Africa Prudential has announced N1.16bn Profit Before Tax in the first half of 2022.
The profit generated for the first six months of the year represents 19 per cent growth compared to N0.97bn recorded in the first half of 2021.
The company stated, “The 19 per cent growth in gross earnings in H1 2022 provides further evidence of gains from the company’s diversification into a digital technology solutions provider, while reinventing its traditional registrar business.”
The financial performance of the company shows that gross earnings for H1 2022 was N1.99bn compared to N1.67bn in H1 2021 on 19 per cent Year-on-Year growth. Profit After Tax was N0.94bn compared to N0.83bn in H1 2021 on a six per cent YoY growth.
Total Assets was N38.18bn, compared to N15.76bn as at Financial Year 2021, representing 142 per cent Year-to-Date increase.
Total liability was N29.49bn, compared to N6.99bn as at FY 2021, representing 322 per cent increase.
However, shareholders’ fund stood at N8.69bn, a one per cent YTD decline from N8.77bn as at FY 2021.
Commenting on the financial results, Managing Director/Chief Executive Officer of Africa Prudential, Obong Idiong, affirmed the company’s innovative and technological methods to drive financial growth and profit.
He said, “In the first half of the year, our diversification strategy underpinned the growth in revenues and profits recorded over the period. We continue to observe the impact of our deliberate effort to enhance our traditional mono revenue lines and turn them into multiple income lines, as we innovate to deliver value to our customers.
“The 355 per cent growth in digital technology income reflects the effectiveness of our strategic shift to a digital technology solutions provider. We remain positive about the potential growth of this business line over the medium to long term, as we sign/execute more digital consultancy contracts.”
Anticipating the domino effect of the successful launch of the company’s digital technology solutions, he said the launch would lead to bespoke solutions contracts for prospective clients in the public and private sectors.
African Prudential is a registrar, business solutions and investor services firm listed on the Nigeria Exchange Limited, offering digital technology solutions and services, as well as sharing registration and e-commerce services.
The firm leverages technology to transform the service experience of businesses and consumers across various business lines.
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