Africa Prudential Plc on Tuesday released its audited financial report for the period ended 31st of December, 2019.
The firm reported a Gross Earnings of N3.9 billion, down by 13.01% when compared to the Gross Earnings of N4.49 billion recorded in 2018. The decline in treasury bills yield witnessed in 2019 brought about a 22% reduction in revenue made from interest income thereby causing the company’s gross earnings to reduce by 13.01%.
Profit before tax PBT was N2.389 billion, down by 0.22% when compared to PBT of N2.395 billion IN 2018.
The firm posted a profit after tax of N1.68 billion, down by 13.92% from the previous Profit after Tax of N1.95 billion in 2018.
The Earnings per share of Africa Prudential Plc stands at 84 kobo, down by 13.92% against the earnings per share of 98 kobo recorded in 2018.
With reference to the share price of N5.11, the P.E ratio of Africa Prudential stands at 6.08x with earnings yield of 16.44%.
A Dividend of 70 Kobo per 50 Kobo ordinary share, subject to appropriate Withholding Tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 6th of March 2020.
The Register of Shareholders will be closed from 9th of March 2020 to 13th March 2020.
On 23rd March 2020 dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 6th March 2020 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong said; “2019 was a challenging year in the money and capital market as businesses struggled to deliver positive results due to the drastic reduction in interest rates on treasury bills and other money market instruments. We were also affected by this decline which cause our gross earnings to fall by 13% year-on-year, we were however able to increase our revenue from contracts through a strategic increase in our retainership fee by 21%.
We remain dedicated to delivering quality registrar business to our clients while we slowly transition into digital technology. “During the period under review, our Innovation Lab introduced a number of innovative products to the market, some of which include a new version of EasyCoop an enterprise resource solution for cooperative societies and EasyMall a cooperative market place.
We have also continuously strive to improve how we currently serve our clients as evident in the recent upgrade of our Customer Experience Center and introduction of new customer channels. Our Digital Transformation journey on course as we change the way we create, deliver and capture value.
“For us at Africa Prudential, the future is digital technology driven which is why we are integrating all our processes into a seamless system that offers world-class solutions to our customers and creating new revenue lines. In the long-run, this would reduce our huge exposure to capital market activities which has been on a decline of late. Our company would continue to innovate not only to improve capital market interactions but also to improve our top line in order to deliver superior value to all stakeholders.”