UNAUDITED RESULTS FOR THE PERIOD ENDED 30 JUNE 2023
9% YOY GROWTH IN GROSS EARNINGS
This Earnings Press Release should be read in conjunction with the Unaudited Financial Statements for the period ended June 30, 2023. The Earnings Press Release and the Unaudited Financial Statements for the period ended June 30, 2023 are available on our website at https://africaprudential.com/investors/. This analysis is dated July 26, 2023. Unless otherwise indicated, all amounts are expressed in Nigerian Naira, and have been primarily derived from the Company's Financial Statements, prepared in accordance with the International Financial Reporting Standards ("IFRS"). The accounting policies used in the preparation of these financial statements are consistent with those used in the Company's Unaudited Financial Statements for the period ended June 30, 2023. Additional information relating to the Company is available on the Company's website. https://africaprudential.com/investor-relations/
Lagos, Nigeria - July 26, 2023 - Africa Prudential Plc
(NSE Ticker: AFRIPRUD, Bloomberg Ticker: AFRIPRUD: NL, Financial Times Ticker: AFRIPRUD: LAG)
announced its Unaudited Financial Statements for the period ended June 30, 2023, with Gross Earnings of N2.1 billion and Profit Before Tax of N597 million.
Earnings | H1 2023 | H1 2022 |
Gross Earnings (N'mn) | 2,187 | 2,012 |
PBT (N'mn) | 597 | 1,155 |
Financial Position | ||
Total Assets (N'mn) | 20,477 | 38,179 |
Total Liabilities (N'mn) | 11,551 | 29,488 |
Shareholders' funds (N'mn) | 8,927 | 8,691 |
Income Statement:
- Revenue from contracts with customers: N1.2 billion, compared to N928 million in H1 2022 (31% YoY Growth);
- Interest Income: N950 million, compared to N1.1 billion in H1 2022 (11% YoY Decline);
- Gross Earnings: N2.2 billion, compared to N2 billion in H1 2022 (9% YoY Growth);
- Profit Before Tax: N597 million, compared to N1.2 billion in H1 2022 (48% YoY Decline);
- Profit After Tax: N415 million, compared to N936 million in H1 2022 (56% YoY Decline);
- Earnings Per Share: 21kobo. (47kobo in H1 2022).
Balance Sheet:
- Total Assets: N20.4 billion, compared to N19.2 Billion as at FY 2022 (6% YoY Growth);
- Total Liabilities: N11.6 Billion, compared to N9.8 Billion as at FY 2022 (17% YoY Growth);
- Shareholders' Fund stood at N8.9 Billion, a 5% YoY decline from N9.4 Billion as at FY 2022.
ITEMS OF NOTE.
Comparing H1 2023 to H1 2022, we observed the following key items worthy of note:
- Revenue from contracts with customers: During the period under review, Revenue from contracts with customers increased by 31%, driven by a 48% year-on-year growth in digital technology services and a 4% growth in revenue from the Registrar business.
- Interest income: We recorded an 11% year-on-year decline in interest income owing to a decrease in the available investible funds.
- Profit Before Tax: Profit before Tax showed a 48% YoY decline. This was driven by the interplay of the YTD expenses. However, the cyclical nature of our business also impacted on revenue anticipated for the period. We are assured of improved performance in H2 2023.
Comparing H1 2023 to FY 2022, the following were observed in the Balance Sheet:
- Total Assets: During the period, the book value of total assets increased by 6% driven by increased Debt instruments and property and equipment.
- Total Liabilities: The company's total liabilities increased by 17% in the period due to a 24% increase in customers' deposits.
- Shareholder's Wealth: The company's shareholder's wealth decreased by 5%.
