Africa Prudential declares N1.4bn profit in 9 months

Africa Prudential Plc on Wednesday published its Unaudited Financial Statements for the period ended September 30th 2020 on the website of the Nigerian Stock Exchange.

The firm reported a Gross Earnings of N2.630 billion, down by 9.17% from N2.896 billion achieved in the third quarter of 2019.

AFRIPRUD declared a profit after tax of N1.41 billion, down by 6.12% from N1.50 billion reported in Q3 2019.

Earnings per share dropped to 71 kobo from 75 kobo reported the previous year.

At the current share price of N5.45, the P.E ratio of AFRIPRUD is calculated as 7.73x with earnings yield of 12.94%.

Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, stated thus:

“While the negative economic impact of the Covid-19 continue to reflect on our traditional income lines, the transition of the company from a traditional Registrar Business to a technology business deploying technology to transform the Registrar, Cooperative, E-Commerce, and Digital Technology play could not have come at a better time. We are confident that as the Company’s new businesses continue to gather momentum, we will continue to deliver sustainable value to our investors.”

“Among the gradual result of the transformation process is the 264% year-on-year growth in Digital Technology Consultancy income. We also grew our investment income by 6% year-on-year through an the efficienct allocation of investmentible fund despite the prevailing low interest rate regime.”

“We will continue to consolidate on our gains in the digital technology space to deliver great value and exceptional experience to clients across all our touch points.”

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