Africa Prudential Registrars Reports 68% FY Profit

9th March 2018

Africa Prudential Plc has declared an impressive profit after tax for the year 2017.

The company’s audited report for the year ended December 31, 2017, released to the Nigerian Stock Exchange (NSE) shows that its profit after tax grew by 68.25 per cent from N1.019 billion it made in 2016 to N1.715 billion.

Likewise, profit before tax for the period rose by 42.95 per cent, from N1.447 billion in 2016 to N2.067 billion in 2017.

The company recorded N3.807 billion gross earnings, representing a 40.43 per cent growth from N2.711 billion in 2016.

However, the company’s operating expenses increased by 18.43 per cent from N808.905 million to N957.993 million.

In a similar trend, shareholders’ funds rose to N6.939 billion from N4.551 billion representing 52.49 per cent growth at the end of the period.

Equally, basic earnings per share grew by 68.25 percent from 51 Kobo to 86 kobo. It’s total asset increase by 30.39 percent from N16.822 billion to N21.934 billion in 2017. Total liability moved up from N12.271 billion to N14.994 billion at the closing period of 2017.

The company’s results show that N80 million will be paid to ordinary shareholders of the company if the proposed dividend of 40 kobo per share is ratified at the coming annual general meeting.

Africa Prudential Plc is one of Heirs Holdings’ investee companies.

This article was originally published on Independent. 

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