More information can be found at: https://africaprudential.com/
For further enquiries:
Anu Akindolire
Chief Financial Officer
Anu.akindolire@africaprudential.com
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2023
In thousands of Nigerian Naira | 30-Jun-23 | 30-Jun-22 | ||
Revenue from contracts with customers | 928,110 | |||
1,212,815 | ||||
Cost of Sales | -554,433 | -152,592 | ||
Gross profit | 658,382 | 775,518 | ||
Interest income calculated using effective interest method | 950,407 | 1,062,184 | ||
Other income | 23,389 | 21,835 | ||
Net Operating Income | 1,632,178 | 1,859,537 | ||
Credit loss expense | -2,997 | -1,425 | ||
Personnel expenses | -464,959 | -330,793 | ||
Other operating expenses | -532,640 | -330,489 | ||
Depreciation of property and equipment | -18,208 | -23,359 | ||
Depreciation of right of use assets | -2,082 | -2,845 | ||
Amortisation of intangible assets | -13,444 | -14,819 | ||
Profit Before Finance Cost and Tax | 597,848 | 1,155,807 | ||
Finance costs | -630 | -489 | ||
Profit Before Tax | 597,218 | 1,155,318 | ||
Income tax expense | -182,150 | -219,541 | ||
Profit after tax | 415,068 | 935,777 | ||
Other Comprehensive Income | ||||
Other comprehensive income that will not be reclassified to profit or loss in | ||||
subsequent periods (net of tax): | ||||
Net gain/(loss) on quoted equity instruments at fair value through other | ||||
125,839 | -16,027 | |||
comprehensive income | ||||
Total Other Comprehensive Income, net of income tax | 125,839 | -16,027 | ||
Total comprehensive income for the year, net of tax | 540,907 | 919,750 | ||
Basic and diluted earnings per share | 21 | 47 | ||
STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2023
In thousands of Nigerian Naira | 30-Jun-23 | 31-Dec-22 | ||
ASSETS | ||||
Cash and cash equivalents | 311,696 | 850,644 | ||
Equity instruments at fair value through OCI | 3,127,354 | 3,001,515 | ||
Debt instruments at amortised cost | 14,377,518 | 12,787,888 | ||
Desposit for shares | 470,000 | 270,000 | ||
Trade and other receivables | 1,322,600 | 1,514,551 | ||
Property and equipment | 690,671 | |||
702,661 | ||||
Right-of-use-assets | 11,467 | 13,549 | ||
Intangible assets | 153,870 | 141,868 | ||
TOTAL ASSETS | 20,477,166 | 19,270,686 | ||
LIABILITIES |
Customers' deposits
Creditors and accruals
Lease liabilities
Current income tax payable
Deferred tax liabilities
TOTAL LIABILITIES
11,099,827
209,761
9,488
185,289
46,306
11,550,671
8,985,030
144,957
8,777
700,028
46,306
9,885,098
Share capital
Share premium
Fair value reserve
Retained earnings
Revaluation reserve
TOTAL EQUITY
TOTAL EQUITY AND LIABILITIES
1,000,000
624,446
157,946
6,978,983
165,120
8,926,495
20,477,166
1,000,000
624,446
32,107
7,563,915
165,120
9,385,588
19,270,686
EDITOR'S COMMENT
Africa Prudential Plc is a leading business solution and share registration service provider.
Africa Prudential is leveraging technology to transform service experience across its various business lines.
More information can be found at:https://africaprudential.com/investor-relations/
Media Enquiries: EmailInvestorrelations@africaprudential.com; ir@arrhenn.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
From time to time, the Company makes written and/or oral forward-looking statements, included in this press release and other communications. In addition, representatives of the Company may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are intended to be forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding the Company's objectives and strategies to achieve them, and the Company's anticipated financial performance. Forward-looking statements are typically identified by words such as "will", "should", "believe", "expect", "anticipate", "intend", "estimate", "may" and "could". Any forward-looking statements contained in this presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting the Company's investors and analysts in understanding the Company's financial position, objectives, priorities, and anticipated financial performance as at and for the periods ended on the dates presented and may not be appropriate for other purposes.
The Company does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
_____________________
Obong Idiong
Managing Director/Chief Executive Officer
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Africa Prudential plc published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 10:34:26 UTC.