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Thursday 19 July 2018
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Africa Prudential restates commitment to driving growth

 

Africa Prudential Rewards Shareholders

By Nsikan Ikpe

 

Africa Prudential Plc formerly Africa Prudential Registrars Plc has expressed its commitment to continually promoting business development policies that would help drive economic activities while also leading to sustainable business growth.

And underscoring its primary determination to begin from its home front, the company in its financial year ended December, 31, 2017, paid a gross dividend of N800 Million, 40 kobo per ordinary share of 50 kobo each.

Speaking at the 5th Annual General Meeting (AGM) of the company, the Managing Director/CEO Africa Prudential, Mr. Peter Ashade promised to work out strategies that would enhance the business capacity of the company in the interest of shareholders.

The company’s turnover for the year ended December, 31, 2017 stood at N3,365.02 million from N2,447.71 million recorded in 2016 indicating a 37.48 percent increase. Operating expense grew by N29.58 percent from N1,001.78 million in 2016 to N1,298.12 million in 2017. Profit before tax stood at N42.95 percent from N1,445.94 million recorded in 2016 to N2,066.9 billion in 2017 while profit after tax grew by 68.25 percent from N1,019.17 million in 2016 to N1,714.78 million in 2017.

Responding to questions, Ashade promised to do everything to maintain the current business growth trajectory of the company and to continue to reward its shareholders.

“The new Africa Prudential Plc is a strong player in the registrars business and still intends to remain one of the leading registrars firms in Nigeria that would also go on to grow its potentials to become a leader in African market in the near future”.

He disclosed that the diversification drive of Africa Prudential in recent times has added value to the company.

He recalled its origins:

‘In 2017, we emphasized the need for diversification of our business portfolio to achieve long term sustainability and viability which led to the change of name to accommodate more business opportunities.’

Ashade further highlighted on the benefits of successful diversification of the business, saying that the new Africa Prudential has so far evolved four business lines.

‘We will continue to leverage technology to develop and enhance our revenue lines in order to diversify our income base for long term sustainability.’

According to him,  the company  in  2017 won the best registrars company in West Africa by the West Africa Innovation Award, an  award that celebrates outstanding innovation, brands and personalities in 8 West African Countries.

Speaking also at the event was the Chairman, Chief Mrs. Eniola Fadayomi, who said that the Nigerian economy is expected to grow significantly in 2018 with oil prices expected to rise above the government budget benchmark of US$45. The chairman who spoke extensive on the national economy and the business growth potentials of Africa Prudential said the company would continue to grow its revenue and improve on quality service delivery.

‘The company will continue to build and improve on the quality of its customer service delivery in registrar operations, through deployment of the most sophisticated business process software application in the share registration industry.’

On its financial performance, she said despite the challenging operating environment in the year 2017, the company ended the year with an impressive performance with a turnover of N3,365.02 million indicating a 38 percent rise over the previous fiscal financial year and profit before tax of N2.066.9, which is a 43 percent rise, compared to the previous year.

‘We are optimistic that Africa Prudential will rightfully position itself in 2018 to maximize all the business opportunities that will arise from the budget implementation by seeking appointment as registrars from those companies that would be seeking public listing on the Nigeria stock exchange.’

‘The positive impact of the end of economic recession in 2017 will be fully manifest in 2018 as the level of foreign direct investment is expected to increase due to appreciation of the Naira against the US Dollar and stability in the foreign exchange market,’ she asserted.

 

Mr Peter Ashade, CEO, Africa Prudential PLC

 

 

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