Shareholders of Africa Prudential Plc have approved a total dividend of N800 million for the 2017 financial year end. The shareholders carried out the approval yesterday at the company’s fifth annual general meeting held in Lagos. The dividend declared for the 2017 amounted to 40 kobo per share.
Addressing shareholders, the chairman of Africa Prudential, Chief (Mrs.) Eniola Fadayomi noted that despite the challenging operating environment in 2017, the company ended the year with an impressive performance.
She stated that the company recorded a turnover of N3.37 billion, a growth of 38 per cent over the previous fiscal financial year and a profit before tax of N2.07 billion, which represent an increase of 43 per cent over the previous year.
On the outlook for 2018, Fadayomi said that the Nigerian economy is expected to perform better in 2018 with oil prices expected to rise above the government budget benchmark of $45.
She pointed out that with the relentless determination of the federal government to improve Nigeria’s rating on the international ease of doing business index to facilitate inflow of foreign investments, the outlook for new registrar mandates from companies going public is very bright.
“We are optimistic that your company with rightfully position itself in 2018 to maximise all the business opportunities that will arise from budget implementation by seeking appointment as registrars from those companies that would be seeking public listing on the Nigerian Stock Exchange (NSE),” she said.
Also, the chief operating officer of the company, Mr. Peter Ashade noted that in 2017, the company emphasised the need for diversification of its business portfolio to achieve long term sustainability and viability of its business which necessitated the change of of name that was approved at the last annual general meeting.
He noted that the new Africa Prudential is still a strong player in the registrar’s business and still intends on remaining a leading registrar firm in Nigeria and grow to become a leader in Africa in the near future.
According to Ashade, with the business diversification drive, Africa Prudential has so far evolved four business lines. We will continue to leverage technology to develop and enhance our revenue lines in order to diversify our income base for long term sustainability.
He pointed out that in 2018, the company will intensify effort to build on the progress so far recorded in its business diversification drive by pursuing relentless innovation in product development and process improvement effort, offering exceptional customer experience to its client and leveraging technology for improved productivity and efficiency.