Africa Prudential Plc has printed its monetary assertion for the complete 12 months ending December 31, 2024, reporting a pre-tax revenue of N2.8 billion.
This means a 94.94% year-over-year (YoY) improve from the N1.4 billion introduced for the earlier 12 months, amid an increase in full-year income.
For 2024, income elevated by 23.91% YoY to N1 billion, in comparison with N872.5 million reported within the prior 12 months.
Of this income, charges from company actions accounted for 69.9%, whereas register upkeep represented 30.00% of the whole.
Moreover, the corporate’s whole property rose to N34.8 billion, reflecting a 51.62% year-over-year improve, and retained earnings grew to N8.1 billion, up 8.11% from the earlier 12 months.
Contemplating these optimistic outcomes, Africa Prudential introduced a remaining dividend of 60 kobo per 50 kobo atypical share, topic to withholding tax, to be paid to shareholders listed within the Register of Members as of the shut of enterprise on March 21, 2025.
When mixed with the interim dividend of 15 kobo paid at half-year, the whole dividend for the 2024 monetary 12 months will quantity to 75 kobo per atypical share.
Key Highlights (2024 vs 2023)
- Income: N1 billion, +23.91% YoY
- Curiosity revenue: N4.1 billion, +33.64% YoY
- Gross earnings: N5.1 billion, +31.49% YoY
- Different revenue: N307.7 million, +754.90% YoY
- Different working bills: N1.4 billion, +7.05% YoY
- Pre-tax revenue: N2.8 billion, +94.94% YoY
- Publish-tax revenue: N2.8 billion, +95.05% YoY
- Earnings per share: N0.91, +89.58% YoY
- Whole property: N34.8 billion, +51.62% YoY
- Retained earnings: N8.1 billion, +8.11% YoY
Commentary
Africa Prudential Plc reported full-year income of N1 billion, reflecting a 23.91% improve in comparison with N872.5 million within the earlier 12 months.
- Charges from company actions comprised 69.9% of this income at N756.8 million, whereas register upkeep accounted for 30.0% at N324.3 million.
Curiosity revenue additionally rose by 33.64% year-over-year to N4.1 billion, up from N3 billion reported in 2023.
- Curiosity on time period deposits represented 86.5% of the whole, whereas curiosity on bonds made up 13.0%, totaling N534.9 million.
Different revenue elevated considerably by 754.90% year-over-year to N307.7 million, with rental revenue and dividend revenue contributing N167 million and N103.1 million, respectively.
- Nonetheless, different working bills additionally elevated, rising to N1.4 billion from N1.3 billion. These bills included annual dues and subscriptions, write-offs of economic property, authorized {and professional} charges, and basic administrative prices.
In the end, the corporate reported a pre-tax revenue of N2.8 billion, up 94.94% year-over-year from N1.4 billion in 2023, with post-tax revenue additionally standing at N2.8 billion, a 95.05% improve from the earlier 12 months.
Asset place
The corporate’s whole property elevated by 51.62% to N34.8 billion, up from N22.9 billion reported within the earlier 12 months.
- Debt devices at amortized value constituted a considerable portion of those property, making up 75.6% at N26.3 billion. Inside this, deposits with banks maturing in over 90 days accounted for N24.7 billion of the debt devices.
- Fairness devices at truthful worth via Different Complete Revenue (OCI) represented 12.9% of whole property at N4.5 billion, in comparison with N3.6 billion the earlier 12 months.
- The rest of the property consisted of commerce and different receivables, money and money equivalents, and different property.
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