BY BAMIDELE FAMOOFO
Africa Prudential Plc has announced its Unaudited Financial Statements for the period ended June 30th 2022, with gross earnings of N1.99 billion and profit before tax of N1.16 billion. The Company delivered earnings per share of 47Kobo. Both gross earnings and profit before tax recorded a growth of 19 percent on year on year basis.
Breakdown of the half year performance for the period ended June 30, 2022, showed that revenue from contracts with customers stood at N0.93 billion, compared to N0.52 Billion in H1 2021, representing 79 percent year on year (YoY) growth) while interest income dropped by 8 percent to N1.06 billion as against N1.15 billion in half year in 2021.
Profit after tax increased by 13 percent from N0.83 billion to N0.94 billion YoY.
Balance Sheet indicated that the company’s total assets increased by 142 percent to N38.18 billion, compared to N15.76 billion as at FY 2021; total liabilities was up 322 percent to N29.49 billion, compared to N6.99 billion as at FY 2021. Shareholders’ Fund stood at N8.69 billion, a one percent (1%) YoY decline from N8.77 billion as at FY 2021.
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, had this to say: “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 355% 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. ”
