African Prudential Registrars Grows Q1 Profit to N397 m

Shareholders of Africa Prudential Registrars (APR) Plc should expect a higher dividend at the end of this year if the growth recorded by the company for the first ended March 31, 2017 is maintained the remaining quarters of the year.

The shareholders of the company had received 30 kobo dividend for the 2016 financial year, which was 50 per cent lower than the 60 kobo paid in 2015.

However, the prospect for a higher dividend has brightened with improved Q1 results reported by the company. APR reported a revenue of N642 million, showing a jump from N398 million in the corresponding period of 2016. Profit after tax (PAT) soared by 106 per cent from N397 million in 2017, from N192 million in 2016.

The Chairman of APR, Chief (Mrs.) Eniola Fadayomi recently told shareholders at the annual general meeting (AGM) held in Lagos, the company was diversifying its operations in order to deliver more value to shareholders and other stakeholders.

According to her, business diversification is one of their key approaches to ensuring the soundness and continued survival of the company.

“This is crucial for the continued profitability and viability of the company in the light of the dwindling revenue for core registrars’ services. The business diversification effort is already yielding significant results with the successful go-live of two key products/projects (Easycoop and Greenpole),” she said.

She said the company would continue to evolve more e-products in order to expand its revenue generating lines while also diversifying its risk portfolio.

Looking ahead, the chairman said although the current economic challenges and the simultaneous realignment in the Nigerian capital comes with some discomfort, the company sees it as an opportunity to reassess its strategy, realign its strategic thrust in line with the evolving capital markets in Nigeria and Africa.

Also speaking the Managing Director/Chief Executive Officer of the APR Plc, Mr. Peter Ashade has said 2016 was a transformational year for the company as efforts at improving its products offerings for capital market community yielded positive results.

“Our range of e-products offerings have been fortified and expanded for improved client experience through our new robust operating platform,” he said.

According to him, efforts to organically increase its client base in 2016 yielded a tremendous result as the company succeeded in winning a total of 11 new mandates within the year.