African Prudential’s Gross Earnings Rise 19% To N1.99bn In H1 2022
Africa Prudential Plc has recorded 19 per cent growth in its Gross Earnings, pushing it to N1.99 Billion in Half-year 2022 from N1.67 billion in H1 2021.
According to its Unaudited Financial Statements for the period ended June 30th 2022, released Thursday, Profit before Tax showed a 19 per cent growth, to N1.16 billion in H2 2022 compared to N972 million in H1 2021, while Profit After Tax: rise by 13 per cent to N935 million from N827 million in half-year 2021.
The company’s Interest Income grew by 8 per cent to N1.06 billion, compared to N1.15 Billion in H1 2021, while Earnings Per Share was 47kobo compared to 41kobo in H1 2021.
According to the 2022 half-year Financials, African Prudential’s Total Assets stood at N38.18 billion, compared to N15.76 Billion as of the full year of 2021, indicating a 142 per cent YTD Growth.
Its Total Liabilities grew by 322 per cent to N29.49 billion, as against N6.99 billion as of FY 2021, while Shareholders’ Fund stood at N8.69 Billion, recording a 1 per cent YoY decline from N8.77 Billion as of FY 2021.
“Interest income declined 8 per cent year-on-year on account of a 9 per cent decline in the interest on loans and advances and a 53% decline in interest on short-term deposits during the period. On the other hand, Interest earned on bonds increased 22 per cent year on year cushioning the effect of the significant decline from other interest income sources.
“Total operating expenses: Despite the 10 per cent increase in total operating expenses, our cost-to-income ratio reduced by 4 percentage points to 43 per cent relative to 47 per cent in the corresponding period,” African Prudential noted.
Commenting on the result, the Managing Director/CEO of Africa Prudential, Obong Idiong, said: “Our results remain a testament to the impact of our deliberate efforts at diversifying and strengthening our revenue lines to multiple income lines, innovating new ways to deliver value, and adopting cost efficiency in every facet of our operations.
The 355 per cent growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term.
“As we venture into the second half of the year, we will continue to deploy value to our customers leveraging on innovation and technology to transform their experience and increase shareholders’ wealth.”
Comments are closed.