Africa Prudential Plc has reported an impressive 87% increase in profit for the first half of 2024, reaching N1.13 billion, up from N603 million in the same period in 2023.
The company’s profit after tax similarly grew by 87%, amounting to N791 million, with earnings per share rising from 21 kobo to 39 kobo. Net total income increased by 24% to N2.0 billion.
The balance sheet also saw significant growth, expanding by 46% from N20.4 billion to N29.9 billion, while shareholders’ funds increased by 8% to N9.6 billion, even after a dividend payout of N0.9 billion.
During an investor relations call, Africa Prudential’s Managing Director, Catherine Nwosu, emphasized the company’s commitment to sustaining its growth trajectory through the “Go-To-Africa” strategic vision, which includes diversifying products, services, and markets within and beyond Nigeria.
The company has launched new products, including Invearn, a platform that allows investors to manage their investments globally.
Chief Financial Officer Taofik Giwa highlighted that despite the unbundling of its digital technology business, Africa Prudential’s core registrar operations remain strong, with revenue from registrar services exceeding expectations.
Africa Prudential’s Cost-to-Income Ratio improved significantly from 63% in H1 2023 to 44% in H1 2024, reflecting the company’s effective cost management and operational efficiency, with the Return on Average Assets (ROA) remaining stable at 3.0%.