African Prudential Plc shareholders would be looking for expansion of their portfolio in the company based on remarkable performance year on year and return on investments, even as operating expenses remain upbeat.
This was , as the company’s recently released 2017 audited financial statement showed a 68 per cent growth in profit after tax (PAT) even as all key performance measuring indices recorded remarkable growth.
The company’s 2017 Full Year Financial Results showed a turnover of N3.37billion and profit before tax of N2.07bn, for the year ended 31 December 2017. The company delivered an annualized Earnings per Share of 86 Kobo and declared a Dividend of 40 Kobo per Share.
The result released by the Nigerian Stock Exchange (NSE) on Monday showed that Profit After Tax (PAT) peaked at N1.7bn, against N1.0bn posted in 2016 financial year, reflecting 68 per cent year on year (YoY) growth.
Profit Before Tax grew by 43 per cent yoy to N2.1bn, compared to N1.4bn in 2016, the company’s total revenue peaked at N3.4bn, compared to N2.4bn in FY 2016. Indicating 39 per cent YoY growth.
However, the company’s operating Expenses ballooned by 38.5 per cent YoY to N1.3bn, compared to N1.0bn in 2016 financial year.
The trend, the company explained , was largely driven by technology advancement, business expansion, product development and other promotional activities.
Also, the 67.1 per cent rise in net interest Income, the company further explained was spurred by an efficient management of its investment activities.
The result further showed that the company’s total assets during the period rose by 30 per cent YoY , to N21.9bn, compared to N16.8bn as at 2016, Total Liabilities also rose by 22 per cent Yoy to N14.9bn, compared to N12.3bn as at 2016 year end.
Shareholders’ Funds rose by 52 per cent to N6.9bn, indicating robust capacity for internal capital generation.
Managing Director/CEO, African Prudential Plc, Mr. Peter Ashade, commenting on the financial results, said that “Despite the challenging operating environment in 2017, the company ended the year with an impressive performance.
The company recorded a turnover of N3, 365,012,000, bn a growth of 38% over the previous fiscal financial year and a Profit before Tax of N2, 066,894,000 bn , which represent an increase of 43% over the previous year”.
He further stated that, “In 2017, we emphasized the need for diversification of our business portfolio to achieve long term sustainability and viability of our business which necessitated the change of name that was approved at the last Annual General Meeting.
He said “we have commenced implementation of our diversification strategy. Worthy of note is the fact that the new Africa Prudential Plc is still a strong player in the registrars’ business and still intends on remaining a leading registrar firm in Nigeria and grow to become a leader in Africa in the near future”