Africa Prudential posts N380m profit, revenue up 172%

Africa Prudential Plc,  a share registration service provider, has reported a profit after tax of N380 million for the quarter ended Mar. 31, 2021, compared to N340 million in the same period of last year.

The company’s profit before tax rose to N480 million in Q1 2021 from N410 million in the same period a year earlier, according to its unaudited financial statements released on Friday.

It said revenue from contracts with customers increased by 172 percent to N360 million on the back of a 975 percent increase in fees from corporate actions, 144 percent growth in register maintenance and a 27 percent increase in digital consultancy.

In the period under review, the total assets increased by 75.6 percent to N31.12 billion on the back of 1,243 percent surge in cash and cash equivalents as well as a 168 percent increase in trade receivables.

The company said its total liabilities increased by 150 percent to N23.42 billion driven by a 160 percent increase in customers’ deposits, which accounted for about 96 percent of the company’s liabilities.

It said the shareholder’s wealth declined by eight percent due to the nine percent decline in retained earnings due to dividend paid by the company during the period.