Africa Prudential's PBT Soars by 87% YoY in H1 2024: Key Insights from Investor Relations Call

Lagos, Nigeria – August 26, 2024 – Africa Prudential PLC, a leading share registration firm, recently held its half-year investor relations call following the announcement of exceptional financial results for the first half of 2024. The company showcased significant growth and resilience despite a challenging economic environment.

Africa Prudential’s balance sheet remains robust, with total assets growing by 46% YoY to ₦29.9 billion. The company’s shareholders' equity also saw a healthy increase of 8%, closing at ₦9.6 billion after dividend payments. The session offered a platform for Africa Prudential to share insights into its financial performance, discuss strategic initiatives, while giving a comprehensive overview of the company’s achievements and future outlook.

During the investor relations call, Chief Financial Officer, Taofik Giwa, highlighted, “Despite the unbundling of our Digital Technology Business, Africa Prudential’s core registrar operations continue to thrive. The registrar business achieved 76% of its budgeted revenue, with a revenue composition of 40% from contract fees and 60% from investment income, which exceeded expectations by achieving 113% of the budget.”

He added, “Our strong commitment to cost management and operational efficiency has led to significant improvements in our Cost-to-Income Ratio (CIR), which decreased from 63% in H1 2023 to 44% in H1 2024. The Return on Average Assets (ROA) remained stable at 3%, underscoring our solid financial foundation.”

In response to shareholder inquiries about growth opportunities, Managing Director/Chief Executive Officer, Catherine Nwosu, outlined the company’s “Go-To-Africa” strategic vision, “We plan to expand into consultancy and secretariat services within Nigeria and commercialise our e-products applications such as Invearn, Greenpole, and Apems.”

Speaking on the business outlook, Nwosu added, “We will launch a range of new and innovative products designed to meet the diverse needs and expectations of our esteemed investors.”

Africa Prudential recently launched Invearn, an application which allows investors to claim and track their dividends, update their TIN ID, and manage their investments anywhere in the world. This initiative underscores Africa Prudential’s dedication to technology and positions the company strongly for the future.

Key Financial Highlights:

- Profit Before Tax (PBT): ₦1.13 billion in H1 2024, up from ₦603 million in H1 2023, marking an impressive 87% Year-on-Year (YoY) growth.

- Profit After Tax (PAT): ₦791 million, reflecting an 87% YoY increase from ₦422 million in H1 2023.

-Total Assets: Expanded by 46% YoY to ₦29.9 billion, up from ₦20.4 billion.

- Net Total Income: Increased by 24% YoY to ₦2.0 billion, compared to ₦1.6 billion in the same period last year.

- Earnings Per Share (EPS): 39 kobo, up from 21 kobo in H1 2023.

- Shareholders' Fund: Rose by 8% YoY to ₦9.6 billion, despite a dividend payout of ₦0.9 billion.

For more information about the Investor Relations call, visit our website at www.africaprudential.com