Africa Prudential Plc has announced its unaudited financial statements for the period ended September 30th, 2022, reporting a profit of N1.29 billion which indicates a 12% increase year-on-year compared to N1.15 billion in Q3 2021.
A closer look at the financial report showed that profit was driven by a significant rise in revenue generated from contracts with customers and interest income.
Both segments (i.e., contracts with customers and interest income) delivered a gross revenue of N2.9 billion during the period under review as against N2.4 billion during the same period last year.
More details on revenue performance
- The company recorded a 37% year-on-year revenue growth from contracts with customers, driven by a 115% year-on-year growth in digital technology services.
- Interest income increased by 13% year-on-year on account of an increase of 14% and 9% in the interest on loans & advances, and bonds. However, there was a 44% decline in interest on short-term deposits.
- Profit before tax recorded a 19% growth due to a 37% year-on-year revenue growth.
During the period, the book value of total assets grew 27% year-to-date driven by an increase in cash and cash equivalents and debt instruments.
The company’s total liabilities also increased by 58% year-on-year due to a 59% growth in customers’ deposits and a 655% growth in creditors and accruals.
While commenting on the financial performance, the company’s Managing Director, Mr Obong Idiong, said:
“The 115% growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term. As we venture into the last quarter of the year, we will continue to deploy value to our customers leveraging innovation and technology to transform their experience and increase shareholders’ wealth.”
Financial highlights
Revenue from contracts with customers stood at N1.15 billion, compared to N0.838 billion in Q3 2021 a 37% YoY growth
- Interest Income was up N1.82 billion, compared to N1.61 billion in Q3 2021 a 13% YoY growth
- Gross Earnings stood at N2.97 billion, compared to N2.45 billion in Q3 2021 a 21% YoY growth
- Profit Before Tax was N1.61 billion, compared to N1.35 billion in Q3 2021 19% YoY growth
- Total Assets stood at N20.09 billion, compared to N15.76 billion as of FY 2021 a 27% YTD growth
- Total Liabilities stood at N11.05 billion, compared to N6.99 billion as of FY 2021 a 58% YTD growth
- Shareholders’ fund stood at N9.03 billion, a 3% YoY growth from N8.77 billion as of FY 2021.
