• Thursday, April 25, 2024
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Africa Prudential starts year 2022 with positive Q1 results

Africa Prudential starts year 2022 with positive Q1 results

Africa Prudential Plc has announced its unaudited financial statements for the first-quarter (Q1) period ended March 31, 2022, with gross earnings of N910million compared to N830million in Q1 2021, representing 10 percent year-on-year (YoY) growth; and profit before tax (PBT) of N550mllion compared to N480million in Q1 2021, representing 15percent YoY growth.

Profit After Tax or N400million in Q1’22 compared to N380million in Q1 2021 represents 6percent YoY growth. The Company delivered an Earnings Per Share (EPS) of 20Kobo as against 19kobo in Q1, 2021.

With presence in the Registrars and digital technology space, Africa Prudential Plc is one of the leading business solution providers. The company is leveraging technology to transform service experience across its various business lines.

Commenting on the result, Obong Idiong, Managing Director/CEO of Africa Prudential said: “We are pleased to start the year with the positive Q1 results. The recorded growth in our business is a testament to the impact of our deliberate effort at enhancing our traditional mono revenue lines to multiple income lines, innovating new ways to deliver value in an agile manner, and adopting cost efficiency in every facet of our operation.”

Read also: We leverage technology to create efficiencies in any value chain’

He said, “The 212 percent growth in digital technology income reiterates the effectiveness of our switch to a new business model and we remain positive about the potential growth from this revenue stream in the coming quarters and long term.

“As the year progresses, we remain focused on increasing shareholder’s wealth and commit to delivering an exceptional customer experience to our expanding clientele base.”

Its balance sheet shows total assets of N17.10billion in Q1’2022 compared to N15.76billion as at Q1 2021, up 11percent YoY.

Total liabilities of N8.94billion compared to N6.99billion as at Q1 2021 implies 28percent YoY growth; while shareholders’ fund stood at N8.16 billion, representing a 7percent YoY decline from N8.77 billion as at Q1 2021.

During the period, the book value of the company’s total assets grew 9percent year-on-year driven by an 11percent increase in cash and cash equivalents and a 28percent increase in Trade and other receivables. The company’s total liabilities also increased by 28percent year-on-year due to a 27percent growth in customers’ deposits and a 110percent growth in creditors and accruals. For shareholder’s wealth, due to faster growth in liabilities relative to assets, total equity declined by 7percent YoY.