Africa Prudential Plc projects N1 billion gross profit in Q3 2022

Africa Prudential Plc has said it is projecting to achieve N1.00 billion revenue for third-quarter ending September 2022.

In its forecast of statement of profit or loss and other comprehensive income obtained from the Nigerian Exchange Limited (NGX), the company had projected N472 million as Income Fees for the period. As well as, N529 million as Investment Income for the same period.

This would be approximately a 28% increase from what the company generated as gross profit in Q3 2021.

The company is also targeting to rake in N514 million as profit before tax and N411 million for profit after tax during the period.

Africa Prudential, a financial services company, reported a profit of N403.15 million during Q1 2022, representing 5.71% increase Y-o-Y.

Further analysis of the result revealed that the company’s income lines improved, driving revenue growth in the period. Revenue growth for the period was at 25.46% year on year, recorded as N448.33 million.

The company raked in N310 million from Digital Technology Services, one of the company’s revenue segments. While Fees from corporate actions and Registrar maintenance generated N66 million and N42 million, respectively.

Africa Prudential also made money from interest income earned from loan and advances, bonds and short-term deposits raking in a total of N459.45 million, representing N418 million, N40 million and N546,000, respectively

In addition, the company’s total assets are now N17.10 billion, while Net assets declined by 6.91% to N8.16 billion.

Africa Prudential has earnings per share (EPS) for the period was at N0.20, a 5.26% increase from N0.19 in Q1 2021. On March 23, 2022, the company paid its shareholders a total of N0.50 as dividend for the financial year ended 31 December 2021.

Other key projections:Other Operating Income – N4 million,Operating expenses – N 490 million,Finance Cost – N1 million,and Income Tax – N103 million.