Africa Prudential reports 19% increase in PBT to N1.61bn
Africa Prudential Plc has announced its unaudited third quarter (Q3) financial statements for the period ended September 30th, 2022, with profit before tax gaining 19 per cent to N1.61billion compared to N1.35billion reported in Q3 2021.
The leading registrar, investor services and business support solutions provider company on the Nigerian Exchange Limited (NGX) announced 12 per cent increase in profit to N1.29billion from N1.15billion in Q3 2021.
The growth in profits was driven by revenue from contracts with customers that grew by 37 per cent to N1.15billion in Q3 2022 from N0.84billion in Q3 2021, while gross earnings stood at N2.97 billion in Q3 2022, representing 21 per cent increase from N2.45billion reported in Q3 2021.
Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, in a statement said: “Our results remain a testament to the impact of our deliberate efforts at diversifying and strengthening our revenue lines to multiple income lines, innovating new ways to deliver value, and adopting cost efficiency in every facet of our operations.
“The 115per cent growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term.
“As we venture into the last quarter of the year, we will continue to deploy value to our customers leveraging innovation and technology to transform their experience and increase shareholders’ wealth.”
From the balance sheet position, total assets moved to N20.09 billion as of September 30, 2022, an increase of 27 per cent from N15.76billion reported in 2021 full year, driven by an increase in cash and cash equivalents and debt instruments.
In addition, Africa Prudential reported 58 per cent increase in total liabilities to N11.05billion over a 59 per cent growth in customers’ deposits and a 655 per cent growth in creditors and accruals.
