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The decision of the board of African Prudential Plc (AfriPrud), to diversify from its traditional registrars business, which necessitated a name change to, African Prudential Plc, has impacted positively on its business, as the company posted 39.14 per cent growth in revenue.
Specifically, the company’s revenue for the 2017 operating year rose to N3.315billion from N2.418billion in 2016, boosted by net interest income, which grew to N2.38billion from N1.424billion, significantly surpassing the N935.434million “registrars fee income”, representing a decline from previous year’s N994.394million.
Other income rose to N49.196million from N29.214million, while operating expenses climbed 29.58 per cent year-on-year from N1billion in 2016 to N1.29billion.
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Personnel expenses dropped slightly from N353.413million in 2016 to N327.144million, but impairment loss on financial assets rose to N157.296million, up from prior year’s N147.46million.
Other operating expenses also climbed to N630.849million from N455.492million; depreciation and amortisation rose to N52.126million from N45.416million; just as finance charges, which was previously non-existent, stood at N130.703million
Profit before tax jumped 42.95 per cent to N2.066billion from N1.445billion.
However, income tax expense dropped to N352.116million from N426.763million; while Net profit grew 68.25 per cent from N1.019billion in the preceding year to N1.714billion, translating to EPS of 85 kobo, up from 51 kobo.
