H1 2024: Africa Prudential Grows Asset to N29.9bn
Africa Prudential Plc has said that its total assets rose to N29.9 billion during the first half of the year (H1) ended June 30, 2024.
The figure represents 46 per cent increase from N20.4 billion posted in the corresponding period of year 2023.
Mr Taofeeq Giwa, Chief Financial Officer (CFO) of the company, announced this at the firm’s Half Year Financial Performance and Investor Relations Conference Call, held virtually on Monday.
Giwa said the firm’s profit before tax (PBT) for the period under review also grew by 87 per cent to N1.13 billion, compared to N603 million posted in the same period of the previous year.
He said that the company’s net total income for the period under review stood at N2 billion, compared to N1.6 billion recorded in H1 2023, representing 24 per cent year-on-year (YoY) growth.
Giwa said the company’s earnings per share increased to 39k in the first half of the year, against 21k reported in the same period of the previous year.
He added that the company also grew its shareholders’ fund by eight per cent in the first half of year 2024 to N9.6 billion from N8.9 billion recorded in H1 2023.
The CFO, however, said the company’s operating expenses decreased by 13 per cent to N896 million in the period under review from N1.029 billion posted same period of year 2023.
He noted that the gross earnings of the firm declined by six per cent to N2.059 billion for the period under review from N2.187 billion reported in the corresponding period of year 2023.
In her address, Dr Catherine Nwosu, Chief Executive Officer (CEO) of the company, said that the company reported exceptional financial results with significant growth and resilience in spite of the challenging economic environment.
Nwosu attributed the company’s outstanding performance to the steady focus on fixed income market such as treasury bills and bonds.
He revealed that Africa Prudential took advantage of the high interest rates to ensure consistent returns for investors.
The CEO said beyond this, the company onboarded 10 clients, three equities, two bonds, among other investments to increase its transactions.
According to her, the firm is poised to grow its profit in the second half of the year and ensure its shareholders enjoy higher dividends.
She said having achieved 13 per cent decline in operating expenses, the company would continue to reduce expenses while maintaining quality products and services.
To boost customer satisfaction, optimal efficiency and improve revenue generation, Nwosu said that Africa Prudential would pursue continuous process of re-engineering and automation.
Nwosu stressed that the firm would strengthen partnership with key stakeholders to drive profitability and increase market penetration.
“We will launch additional range of innovative products. These offerings are designed to meet the diverse needs and expectations of our esteemed investors.
“The company plans to expand into consultancy and secretariat services within Nigeria and commercialise its e-products applications such as Invearn, Greenpole, and Apems.”
“Africa Prudential will also drive core business operations by leveraging robust risk management framework and e-channel approach to provide best-in-class customer experience across all touch points,” she said.
Africa Prudential is a leading share registration and data management provider with over five decades of operations in the capital market revolutionising the way companies manage their shareholders. #H1 2024: Africa Prudential Grows Asset to N29.9bn
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