Africa Prudential says its gross revenues have increased by 0.4 per cent to N3.5 billion despite the 12 per cent decline in interest income.
It added that as the non-interest income lines strengthened, its profit before tax was equally up 1.3 percent to N2 billion.
Speaking at the company’s Annual General Meeting which held recently in Abuja, Mrs Eniola Fadayomi, the Chairman of the Board of Directors, said “amid a slow economic recovery but still challenging business environment, the 2021 performance reflects the impact of deliberate efforts to diversify the business and to deploy business solutions to strengthen its business and that of its clients for superior value creation.
She added that significant success in its diversification into digital technology solutions provider in 2021 remarkable while reinventing its traditional registrar business.
She noted that despite significant macroeconomic headwinds, including double digit inflation and a weaker Naira, the company recorded 71 per cent growth in registrar maintenance fees in 2021 while adding 19 new clients in the associated business line. Over the same period, Africa Prudential hit significant milestones in its digital technology business, culminating in a 58 percent rise in revenues in the business line.
The firm said it maintained its dividend payout at 50 kobo per share for the year 2021, the same payment as in the year 2020.
‘‘We look forward to recording greater success in this regard in the coming years”. During the 2021 fiscal year, Africa Prudential made further investments and partnerships to broaden and deepen its service offering. It launched its Biometric Identification Management Solution as its latest offering, enabling a wide range of companies to capture and authenticate biometric information of their customers.