Exchange commends Africa Prudential’s initiative at bourse

Africa Prudential Plc has been commended by the Nigerian Stock Exchange (NSE) for championing laudable initiatives, which have contributed significantly in the development of the Nigerian capital market.

The Chief Executive Officer of the Exchange, Oscar Onyema, and Chief Risk Officer, Tunji Kazeem, while speaking with delegates during the Closing Gong Ceremony, gave the commendations for what they described as “ground-breaking initiatives”, by the company, over the past years.

“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”, he added.

The company had earlier announced its unaudited financial statements for the period ended June 30, 2018, showing a turnover growth of 48 per cent from N1.47 billion in 2017, to N2.17 billion.

It also delivered earnings per share of 49 Kobo, as profit before tax grew by 20 per cent from N0.95 billion in the corresponding period of 2017 to N1.14 billion, while profit after tax grew by 14 per cent year-on-year to N0.98 billion.

Total Assets grew by 13 per cent to N24.88 billion, compared to N21.93 billion as at period ended December 31, 2017.

Driven by the need to diversify its business portfolio to achieve long-term sustainability, the company decided to initiate a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc, which it completed in first quarter of 2018.

In line with this business diversification drive, the new Africa Prudential Plc has so far evolved 4 business lines and continues to leverage technology to develop and enhance its revenue.

The company sets the pace in its industry, bringing technology into the standard share registration model, revolutionizing primary processes, and driving advocacy for regulatory initiatives within the evolving sector, with intentions to deploy its business solutions to Africa in the nearest future.

The Managing Director/Chief Executive Officer of Africa Prudential, 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 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.

“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.”