Africa Prudential announces N341 million profit in Q1 2020

By InstinctBusiness Apr 18, 20200

Africa Prudential Plc revenue declined by 52 percent year-on-year to N0.13 Billion, down from N0.27Billion recorded in the first quarter of 2019.

The coronavirus (COVID-19) outbreak of 2020 is affecting businesses across various industries.

This was felt by Africa Prudential Plc when it posted an unaudited financial statement for the first quarter of 2020. The registrar’s profit after tax (PAT) dropped by 10% when it dropped from N0.45 billion in Q1 2019 to N0.34 billion at the end of the quarter in 2020.

Its revenue from contracts with customers closed at N0.13 billion, compared to the N0.27 billion it recorded in Q1 2019, a 52% drop. With a Gross Earnings of N0.74 Billion and Profit before Tax of N0.41 Billion, Africa Prudential delivered an Earnings Per Share of 17Kobo.

Speaking on the development, the Managing Director, Africa Prudential, Obong Idiong, explained that the period under review tested the company’s commitment to delivering value to the stakeholders while ensuring that it communicate truthfully, calmly and with resolve.

He said, “As an organisation, we prioritize the welfare and safety of our employees and have responded proactively by implementing our Business Continuity Plan (BCP) which involves the work-from-home protocol for all our departments and business segments whilst attending to all shareholders’ request through our electronic channels.

“We have commenced the full end-to-end automation of Annual General Meetings (AGMs) while providing technology-driven solutions for the corporate action activities of our clients. We will continue to offer services through our various cloud-based digital platforms, sustain ongoing technological projects and adequately position for post-crisis continuity of our business operations.”

Obong Idiong stressed further that, “Our focus at Africa Prudential is still driven by our digital transformation strategies, achieving world-class superior value for all our stakeholders as we continue to pursue our diversification strategies.”