Africa Prudential Grows profit by 54% in 9-Month

African Prudential Plc grew profit by about 54% year on year at the end of the third quarter of financial year 2024 to N1.338 billion from N871.4 billion, details from its regulatory filing showed.

In its unaudited financial statement submitted to the Nigerian Exchange, Africa Prudential said its net revenue declined by 51.23% year on year to N758.5 million, from N1.555 billion in the comparable period in 2023.

Its costs of sales also moderated significantly year on year as activities level slowed in the period, down by 90% to N82.416 million from N848.837 million 12 months earlier.

In spite of this, gross profit plunged by 4.31% year on year, suggesting that unit costs rose faster than revenue surge in the period. 

Both operating and other income line came stronger in the period. Africa Prudential operating income for the period rose to N3.413 billion, up by 13.58% year on year from N3.005 billion in the equivalent period in 2023.

But the company’s credit loss expenses worsened the show, up by 72% year on year from N15.278 million to N26.286 million. Personnel and operating expenses helped the results as both declined sharply year on year. Personnel costs reduced by 22% while operating expenses fell by about 17% year on year.

At the end of the period, Africa Prudential pretax profit was higher by about 54% year on year to N1.968 billion from N1.281 billion in the comparable period due to zero interest costs.  #Africa Prudential Grows profit by 54% in 9-Month Jaiz Bank Value Increases by 11.2% to N86 Billion