• Seeks Name Change, Business Diversification

Directors of share registration giant- African Prudential Plc, on Thursday presented its audited result for the full year ended December 31, 2016, indicating that revenue and profit suffered a cut from previous full year, with net profit falling faster, owing to the almost two and half times more tax paid in the period under review. Owing to these mix, the directors have recommended a 50% dividend cut, offering N600m or 30 kobo per share from Earnings Per Share of 72 Kobo; as against the previous N1.2bn or 60 kobo from the 81 kobo EPS in the corresponding period of 2015.
Turnover fell to N2.447bn from N2.575bn, representing a decline of about N27.899m or 4.96%, with operating expenses rising by N55.527m or 5.86% from N946.254m to N1.001bn.
Consequently, profit before tax slipped by N183.425m or 11.25% from N1.629bn to N1.445bn; just as tax jumped from N181.424m to N426.763m, resulting in net profit of N1.019bn, N428.765m or 29.61% slimmer than the N1.447bn of 2015, from which the board has retained N419.173m, up from N247.938m.
Besides putting the financials before shareholders at the annual general meeting, the board will also proposed a change of name from African Prudential Registrars Plc to African Prudential Plc.
The directors “are also seeking to adopt and register APR Plc as our trade name for ease of reference and brand permeation. The change of name will afford the company an opportunity to diversify its business in line with its objects as contained in the Memorandum of Association.
Also, the external auditors- Akintola Williams Deloitte, noted the N141.5m impairment losses on goodwill for the year, while the carrying value of goodwill is N255m.