Africa Prudential has reported a profit after tax of N791 million for the first six months of the year, as revealed by Taofiq Giwa, the Chief Finance Officer, during a webinar titled ‘Africa Prudential Half-Year Investor Relations Call’ held on Monday.
Giwa also disclosed that the company’s earnings per share for the period rose to 39 kobo, with profit before tax reaching N1.13 billion. The shareholders’ fund experienced a growth, increasing to N9.6 billion from N8.9 billion in the previous year. Despite a slight dip in gross earnings from N2.19 billion to N2.11 billion, Africa Prudential saw its total assets surge significantly from N20.4 billion to N29.9 billion.
“We are very intentional about our financial strategy to ensure that we grow our income sustainably. Internally, we are aligned towards ensuring that shareholders enjoy consistent dividend payments while maintaining profitability by the end of the year,” Giwa stated.
Catherine Nwosu, the Managing Director of Africa Prudential Plc, underscored the company’s dedication to providing seamless corporate meetings, ensuring effective regulatory compliance, and delivering data-driven insights for clients. She emphasized the adoption of AI-driven tools to enhance operational efficiency, aligning with their mission to offer innovative solutions tailored to the needs of their clients and stakeholders.
Nwosu also highlighted the company’s resilience in navigating economic challenges, particularly amidst the rising inflation rate in Nigeria. “In HY 2024, global interest rate declines were less than expected due to ongoing inflation in key economies. Despite this, we maintained our focus on the fixed-income market, leveraging high interest rates to deliver consistent returns to investors. Our strategy involves launching a range of new and innovative products designed to meet the diverse expectations of our esteemed investors,” she said.
During this period, Africa Prudential onboarded 10 new clients, which is anticipated to significantly boost income. “This brings additional revenue to our business, and that is where the bulk of our income will come from,” Nwosu added.
Additionally, Africa Prudential managed to reduce its operating expenses from N1.03 billion to N896 million during this time.
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The company is specialized in providing share registration services, maintaining client-company registers of shareholders, managing dividend and interest payments, issuing share and debenture certificates, attending to shareholder inquiries, and handling scrip and rights issues.
