Africa Prudential Plc on Thursday published its half year report for the period ended, 30 June 2020. The firm reported gross earnings of N1.87 billion, down by 6.84% compared to the gross earnings of N2.01 billion reported in the first half of 2019.
Profit after Tax (PAT) grew by 5.34% to N1.08 billion from the PAT of N1.03 billion in HY’19.
Earnings per share grew to 54 kobo from 51 kobo, implying a growth if 5.3% year on year.
With reference to the share price of N4.12, PE ratio of Africa Prudential Plc is calculated as 7.63x with earnings yield of 13.12%.
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong,
stated thus:
“With the continued prevalence of Covid-19 in Q2, the global economy has been drastically affected by the impact of the pandemic as evident from the revision of the world economy growth rate projection from -3.0% to -4.9%. Locally, Nigeria has not been exempted from the effect with the Finance Minister predicting a shrink of 8.9% in Gross Domestic Products (GDP) and possible recession in 2020. Our Q1 results showed the impact of the pandemic on our business, however we have been able to put in place structures to help us maximize the current business cycle.
Through this structure we were able to achieve an impressive quarter-on-quarter results, increasing
gross earnings by 52% and PAT by 144%. We were also able to deliver an improved result year-onyear, growing interest income and PAT by 12% and 5% respectively.
As the company continues to observe safety measures to ensure the safety of staff and customers, we have enhance our virtual channels to meet the needs of our various categories of customers while reducing the need for physical visits significantly. We remain committed to sustaining and improving our service offerings to clients and creating superior value for our investors. As seen in our financials, we recorded some significant improvement in the growth of non-traditional sources of income as revenue from digital consultancy rose by 94% year-on-year.
Mr. Obong Idiong MD/CEO further remarked that: “At Africa Prudential, we are driven by the desire to continuously leverage technology to redefine value creation and provide exceptional experience to clients across our various touch points, while generating superior value for our investors.