Africa Prudential declares N791m profit

Africa Prudential has reported a profit after tax of N791m for the first six months of the year.

This was disclosed by the Chief Finance Officer of Africa Prudential Plc, Taofiq Giwa, at a webinar, tagged, ‘Africa prudential half year investor relations call’ on Monday.

Giwa mentioned that the company’s earnings per share for the period reached 39 kobo, while profit before tax stood at N1.13bn.

He stated that the shareholders’ fund also increased to N9.6bn from N8.9bn recorded in the previous year, adding that despite a modest dip in gross earnings to N2.11bn from N2.19bn, Africa Prudential saw its total assets surge to N29.9bn from N20.4bn.

“We are very intentional about our financial strategy to ensure that we grow our income sustainably. Internally, we are aligned towards ensuring that shareholders enjoy consistent dividend payments while maintaining profitability by the end of the year,” Giwa said.

The Managing Director of Africa Prudential Plc, Catherine Nwosu, highlighted the company’s commitment to providing seamless corporate meetings, effective regulatory compliance, and data-driven insights for clients.

She noted, “We have adopted AI-driven tools to enable our company to operate more effectively. This aligns with our mission of offering innovative solutions to meet the needs of our clients and stakeholders.”

Nwosu declared that the company displayed resilience in navigating economic headwinds despite the rising inflation rate in the country.

“In HY 2024, global interest rate declines were less than expected due to ongoing inflation in key economies. Despite this, we maintained our focus on the fixed-income market, taking advantage of high interest rates to deliver consistent returns to investors. Our strategy involves launching a range of new and innovative products designed to meet the diverse expectations of our esteemed investors.”

She added that it onboarded 10 new clients during the period, which was expected to significantly boost income.

“This brings additional revenue to our business, and that is where the bulk of our income will come from,” Nwosu noted.

Africa Prudential cut its operating expenses from N1.03bn to N896m during this period.

Africa Prudential provides share registration, specialises in creating client-company registers of shareholders, maintaining the register, dividend and interest payment, issuing of shares and debenture certificates, attending to shareholders enquiries, and handling of scrip and right issues