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AFRICA PRUDENTIAL PLC DECLARES N791M PROFIT

• Posted on August 27, 2024
• Investing
• By admin

Africa Prudential Plc has reported a profit after tax of N791 million for the first six months of 2024. This information was shared by Taofiq Giwa, the Chief Finance Officer of the company, during a webinar titled "Africa Prudential Half-Year Investor Relations Call."

Giwa also noted that the company’s earnings per share (EPS) for the period stood at 39 kobo, and the profit before tax was N1.13 billion. The shareholders’ fund increased to N9.6 billion from N8.9 billion recorded in the previous year, despite a slight decrease in gross earnings from N2.19 billion to N2.11 billion. However, the company’s total assets saw a significant increase, rising to N29.9 billion from N20.4 billion.

Giwa highlighted that the company’s financial strategy is focused on sustainable growth, aiming to maintain profitability and ensure consistent dividend payments to shareholders.

Catherine Nwosu, the Managing Director of Africa Prudential Plc, emphasized the company’s commitment to providing seamless corporate meetings, effective regulatory compliance, and data-driven insights for clients. She mentioned that the company has adopted AI-driven tools to enhance operational efficiency and align with their mission of offering innovative solutions.

Additionally, Africa Prudential onboarded 10 new clients during this period, which is expected to boost income. The company also managed to reduce its operating expenses from N1.03 billion to N896 million.

Nwosu acknowledged the challenges posed by the rising inflation rate in the country but emphasized the company's resilience in navigating these economic headwinds. She stated that the company remained focused on the fixed-income market, taking advantage of high interest rates to deliver consistent returns to investors. The company is also working on launching new products to meet the diverse expectations of its investors.