It is expected that the impact of coronavirus would be felt by several organisations, as the killer disease bites harder on businesses.
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.
The year started off on an unprecedented note across the globe and companies like Africa Prudential is not isolated from the development.
With the unanticipated spread of the coronavirus disrupting economic activities all across the globe, Nigeria inclusive, the smooth operations of the firm’s business and its clients’ mounting enormous pressure on revenue sources were challenged. For instance, the revenue from contracts with customers led to the reduction recorded in its gross earnings for Q1 2020.
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.”