Connect with us
deals book
Polaris bank
Access bank

Business News

Africa Prudential posts N341 million profit in Q1 2020

Africa Prudential Plc’s profit after tax (PAT) dropped from N0.45 billion in Q1 2019 to N0.34 billion at the end of the first quarter in 2020.



African Prudential could be worth more than N4.55

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.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.



Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.


In case you missed it

The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

Continue Reading


“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead



A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.


Details later…

Continue Reading


Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.