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Africa Prudential Reports 32% Decline in Revenue in H1, 2020

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3 years ago

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African Prudential - Investors King

Africa Prudential Posts 32% Decline in Revenue in H1, 2020

Africa Prudential Plc revenue declined by 32 percent from N870 million recorded in the first half of 2019 to N590 million in the first half of 2020.

In the unaudited financial statement released on Thursday through the Nigerian Stock Exchange, the company’s gross earnings decline by 7 percent from N2.01 billion filed in the corresponding period of 2019 to N1.87 billion in the first half of 2020.

However, profit before tax increase by 1 percent to N1.22 billion, up from N1.21 billion achieved in the first half of 2019.

This improvement trickled down to profit after tax (PAT) as Africa Prudential reported 5 percent increase in PAT from N1.03 billion in H1, 2019 to N1.08 billion in H1, 2020.

The company’s interest income rose by 12 percent year-on-year to N1.28 billion, up from N1.14 billion attained in H1, 2019.

Total assets rose by 23 percent year-on-year from N18.65 billion in H1 2020 to N22.89 billion. While total liabilities also increased by 44 percent to N14.97 Billion, up N10.37 billion.

Shareholders’ Fund declined by 4 percent from N8.28 billion to N7.92 Billion during the period under review.

Earnings per share improved to 54 kobo from 51 kobo recorded in the same period of 2019.

Speaking on the result, the Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, said: “With the continued prevalence of Covid-19 in Q2, the global economy has been drastically affected by the impact of the pandemic as evident from the revision of the world economy growth rate projection from -3.0% to -4.9%. Locally, Nigeria has not been exempted from the effect with the Finance Minister predicting a shrink of 8.9% in Gross Domestic Products (GDP) and possible recession in 2020. Our Q1 results showed the impact of the pandemic on our business, however we have been able to put in place structures to help us maximize the current business cycle. Through this structure we were able to achieve an impressive quarter-on-quarter results, increasing gross earnings by 52% and PAT by 144%. We were also able to deliver an improved result year-on-year, growing interest income and PAT by 12% and 5% respectively.

“As the company continues to observe safety measures to ensure the safety of staff and customers, we have enhance our virtual channels to meet the needs of our various categories of customers while reducing the need for physical visits significantly. We remain committed to sustaining and improving our service offerings to clients and creating superior value for our investors. As seen in our financials, we recorded some significant improvement in the growth of non-traditional sources of income as revenue from digital consultancy rose by 94% year-on-year.”

The MD/CEO further stated that “At Africa Prudential, we are driven by the desire to continuously leverage technology to redefine value creation and provide exceptional experience to clients across our various touch points, while generating superior value for our investors.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

Nigerian Financial Market Sees Vibrant Trading Amidst N90bn Loss

Published

8 hours ago

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December 4, 2023

By

stock - Investors King

The Nigerian financial market showcased robust trading activities, dominated by the financial services sector.

Despite this upbeat activity, investors witnessed a net loss of N90 billion by the close of trading.

The financial services industry took the lead in trading, accounting for 67.68% of the total equity turnover volume and 47.30% of the value.

A total of 1.721 billion shares valued at N18.28 billion exchanged hands in 17,151 deals.

The conglomerates industry followed suit with 200.584 million shares worth N1.55 billion traded in 2,073 deals.

The services industry claimed the third position, boasting a turnover of 122.025 million shares valued at N376.17 million in 2,051 deals.

Despite the overall market capitalization dipping by 0.23% to N39.082 trillion due to the delisting of Union Bank of Nigeria’s entire issued share capital, the NGX All-Share Index experienced a 0.27% increase, closing the week at 71,419.87.

Additionally, McNichols Consolidated Plc contributed to the market dynamics by listing 398,053,129 ordinary shares at N0.50 arising from its rights issue.

The total issued and fully paid up shares of McNichols expanded from 718,740,000 to 1,116,793,129 ordinary shares.

The trading landscape witnessed a significant surge, with a 4.88% increase in total traded volume, reaching 2.54 billion units in weekly deals.

The number of trades grew by 8.75%, totaling 36,138, and the weekly traded value surged by 70.50%, amounting to N38.64 billion.

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Banking Sector

Zenith Bank Signs MOU With CFA Institute to Develop Finance and Investment Professionals

Published

3 days ago

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December 1, 2023

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Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. 

The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.

Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.

According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.

In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.

At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity.

He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.

In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.”

He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals.

In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.

She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years.

She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank.

Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

 

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Finance

Currency Reforms Pose Challenges and Opportunities for Investment Banking, Says Former AIHN President

Published

4 days ago

on

November 30, 2023

By

Central Bank of Nigeria (CBN)

The ex-President of the Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, has shared insights on the dual impact of the Central Bank of Nigeria’s currency reforms, highlighting both challenges and opportunities for the investment banking industry.

Chioke made these remarks during the recently held Investment Banking Awards Night in Lagos.

Acknowledging the ongoing currency reforms, he emphasized the transformative nature of these policies, stating, “Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies.”

He pointed out that the free-floating of the naira and the removal of fuel subsidies, while causing short-term hardships, are integral components of the evolving economic landscape.

Chioke urged industry professionals to leverage their skills and expertise to navigate and capitalize on the opportunities presented by these reforms.

“The investment banking industry is a critical one for the Nigerian economy, and we represent the best brains and the best expertise in that space,” he stated, emphasizing the pivotal role of investment banking in steering the nation’s economic course.

Meanwhile, the Investment Banking Awards Night recognized outstanding achievements in the Debt Capital Market and Equity Capital Markets categories.

Chapel Hill Denham Advisory Limited emerged as the winner in the Debt Capital Market Category, securing accolades such as Private Company Bond House 2022 Award, Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award.

StanbicIBTC Capital Limited received the Best Commercial Paper House 2022 Award.

In the Equity Capital Markets Category, the Equity Deal of 2022 Award was shared among three distinguished companies: Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank, underscoring their impactful contributions to the equity market.

This celebration of excellence reflects the resilience and dynamism of the Nigerian investment banking sector amid a changing economic landscape.

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