Shareholders of Africa Prudential Plc recently approved the proposal of the board to pay final dividend of 50 kobo per share as dividends for the 2018 financial year.
The company’s board had proposed a dividend of N0.50 kobo per ordinary share of 50 kobo, representing a 25 per cent increase compared to the 40 kobo per share dividend declared in 2017.
Furthermore, the company’s gross earnings grew by 35 per cent from N3.31 billion in 2017 to N4.48 billion in 2018 due to growth in professional fee income, subscription income for its solutions and investment income while its profit after tax (PAT) grew by 14 per cent from N1.71 billion in 2017 to N1.95 billion.
Speaking on the financial results at the Annual General Meeting (AGM) of the company in Lagos, Chairman, Africa Prudential Plc, Eniola Fadayomi, noted that despite the challenges faced in the operating environment, the company recorded a turnover of N4.48 billion, which represents 35 per cent growth over the previous fiscal financial year.
According to her, the company’s profit before tax (PBT) grew by N2.39 billion, representing an increase of 16 per cent from N2.06 billion recorded in 2017. She thereafter stated that the company is positioned to leverage on emerging opportunities in 2019.
Also speaking, the Managing Director, Africa Prudential Plc, Obong Idiong, said, “while the company’s balance sheet size reduced slightly by 3 per cent during the period under review, retained earnings and shareholders’ fund grew by 21 per cent and 24 per cent respectively. Africa Prudential Plc remains undaunting in its commitment to protecting and growing the wealth of our shareholders while offering competitive returns on investment.”
He assured shareholders that the company will continue to explore innovative ways to deliver superior values and experience to its clients, while leveraging technology to drive greater cost-efficiency in its registrar, cooperative and digital technology business.