By Maduka Nweke
The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong has said that the third quarter of the company’s business for the year marked by giant strides that brought long term value to all our stakeholders.
Idiong said that Leveraging technology, we are expanding our horizon by not just deploying technology to transform our business units but building innovative technology products and deploying for other businesses in diverse sectors. Through this, we have created a new client base while charting the path for sustainable superior returns to our investors.
According to him, “While the negative economic impact of the Covid-19 continue to reflect on our traditional income lines, the transition of the company from a traditional Registrar Business to a technology business deploying technology to transform the Registrar, Cooperative, E-Commerce, and Digital Technology play could not have come at a better time. We are confident that as the Company’s new businesses continue to gather momentum, we will continue to deliver sustainable value to our investors.”
Among the gradual result of the transformation process is the 264 per cent year-on-year growth in Digital Technology Consultancy income. We also grew our investment income by 6 per cent year-on-year through the efficient allocation of investmentible fund despite the prevailing low interest rate regime. We will continue to consolidate on our gains in the digital technology space to deliver great value and exceptional experience to clients across all our touch points.”
Mr. Obong Idiong, MD/CEO further remarked that the company’s digital technology drive and its impact on Africa Prudential’s business output promises to deliver superior value to all stakeholders. “Although our Profit Before Tax marginally declined by 11 per cent, we were able to increase our interest income by 6 per cent through our careful allocation of funds into appropriate and viable investments.
We are constantly working assiduously to increase our revenue and remain committed to delivering increased value to all stakeholders. We would continue to intensify awareness and brand positioning for our digital technology business. In the interim, we would strategically replicate our excellence in the Registrar space into the Cooperatives business and Ecommerce segments with the goal of scaling across Africa in the medium to long run.”