The leadership of the Nigerian Stock Exchange (NSE) has commended Africa Prudential Plc for championing laudable initiatives, which has contributed significantly in developing the Nigerian Capital Market.
Speaking during the closing gong ceremony at the Exchange, Oscar Onyema, chief executive officer of the NSE lauded Africa Prudential for ground-breaking initiatives over the past years.
Onyema represented by Tunji Kazeem, chief risk officer of the NSE said “The Exchange and Africa Prudential Plc have had several years of cordial relationship. We are sure the wisdom and leadership of the company will present further opportunities to collaborate on capital market development and other mutually beneficial areas such as sustainability” he added.
For the first six months through June 2018, Africa Prudential’s gross earnings rose by 48.63 percent to N2.17 billion from N1.46 billion the previous year.
The growth at top line was largely driven by a 57.15 percent increase in net investment to N1.57 billion in June 2018 from N1 billion the previous year.
Further analysis shows investment income was driven by a 327.04 percent surge in term deposit to N939.95 million in the period under review from N219.95 million the previous year.
The leading Registrar in Africa’s largest economy attributes the stellar performance to its diversified business model as the company is relentless in the pursuit of innovation while leveraging on technology to offer exceptional service to customers.
Analysts are of the view that Africa Prudential will benefit from the gradual economic recovery as more firms are expected to declare bumper dividend this year.
A lot of companies have reverted to the path of profitability, thanks to liquidity in the foreign exchange market since the introduction of the new foreign exchange policy by the central bank.
Also, the rebound in crude oil price and output were responsible for the gradual economic recovery as the country existed its first recession in 25 years.
Africa Prudential’s net income increased by 14 percent to N985.30 million in June 2018, from N864.28 million the previous year.
“The results show the success and strength of our business model as a Company, as we are committed to taking Africa Prudential Plc to greater heights by continuing to break new grounds, thereby staying ahead of competition,” said Obong Idiong, the managing director/CEO of the company.
”The Company will intensify efforts to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development and process improvement, leveraging technology to offer exceptional customer experience to our clients,” said Idiong.
The Registrar says it plans to expand into the African market, driven by technology, translating to strong operational and financial efficiency.
Driven by the need to diversify its business portfolio to achieve long-term sustainability and viability, the Company decided to initiate a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc which it completed in Q1 2018. In line with this business diversification drive, the new Africa.
BALA AUGIE
