Africa Prudential Reports 15% Increase in PBT to N0.55bn

Kayode Tokede 

Africa Prudential Plc has announced its unaudited results for first quarter ended March 31, 2022 with profit before tax increasing by 15per cent.

The company on the Nigerian Exchange Limited (NGX) reported profit before tax of N0.55billion in Q1 2022 from N0.48billion reported in Q1 2021, while profit after tax grew by six per cent to N0.40billion in Q1 2022 from N0.38billion in Q1 2021. 

Africa Prudential also grew revenue from contracts with customers to N0.45 billion, in Q1 2022 compared to N0.36 Billion in Q1 2021, driven by driven by a 212per cent year-on-year growth in digital technology services despite the 60per cent decline in Fees from corporate actions.

Commenting on the result, the Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, in a statement 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. 

“The 212per cent 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.”

Africa Prudential’s value of total assets grew nine per cent year-on-year to N17.10 billion, driven by an 11per cent increase in cash and cash equivalents and a 28per centincrease in Trade and other receivables.

In addition, total liabilities also increased by 28per cent year-on-year to N8.94billion due to a 27per cent growth in customers’ deposits and a 110per cent growth in creditors and accruals.