Africa Prudential Plc released its 2022 Audited results for the period ended December 31^st, 2022.

Key Highlights

• Gross Earnings advanced by 17.38% from N3.52bn to N4.13bn
• Profit before tax stood at N2.17bn
• Profit after tax stood after N1.49bn
• Share Price Currently Stands at N6.2k

Africa Prudential Plc announced its Audited Financial Statements for the period ended December 31st, 2022, with Gross Earnings of N4.1 Billion and Profit Before Tax of N2.17 Billion. The Company delivered an Earnings Per Share of 75Kobo and proposed a dividend per share of N0.50k

Income Statement: 

• Revenue from contracts with customers: N1.9 Billion, compared to N1.38 Billion in FY 2021 (36% YoY Growth); 
• Interest Income: N2.23 Billion, compared to N2.14 Billion in FY 2021 (4% YoY Growth); 
• Gross Earnings: N4.1 Billion, compared to N3.5 Billion in FY 2021 (17% YoY Growth); 
• Profit Before Tax: N2.16 Billion, compared to N2.01 Billion in FY 2021 (8% YoY Growth); 
• Profit After Tax: N1.49 Billion, compared to N1.41 Billion in FY 2021 (6% YoY Growth); 
• Earnings Per Share: 75kobo. (71kobo in FY 2021). 
• Proposed dividend of N0.50k for FY 2022, same as FY 2021. 

Balance Sheet: 

• Total Assets: N19.27 Billion, compared to N15.75 Billion as at FY 2021 (22% YoY Growth); 
• Total Liabilities: N9.89 Billion, compared to N6.99 Billion as at FY 2021 (41% YoY Growth); 
• Shareholders’ Fund stood at N9.39 Billion, a 7% YoY growth from N8.77 Billion as at FY 2021.

Items of Note. 

Comparing FY 2022 to FY 2021, 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 36%, driven by a 96% year-on-year growth in digital technology services. 
• Interest income: We recorded a 4% year-on-year growth in interest income owing to an increase in the available investible funds driven by a 23% growth in total assets. 
• Total operating expenses: The cost-to-income ratio was 48% in FY 2022. Total expenses increased slightly by 24% YoY. 
• Profit After Tax: 6% YoY growth, driven by growth in revenue 

Comparing FY 2022 to FY 2021, the following were observed in the Balance Sheet: 

• Total Assets: During the period, the book value of total assets increased by 22% year-on-year on account of an increase in the value of debt instruments. 
• Total Liabilities: The company’s total liabilities increased by 41% year-on-year due to a 45% increase in customers’ deposits. 
• Shareholder’s Wealth: The company’s shareholder’s wealth increased by 7%, driven by 7% growth in retained earnings