Tuesday, March 26, 2019 7.00PM /
Ottoabasi Abasiekong for Proshare WebTV
Shareholders at the 6th Annual General Meeting of Africa Prudential Plc in Lagos, lauded the financial services firm for paying 50k dividend amidst a challenging macro-economic environment in 2018.
Otunba Muktar Muktar and Sir Sunny Nwosu were amongst shareholders who commended Africa Prudential Plc for a sterling performance in the 2018 financial year.
They lauded the registrar firm for its consistency in value creation as it concerns the financial market and also leading in the area of innovation and technology.
Mr Patrick Ajudua and Mrs Bisi Bakare who are also shareholder group leaders who described Africa Prudential Plc as the leaders in the registrar business space.
At the AGM the external auditor Jamiu Olakisa, FCA of Ernst & Young and Mr Nonso Okpala, Chairman, Audit Committee in their separate statements gave Africa Prudential Plc a clean bill of health on its financials for the previous year.
Highlights of the event was the re-election of two Directors Mr Emmanuel Nnorom and Mr Samuel Nwanze, with an overwhelming vote by shareholders.
Also, the shareholders approved the appointment of a new Managing Director/Chief Executive Officer of Africa Prudential Plc, Mr Obong Idiong as a member of the board.
The members of the Statutory Audit Committee were also re-elected by the shareholders.
From the analysis of the 2018 Financial Year result of Africa Prudential Plc, some of the key highlights in performance include;
· Gross Earnings for the period under review grew by 35% from N3.31bn in 2017 to N4.48bn in 2018.
· Profit Before Tax for the period under review grew by 15.8% from N2.06bn in 2017 to N2.3bn in 2018.
· Profit After Tax for the period under review grew by 13.8% from N1.71bn to N1.95bn in 2018
In her statement the Chairman of the board of Africa Prudential Plc; Chief (Mrs) Eniola Fadayomi said “In a conscious effort to diversify its income base and insulate the company from the uncertainties and risks of depending on a single line of business income, the company took measured steps to grow its business solutions segment. Moreover, in order to improve product efficiency and drive patronage, the company carried out a product review of its cooperative society management software called EasyCoop and within the enhanced features of the software, it is expected that the product’s appeal to subscribers will rise significantly especially in this financial year.”
Mr Obong Idiong the MD/CEO of Africa Prudential Plc informed shareholders that in furtherance of the diversification strategy of the company, to bring more and sustainable value to shareholders, the company has evolved into three main business lines; Registrars Business, Digital Technology Business and the Cooperative Business.
With a focus on providing a tech-driven financial service that aligns with the developments in the fourth industrial revolution, Africa Prudential has rolled out various products to provide seamless services to shareholders, clients and stakeholders in the market.
Some of the products laid out include;
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Graph 1 – One Year Share Price Movement
Table 1 – 2018FY Audited Results