Africa Prudential Registrar released its 2015 Q1 results showing earnings per share rose by over 100% to 19kobo per share. The company recorded a slight drop in Registrars income of 8% to N170m. However, it gained big with investment income as it rose 72% to N387.8million.
The company also recorded a surprising 76% drop in taxes to N24.6million compared to N105million a year earlier. The taxes look quite small in our view and as such we will suggest investors look more to the pre-tax profits which was N397.8million and 37% increase year on year.
Something else that caught our attention was a cost of N29.7million incurred in organizing AGM expenses in 2015 Q1. This cost was 18x higher than the N940,000 it spent same period last year. However, it did spend N71.6million in 2014 as AGM expenses suggesting the 2014 Q1 figure must have been an under provision of some sort.