Monday, March 28, 2017 6.00pm/Proshare WebTV
Shareholders today at the 4th annual general meeting of Africa Prudential Registrars Plc, approved the payment of 30k dividend for the 2016 financial year.
This amounted to about N600ml in total payment on dividends for the preceding year, amidst a challenging economic environment characterized by the recession.
Giving the financial statements for Africa Prudential Registrars Plc, independent auditors Akintola Williams Deloitte through its representative Mr Michael Daudu, affirmed that the company’s financial position was in agreement with the books of account.
Also, the Audit Committee Chaired by Mr Nonso Okpala in its statement said “We are satisfied that the accounting and reporting policies of the Company are in accordance with legal requirements and meet ethical standards”.
In her statement, the Chairman of Africa Prudential Registrars Chief (Mrs)Eniola Fadayomi noted that despite numerous economic hurdles in 2016, the company was profitable, stronger and on the path to long term competitiveness.
She was happy to report that the Company as part of its strategy was diversifying its business in two areas, to ensure the soundness and continued survival in the market.
The two areas according to her include EasyCoop (addressing major concerns of cooperative societies and unions, while Greenpole is an internally developed operating software for registrars.
Speaking further Chief (Mrs) Fadayomi said “In line with our business diversification drive, we will continue to expand our product offerings, both within and outside the registrar’s cope in order to tap into the many opportunities in the financial service space”.
The MD/CEO of African Prudential Registrars Plc Mr Peter Ashade in his remarks asserted that despite the economic challenges in 2016, the company recorded a Profit-Before-Tax (PBT) of N1.44bl and a Profit-After-Tax (PAT) of N1.01bl for the financial year 2016.
Apart from the business diversification plan, Mr Ashade also informed shareholders that the company in building a robust platform to accommodate other businesses, was changing the brand name to Africa Prudential Plc with their approval.
At the interactive session with shareholders, leaders like Dr Farouk Umar, Mr Patrick Ajudua, Mr Boniface Okezie and Alhaja Saratu all commended the company for paying the 30k dividend.