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  • Business - Companies
  • Updated: July 25, 2022

Africa Prudential Records 142% Growth

Africa Prudential Records 142% Growth

For the first half of 2022, 142 per cent growth in total assets has been announced by Africa Prudential.

According to a statement, it recorded gross earnings of N1.99 billion, compared to N1.67 billion in H1 2021, representing 19 per cent year on year.

Profit before tax stood at N1.16 billion, a 19 per cent YoY increase compared to N0.97 billion in H1 2021.

Profit after tax of N940 million was reported, a 6 per cent growth compared to N0.83 billion in H1 2021. Total assets of  N38.18 billion were recorded, a 142 per cent growth compared to N15.76 billion as of FY 2021.

In a statement, Obong Idiong, the Managing Director/Chief Executive Officer, Obong Idiong said that “despite the challenging business environment that was encountered in the first half of the year, our diversification strategy underpinned the growth in revenues and profits recorded over the period.”

"The 355 per cent growth in digital technology income reflects the effectiveness of our strategic shift to a digital technology solutions provider and we remain positive about the potential growth of this business line over the medium to long term .

“These factors contributed to higher development costs associated with our growing digital technology business.”

Idiong stated that the outlook for the second half of the year was positive and remained driven.

“While the macroeconomic environment remains challenging in a pre-election year, we remain focused on executing on our growth strategy, to meet the expectations of our shareholders and other stakeholders to achieve a better result for the second half of 2022.”

 

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