Africa Prudential net income rises to N2bn H1

Africa Prudential Plc, the first listed registrar on the Nigerian Exchange Group (NGX Group), has grown its net income to N2 billion year-on-year (YoY) in the first half of 2024.

This is a 24 percent increase from N1.6 billion recorded in the same period in 2023, according to results announced by the company at its half-year investor conference call.

Catherine Nwosu, managing director/CEO, Africa Prudential Plc, joined by her management team, said the company has remained focused on creating value for its clients and shareholders despite economic challenges in Nigeria.

Nwosu said the company recorded a Profit After Tax (PAT) of N791 million year-on-year as against N422 million same period, an 87 percent increase, while the Profit Before Tax(PBT) maintained the same trend, closing at N1.13 billion, from N603 million in 2023, indicating an 87 percent increase.

Africa Prudential’s Total Asset (TA) witnessed a similar growth trend, rising to N29.9 billion from N20.4 billion same time in 2023, showing a 46 percent increase, while Shareholders Fund rose to N9.8 billion from N8.9 billion, indicating an 8 percent increase.

The company’s shareholders also got value for their investment, as earnings per share was 39 kobo in the first half as against 21 kobo same time in 2023.

The company remained committed to creating value for its investors, hence bringing down the cost of operation to N896 million in half year 2024, from N1.029 billion in the 2023 half year, a 13 percent drop.

“Cost optimisation is key to our growth, and we will continue to drive our cost down while maintaining quality products and services.”

Going into the future with sustainable growth and quality bottom-line, the first female Chief Executive Officer of the company said, “We will maintain our focus on the fixed income market, taking advantage of high interest rates to ensure consistent returns for investors.”

She said the company will continue to leverage on multi-channel approach to provide best-in-class customer experience across all touch points.

“We will pursue continuous process re-engineering and automation to enhance operational efficiency, aiming to maximize service delivery, boost customer satisfaction, and improve revenue generation.”

“We will strengthen partnerships with key stakeholders to drive profitability and increase market penetration.”

On innovative products and services, Nwosu said the company will launch an additional range of new and innovative products. These offerings are designed to meet the diverse needs and expectations of our esteemed investors.

“Our activities are geared towards leveraging technology to create superior value and transform customer experience across our businesses. To this end, our processes are technology-driven for effective and efficient service delivery, she said.