H1 2022: Africa Prudential Reports 19% Increase in PBT to N1.16bn

Kayode Tokede

Africa Prudential Plc has reported 19per cent increase in profit before tax to N1.16 billion, according to its half year (H1) unaudited results for the period ended June 30, 2022 compared to N972.3million reported in the corresponding period.

The business solution and share registration service provider company listed on the Nigerian Exchange Limited (NGX) also grew profit after tax by 13 per cent to N935.8 billion in H1 2022 from N827.64million in H1 2021.

A gain of 19 per cent in gross earnings to N1.99 Billion in H1 2022, compared to N1.67 billion in H1 2021 and revenue from contracts with customers to N928million in H1 2022, compared to N517million in H1 2021; a growth of 79per cent, contributed primarily to profits growth in the period under review.

According to the company, interest income declined by eight per cent  in H1 2022 on account of a nine per cent  decline in the interest on loans and advances and a 53per cent decline in interest on short-term deposits during the period.

On the other hand, Interest earned on bonds increased 22per cent year on year cushioning the effect of the significant decline from other interest income sources.

Despite the 10% increase in total operating expenses, our cost-to-income ratio reduced by four percentage points to 43 per cent relative to 47per cent in the corresponding period.

The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, in a statement said, “Our results remain a testament of the impact of our deliberate efforts at diversifying and strengthening our revenue lines to multiple income lines, innovating new ways to deliver value, and adopting cost efficiency in every facet of our operations.

“The 355per cent growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term.

“As we venture into the second half of the year, we will continue to deploy value to our customers leveraging on innovation and technology to transform their experience and increase shareholders’ wealth.”