Africa Prudential holds 9th annual general meeting, reports massive gains from diversification


BY YUNUSA BUNU, MARCH 25, 2022 | 09:45 AM

Africa Prudential, a registrar and business solutions provider, recorded significant success in its diversification into digital technology solutions provider in 2021 while reinventing its traditional registrar business.

This was disclosed on Wednesday, March 23 by the company’s leadership at its 9th annual general meeting held in Abuja.

Despite significant macroeconomic headwinds, including double digit inflation and a weaker Naira, the company said it recorded 71 percent growth in registrar maintenance fees in 2021 while adding 19 new clients in the associated business line.

'Over the same period, Africa Prudential hit significant milestones in its digital technology business, culminating in a 58 percent rise in revenues in the business line.

'Overall, gross revenues increased by 0.4% to N3.5 billion despite the 12% decline in interest income as the non-interest income lines strengthened, while profit before tax was up 1.3 percent to N2 billion.

'The firm maintained its dividend payout at 50 kobo per share for the year 2021, the same payment as in the year 2020.

'Amid a slow economic recovery but still challenging business environment, the 2021 performance reflects the impact of deliberate efforts to diversify the business and to deploy business solutions to strengthen our business and that of our clients for superior value creation.

'We look forward to recording greater success in this regard in the coming years,' said Mrs Eniola Fadayomi, the Chairman of the Board of Directors.

During the 2021 fiscal year, Africa Prudential said it made further investments and partnerships to broaden and deepen its service offering.

It launched its Biometric Identification Management Solution as its latest offering, enabling a wide range of companies to capture and authenticate biometric information of their customers. The company also launched the Reddeals platform, which aggregates discounted deals on a web-based platform.

Commenting on the 2021 performance, Mr Obong Idiong, CEO of Africa Prudential, said 'the 2021 performance provides further evidence of the success of our evolution as a business solutions provider even as we strengthen our traditional Registrar Business for superior value creation to our customers.

'Revenue from digital technology business has risen from 1 percent of total revenues in 2019 to 18 percent in 2021, amid an expanding clientele across the public and private sector space.

'Meanwhile, we are using technology to redefine the experience of customers in our Registrar Business and this underpinned new customer acquisition in the past year.

'We continue to challenge business leaders to imagine a future where they can recalibrate their business for growth, efficiency and the rapidly evolving competitive landscape and look forward to helping them build the tools that they require to get there. 'In addition to considering the 2021 audited financial statement and the declaration of a dividend, shareholders also considered and approved amendments to the Memorandum and Articles of Association of the company to reflect the expanded focus on digital technology and other related business lines.'

About Africa Prudential African Prudential Plc is a registrar and business solutions provider listed on the Nigeria Exchange Limited (NGX), offering share registration, business solutions, and e-commerce services. The firm is leveraging technology to transform the service experience of businesses and consumers across its various business lines.

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