Africa Prudential Registrars Declares N700m Dividend
Goddy Egene and Eromosele Abiodun
Directors of Africa Prudential Registrars Plc, the only capital market registrar listed on the Nigerian Stock Exchange (NSE), have recommended a dividend of 35 kobo per share for the 2014 financial year. Considering the N3.35 closing price of Africa Prudential yesterday, the dividend per share translates into a yield of 10.4 per cent.
The company, which got listed on the NSE in 2013, had similarly paid a dividend of 35 kobo for that financial year. In all, the company will be paying gross dividend of N700 million for the 2014 financial year.
According to the audited results made available at the stock market, Africa Prudential recorded gross earnings of N2.3 billion, up 21.7 per cent from N1.9 billion recorded in 2013. Operational expenses soared by 51.2 per cent from N600 million to N1.0 billion. Profit before tax rose by 7.3 per cent from N1.2 billion o N1.3 billion, while profit after tax jumped by 33 per cent from N900 million to N1.2 billion.
Based on the performance the directors recommended a dividend of N700 million which is 35 kobo per share for the shareholders. The dividend will be paid on April 10, 2015 after its approval at the company’s annual general meeting slated for April 8, in Lagos.
When the company was being listed two years ago, its Chief Executive Officer Mr. Peter Ashade, said “by focusing on innovative, technology-led share registration services and high client touch, this transaction will reduce operating expenses, overall profitability and improve shareholder experience.”
Meanwhile, trading at stock market was bearish yesterday as profit taking set in. The
THE NIGERIAN STOCK EXCHANGE
NSE All Share Index (ASI) declined by 1.55 per cent to close at 30,869.17, while the market capitalisation closed lower at N10.3 trillion.
Only 19 stocks appreciated compared 30 depreciated. United Capital Plc led the price gainers with 9.4 per cent, while Honeywell Four Mills Plc led the price losers with five per cent.