CREATING VALUE THROUGH DIVERSIFICATION WITH DIGITAL TECHNOLOGY
The third quarter of our business year was marked by giant strides to bring long term value to all our stakeholders. Leveraging technology, we are transforming value creation and customer experience to clients across our Business Divisions while charting the path for sustainable superior returns to our investors.
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, had this to say:
“While the negative economic impact of the Covid-19 continue to reflect on our traditional income lines, the transition of the company from a traditional Registrar Business to a technology business deploying technology to transform the Registrar, Cooperative, E-Commerce, and Digital Technology play could not have come at a better time. We are confident that as the Company’s new businesses continue to gather momentum, we will continue to deliver sustainable value to our investors.”
Among the gradual result of the transformation process is the 264% year-on-year growth in Digital Technology Consultancy income. We also grew our investment income by 6% year-on-year through the efficient allocation of investmentible fund despite the prevailing low interest rate regime.
We will continue to consolidate on our gains in the digital technology space to deliver great value and exceptional experience to clients across all our touch points.”
Mr. Obong Idiong, MD/CEO further remarked that the company’s technology drive and its impact on Africa Prudential’s business output promises to deliver superior value to all stakeholders.
“Although our Profit Before Tax marginally declined by 11%, we were able to increase our interest income by 6% through our careful allocation of funds into appropriate and viable investments.
Inasmuch as we recorded a revenue decline from fee from contracts by 30% year on year due to the impact of covid19 on our key clients which resulted in renegotiation and repricing, we are constantly working assiduously to increase our revenue. We would continue to intensify awareness and brand positioning for our digital technology business. In the interim, we would strategically replicate our excellence in the Registrar space into the Cooperatives business segment with the goal of scaling across Africa in the medium to long run.”