Africa Prudential Plc was able to grow profitability and other key financial indicators despite operational challenges arising as a result of macroeconomic headwinds.
For the first three months through March 2018, Africa Prudential’s net income increased by 22.02 percent to N460.89 million from N377.66 billion the previous year.
Gross earnings were up 49.29 percent to N957.80 million in March 2018 as against N641.54 million the previous year.
Net investment income increased by 72.04 percent to N734.25 million in the period under review from N426.79 million the previous year.
The growth in net investment income was driven by a 328.05 percent surge in interest on term deposit to N418.69 million in the period under review.
Brief Historical Background
UBA Registrar Department was created in 1970, which is the phase 1a of the company’s history. While transactions were done manually, accounts/clients increased from 15 to 17 while the company had an asset book of over N1.40billion with N63.40 million gross earnings.
UBA Registrar was incorporated in 2006, which is the phase 1b of its history.
From 2006-2012, the period of innovation and capacity building, accounts/clients increased from 17 to 50 while gross earnings rose to N1.9billion and asset book rose to N14.1billion.
The second phase (2013-2017), formed the bed rock of the major milestone in the history of Africa Prudential. In 2013, the company changed its name from United Bank for Africa (UBA) Registrar Limited to Africa Prudential Registrar Limited.
In addition to that, the company’s client base in the period under consideration (2013-2017) increased from 50 to over 70 that it currently has today.
Also, the company’s book assets increased to N18 billion while gross earnings increased to N3.30 billion from the N1.90billion it had at the end of 2012.
Africa Prudential Plc got listed precisely on 11January 2013; making it the first registrar outfit in Nigeria to achieve such feat. Shareholders base continued to garner momentum as total number of shareholders increased to over 280,000 today.
In 2013, the company concluded the strategic acquisition of UAC Registrars Limited, a subsidiary of the conglomerate company, UAC Group.
In 2017, the company got approval from shareholders to change its name from Africa Prudential Registrar Plc to Africa Prudential Plc.
Phase 3 (2018-2025) company tells investors and shareholders where it wants to be in the next 4 years in terms of earnings and profit growth.
Africa Prudential Plc has projected gross earnings of N10billion and it will kick start the Implementation of Strategic Business Segmentation.
According to the company, there shall be total separation of registrar business and total separation of E-Solutions Business. The company is also planning an aggressive entrance into the African market.
BALA AUGIE
