Africa Prudential Reports 13% Increase in Profit

Africa Prudential Plc, a Nigerian-based leading investor services and business support solutions, grew gross earnings by 19% from N1.67 billion recorded in the first half (H1) of 2021 to N1.99 billion in H1 2022.

The company disclosed this in its unaudited financial statement obtained by Investors King.

Revenue from contracts with customers jumped 79% to N930 million in the period under review, up from N520 million filed in H1 2022.

Interest income declined 8% to N1.06 billion from N1.15 billion in H1 2021. Profit before tax grew from N972.329 million in the corresponding period of H1 2021 to N1.155 billion in H1 2022, representing a 19% increase.

Profit after tax improved by 13% to N935.777 million compared to N827.643 million filed in H1 2021. Earnings per share stood at 47 kobo, slightly higher than 41kobo filed in H1 2022.

Other Africa Prudential Financial Highlights:

• 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.

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.”