AFRICA PRUDENTIAL WINS TOP 25 CEOs AWARD, RECORDS 55% GROWTH IN REVENUE

26th April 2018

Lagos, Nigeria, April 27, 2018: Nigeria’s foremost Registrar, investor services and business support firm, Africa Prudential Plc has been named among Top performing companies in 2017 listed on the Nigerian Stock Exchange (NSE) and was presented with the BusinessDay Top 25 CEOs Award at a dinner held in Lagos yesterday.

Managing Director/CEO, Peter Ashade was joined by other top CEOs in Nigeria as they received the prestigious award at a well-attended event organised by BusinessDay Media Limited.

According to the award organisers, Africa Prudential Plc qualified for the award, having met the criteria of its share price outperforming the All Share Index (ASI) of the NSE, coupled with an impressive growth in its Profit After Tax (PAT) for 2017 financial year. The company’s shares on the NSE recorded capital appreciation of 38.4%, which translates to N2.62 billion contribution to the overall growth in market capitalisation at the close of 2017. Collectively, the 25 CEOs accounted for over 45 percent of the success recorded on the NSE last year.

In a related development, Africa Prudential Plc announced its Unaudited Financial Statements for the first quarter of 2018, showing an impressive 55 percent year-on-year growth in revenue, and 35% growth in profitability.

According to the financial statement, which was released to the Nigerian Stock Exchange last week, the company recorded a total revenue of N1.01 billion, compared to N0.65 billion in the corresponding period of 2017, which translates to a growth of 55% year-on-year.

Profit Before Tax also grew by 35% from N0.40 billion in Q1 2017 to N0.54 billion, while Total Assets grew marginally by 3% from N21.93 billion in 2017 to N22.66 billion. Conversely, Shareholders’ Funds shrunk by 4% to N6.64 billion from N6.94 billion recorded in 2017. Notes to the financial statement showed that the drop was largely due to increased dividend pay-out.

Commenting on the financial results, Managing Director/CEO of the company, Mr. Peter Ashade said, “The results depict a strong momentum demonstrated by the Company, as we strive to continuously improve and expand our business operations. I am pleased to say that Africa Prudential is still poised to be #1 in Nigeria, with an aspiration to expand into the African market, driven by technology; and translating to strong operational and financial efficiency”.

He also stated that, “The Company recorded a Turnover of N1.01 billion; a growth of 55% over the previous financial period and a Profit Before Tax of N0.54 billion, which represents an increase of 35% over the previous period”.

He further emphasized that Africa Prudential Plc is still a strong player in the registrars’ business, and intends on sustaining its growing pedigree as a leading investor services company in Nigeria, whilst aspiring to become a leader in Africa in the near future.

 

One of Heirs Holdings’ investee companies, Africa Prudential Plc is a leading share registration firm, investor and business support services provider in Nigeria; and the only registrar firm listed on the NSE; specializing in customer-focused, technologically driven service for corporations.

 

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