The board of Africa Prudential said the profit before tax improved to N1.61bn, gaining 19 per cent when compared with N1.35bn
By Eugene Onyeji
Leading share registration service provider in the Nigerian capital market, Africa Prudential Plc, has declared a profit after tax of N1.29 billion which indicates a 12 per cent increase year-on-year compared to N1.15 billion in Q3 2021.
Announcing the company’s unaudited financial statements for the period ended September 30th, 2022, the board of Africa Prudential said the profit before tax improved to N1.61 billion, gaining 19 per cent when compared with N1.35 billion reported in Q3 2021.
A closer look at the financial report showed that the growth in profits was driven by revenue from contracts with customers that grew by 37 per cent to N1.15 billion in Q3 2022 from N0.84 billion in Q3 2021, while gross earnings stood at N2.97 billion in Q3 2022, representing 21 per cent increase from N2.45 billion reported in Q3 2021.
Interest income increased by 13 per cent on account of an increase of 14 per cent and 9 per cent in the interest on loans & advances, and bonds. However, there was a 44 per cent decline in interest on short-term deposits.
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During the period, the book value of total assets grew 27 per cent year-to-date driven by an increase in cash and cash equivalents and debt instruments.
The company’s total liabilities also increased by 58 per cent year-on-year due to a 59 per cent growth in customers’ deposits and a 655 per cent growth in creditors and accruals.
The 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 115% 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.”
