Post Views: 682 Directors of African Prudential Plc filed its audited financials for the year ended December 31, 2018, showing that the 35.28% rise in...
Directors of African Prudential Plc filed its audited financials for the year ended December 31, 2018, showing that the 35.28% rise in gross earnings was impacted particularly by 72.77% climb in personnel expenses, among other costs, as well as credit loss expenses.
The directors however recommended a 50 kobo dividend per share, out of the Earnings Per Share of 98 kobo; up from the 40 kobo paid for the 2017 financial year, from the 86 kobo EPS. Qualification date is set at March 13, 2019, while closure of register is from March 14 to 20; while shareholders are expected to approve the proposal at the annual general meeting slated for March 26, same date as payment.
According to the result, gross earnings climbed 35.28% up from N3.315bn in 2017 to N4.485bn; other income jumped 981.92% to N532.251m from N49.195m. There was a new line item in the form of Credit loss expenses of N153.831m, which did not exist in prior year; even as impairment on goodwill dropped from N157.296m to N98.693m, representing 37.26%.
Personnel expenses increased from N327.144m to N565.193m; other operating expenses rose 32.02% to N832.866m from N630.848m; depreciation of property and equipment increased to N51.299m from N42.143m or 21.73%.
Profit before finance costs and tax stood at N3.294bn, 49.9% better than the N2.197bn of 2017.
Finance costs ballooned by 588.23% from N130.703m to N899.541m; resulting in profit before tax of N2.394bn, which could only climb 15.86% from N2.066bn in 2017; even as income tax expense rose 25.48% from N352.116m to N441.839m. Profit after tax for the year stood at N1.952bn, as against N1.714bn in the preceding full year.