Banking & Finance

Africa Prudential Records A 172% Growth in Revenue And 12% Growth In PAT

Africa Prudential Plc has announced its Unaudited Financial Statements for the period ended March 31st 2021, With a Gross Earnings of N0.83 Billion and Profit After Tax of N0.38 Billion. The Company delivered an annualized Earnings Per Share of 1.03 Kobo.

Income Statement:

  • Revenue from contracts with customers: N0.36 Billion, compared to N0.13 Billion in Q1 2020 (172% YoY Increase);
  • Interest Income: N0.47 Billion, compared to N0.61 Billion in Q1 2020 (23% YoY Decline);
  • Gross Earnings: N0.83 Billion, compared to N0.74 Billion in Q1 2020 (11% YoY Increase);
  • Profit Before Tax: N0.48 Billion, compared to N0.41 Billion in Q1 2020 (16% YoY Increase);
  • Profit After Tax: N0.38 Billion, compared to N0.34 Billion in Q1 2020 (12% YoY Increase);
  • Earnings Per Share: 19 Kobo (17Kobo in Q1 2020).

Balance Sheet:

  • Total Assets: N31.12 Billion, compared to N17.73 Billion as at FY 2020 (75.6% YTD Increase);
  • Total Liabilities: N23.42 Billion, compared to N9.36 Billion as at FY 2020 (150% YTD Increase);
  • Shareholders’ Fund: N7.7 Billion, compared to N8.37 Billion as at FY 2020. (8% YTD Decrease)

Comparing Q1 2021 to Q1 2020, Brand News Day observed the following key items worthy of note:

  • Revenue from contracts with customers: During the period under review, Revenue from contracts with customers increased by 172% year-on-year on the back of a 975% increase in fees from corporate actions, 144% growth in register maintenance and a 27% increase in digital consultancy.
  • Interest income: On the other hand, the company recorded a 23% Year-on-Year decline in interest income driven by the 19% decline in interest on loans and advances due to the low yield environment as interest income from Treasury bills declined 100%.
  • Profit After Tax: This increased by 12% year-on-year, due to the 11% increase in gross earnings as well as an 18.6% decline in personnel expenses.

Comparing Q1 2021 to FY 2020, the following were observed in the Balance Sheet:

  • Total Assets: In the first quarter of 2021, the total assets increased 75.6% on the back of a 1,243% surge in cash and cash equivalents as well as a 168% increase in trade receivables.
  • Total Liabilities: The company total liabilities increased by 150% Year-till-date driven by a 160% increase in customers’ deposits which accounted for about 96% of the company’s liabilities.
  • Shareholder’s Wealth: The shareholder’s wealth declined by 8% due to the 9% decline in retained earnings due to dividend paid by the company during the period.
Facebook Comments
Bamidele Bukola

Bukola is a Content Developer and website manager who loves to learn, unlearn and relearn. She has a knack for exploring the tech world. She is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.