Afriprud Plc. HY’2020- Profit after tax went up by 5.34% to N1.08 bn
Africa Prudential’s result for HY’2020 showed that revenue from contracts with customers fell by 32.12%, from N870.14 mn in HY’2019 to N590.67 mn in the current period. Interest income however increased by 12.45% from N1.14 bn in HY’2019 to N1.28 bn in the current period.
Consequently, gross earnings went down by 6.84% from N2.01 bn in HY’2019 to N1.87 bn in HY’2020, driven by the fall in revenue. Profit before tax increased by 0.61% from N1.21 bn in HY’2019 to N1.22 bn in HY’2020, due to a 100% and 12.57% decline in finance cost and other operating expenses, respectively. Profit after tax also rose by 5.34% to N1.08 bn in the current period from N1.03 bn in HY’2019, on the back of a 26.13% decline in tax expense. Consequently,
Earnings per share advanced by 5.88% from N0.51 in HY’2019 to N0.54 in the current period.
