African Prudential’s profit rises to N1.7 billion

Amid harsh operating environment, African Prudential Plc has achieved a Profit After Tax (PAT) of N1.7 billion in its 2017 operations, against N1 billion recorded in the corresponding period in 2016.

Reviewing its performance during the company’s 2017 yearly general meeting held in Lagos on Tuesday, the chairman of the company, Mrs Eniola Fadayomi explained that turnover increased by 37.48 per cent to N3.4 billion from N2.4 billion posted in 2016 while Profit Before Tax rose from N1.4 billion to N2 billion during the period under review, representing 42.95 per cent growth.

Besides the shareholders of the company, unanimously approved a dividend of N800 million, translating to 40 kobo per ordinary share of 50 kobo due to every investor of firm for the 2017 financial year.

Fadayomi explained that the company has continued to improve on the quality of its customer service delivery in registrar operations, through deployment of the most sophisticated business process software application in the shares registration process industry.

According to her, the software, which has enabled the company to offer premium services to client, was developed through an in-house expertise by the information technology department of the company.

“The company’s state of the art visual portal has made it possible for shareholders to access the share investment information through log in access on their telephone handsets and computers within the comfort of their homes and offices, without having to physically visit the offices.”

The Chief Executive Officer, Peter Ashade explained that the firm’s change of name from African Prudential Registrars Plc to African Prudential Plc was duly completed in 2017, adding that the company has also commenced implementation of its diversification plans.

“In line with our business diversification drive, the new African Prudential Plc has so far evolved four business lines.”

He added that the company would continue to leverage technology to enhance its revenue base and diversify income for long-term sustainability.

To deepen its income base outside registrar operations, he pointed out that the company has embarked on aggressive marketing of its bouquet of e-products such as Easycoop, E-record, USSD and VAR both in Nigeria and other African countries.