from N22bn in 2018 to N27bn in 2019.

The Managing Director/Chief Executive Officer, Africa Prudential, Mr Obong Idiong, said the company was faced with some challenges that impeded its performance during the quarter, one of which was the declining yield environment, which mildly impacted interest income.

He said, “The management is, however, committed to improving upon our performance in the coming quarters following the launch of our strategic business units, namely digital technology, EasyCoop Mart and cooperative business.

“To complement the traditional registrar business, the benefits of the new business segments are expected to be felt from the second quarter of the year, going forward.”

Idiong stated that the various strategic steps the company had taken were aimed at establishing it as the registrar of choice while making a foray into new ventures with high growth prospect.

He said, “To do this, we will be leveraging technology, research and development, as well as capacity building to ensure we achieve the aforesaid goals.

“We will continue to bring to bear our doggedness while taking pragmatic steps towards tackling the arrays of issues plaguing us and our industry for a long time now.”

He added that going into the second quarter, the company would not be resting on its oars as it would ensure to keep to its promise of delivering unique customer experience to its client base.