NSE COMMENDS AFRICA PRUDENTIAL FOR GROUND-BREAKING INITIATIVES

NSE COMMENDS AFRICA PRUDENTIAL FOR GROUND-BREAKING INITIATIVES
August 14, 2018 Lanre

COMPANY RECORDS 48% GROWTH IN EARNINGS

Africa Prudential Plc, a leading share registration and investor services firm in Nigeria has been commended by the leadership of the Nigerian Stock Exchange (NSE) for championing laudable initiatives which have contributed significantly in developing the Nigerian Capital Market.

While speaking with delegates during the Closing Gong Ceremony held in honour of Africa Prudential Plc on Friday, Chief Risk Officer, Mr. Tunji Kazeem lauded Africa Prudential Plc for ground-breaking initiatives over the past years. “The Exchange and Africa Prudential Plc have had several years of cordial relationship. We are sure the wisdom and leadership of the company will present further opportunities to collaborate on Capital Market development and other mutually beneficial areas such as sustainability” he added.

The company had earlier announced its Unaudited Financial Statements for the period ended June 30, 2018, showing an impressive Turnover growth of 48% from N1.47 billion in 2017 to N2.17 billion, and delivering an Earnings Per Share of 49 Kobo. Profit Before Tax grew by 20% from N0.95 billion in the corresponding period of 2017 to N1.14 billion, while Profit After Tax grew by 14% year-on-year to N0.98 billion. Total Assets grew by 13% to N24.88 billion, compared to N21.93 billion as at period ended December 31, 2017.

Driven by the need to diversify its business portfolio to achieve long-term sustainability and viability, the Company decided to initiate a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc which it completed in Q1 2018. In line with this business diversification drive, the new Africa Prudential Plc has so far evolved 4 business lines and continues to leverage technology to develop and enhance its revenue. The Company sets the pace in its industry, bringing technology into the standard share registration model, revolutionizing primary processes, and driving advocacy for regulatory initiatives within the evolving sector, with intentions to deploy its business solutions to Africa in the nearest future.

Commenting on the financial results, Mr. Obong Idiong, the Managing Director/CEO of Africa Prudential Plc, said that, “The results show the success and strength of our business model as a Company, as we are committed to taking Africa Prudential Plc to greater heights by continuing to break new grounds, thereby staying ahead of competition. Africa Prudential is still poised to be number one (1) in Nigeria, with an aspiration to expand into the African market, driven by technology, translating to strong operational and financial efficiency”.

He further emphasized that ”The Company will intensify efforts to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development and process improvement, leveraging technology to offer exceptional customer experience to our clients.”

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