Africa Prudential declares 19% growth rate in gross earnings for half year, H1 2022

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By Philemon Adedeji

Africa Prudential plc  has declared its unaudited  financial statements for the period ended 30th, 2022, declaring 19 per cent increase in gross earnings which moved to N1.99 billion in half year H1 2022 from N1.67 billion achieved in half year H1 2021.

From the release of Nigerian Exchange Limited (NGX), Profit Before Tax (PBT), reported stood at the sum of N1.16 billion in half year H1 2022 from the sum of N0.97 billion achieved in half year 2021, this revealed an increase of 19 per cent Year-on-Year growth.

Profit After Tax declared for the period under review stood at the sum of N0.94 billion in half year H1 2022 compared to N0.83 billion in half year H1 2021, accounting for 13 per cent Year-on-Year growth rate.

During the period Interest income dipped to a 8 per cent Year-on-Year, from N1.15 billion in half year H1 2021 to N1.06 billion achieved in half year H1 2022, also the group recorded 9 per cent decline in the interest income on loans and advances  and a 53 per cent decline in interest on short term deposits during the period.

On the other hand, interest earned on bonds rose significantly to 22 per cent Year-on-Year to cushion the effect of the significant decline from other interest income sources.

The growth that occurred revenue by year from contracts with customers was driven by 355 per cent Year-on-Year growth indigital technology services despite 9 per cent decline recorded in fees from corporate actions.

The total assets deployed stood at N38.18 billion in half year H1 2022 compared to N15.76 billion as at financial year 2021, an improvement of 142 per cent year-to-date growth. As total liabilities gained 322 per cent year-to-date to N29.49 billion in half year H1 compared to N6.99 billion as at financial year 2021.

Shareholders’ fund stood at N8.69 billion, a 1 per cent Year-on-Year declined from N8.77 billion accounted as at financial year 2021.

Commenting on the result, the Managing Director/CEO of Africa Prudential, Mr Obong Idiong said, “The results remain a testament of the impact of our deliberate efforts at diversifying and strengthing our revenue lines to multiple income line, innovating new ways to deliver value and adopting cost efficiency in every facet of our operation income highlights the success of our switch to a technology oriented business and we remain positive about potential growth from this revenue stream in the medium of the long term.

“As we venture into the second half of the year, we will continue to deploy value to our customers leveraging on innovation and technology to transform their experience and increased shareholders’ wealth.”