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Africa Prudential records 48% growth in turnover


Africa Prudential Registrars Plc

Africa Prudential Plc, a leading share registration and investor services firm in Nigeria, has been commended by the leadership of the Nigerian Stock Exchange (NSE), for championing laudable initiatives, which have contributed significantly in developing the Nigerian Capital Market.

While speaking with delegates during the Closing Gong Ceremony by Africa Prudential Plc on Friday, representing the Chief Executive Officer, NSE, Oscar Onyema, represented by the Chief Risk Officer, Tunji Kazeem, said: “The Exchange and Africa Prudential Plc have had several years of cordial relationship. We are sure the wisdom and leadership of the company will present further opportunities to collaborate on Capital Market development and other mutually beneficial areas such as sustainability.”

The company had earlier announced its Unaudited Financial Statements for the half year ended June 30, 2018, showing an impressive turnover growth of 48 per cent from N1.47billion in 2017 to N2.17billion, and delivering Earnings per Share of 49Kobo. Profit Before Tax grew by 20 per cent from N95million in the corresponding period of 2017 to N1.14billion, while Profit After Tax increased 14 per cent year-on-year to N98million. Similarly, Total Assets rose 13 per cent to N24.88billion, compared to N21.93billion at December 31, 2017.

Driven by the need to diversify its business portfolio to achieve long-term sustainability and viability, the Company initiated a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc, which it completed in Q1 2018.

In line with its diversification drive, Africa Prudential has evolved four business lines, and continues to leverage technology to develop and enhance its revenue as well as standardising share registration model, revolutionising primary processes, and driving advocacy for regulatory initiatives within the evolving sector, and exporting its business solutions to Africa in the nearest future.

Commenting on the financial results, the Managing Director/CEO Obong Idiong, said: “The results show the success and strength of our business model as a Company, as we are committed to taking Africa Prudential Plc to greater heights by continuing to break new grounds, thereby staying ahead of competition. Africa Prudential is still poised to be number one in Nigeria, with an aspiration to expand into the African market, driven by technology, translating to strong operational and financial efficiency.”

He added that ”The Company will intensify efforts to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development, and process improvement, leveraging technology to offer exceptional customer experience to our clients.”

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Africa Prudential PlcNSE
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