BY CHINYERE OBIORA, LAGOS – Africa Prudential Registrar Plc says it recorded profit after tax of N1.714 billion for the financial year ended December 31, 2017.
This figure represents an increase of 68.25 per cent as against N1.019 billion reported in the corresponding period of 2016.
For its profit before tax, the company recorded N2.066 billion within the period under review compared to N1.445 billion achieved in the preceding year, indicating a growth of 42.95 per cent.
The result, released on Tuesday, indicated that net interest income, which stood at N1.424 billion in the previous year, increased by 67.15 per cent to N2.380 billion while registrars fee income fell from N994.39 million in 2016 to N935.43 million at the end of 2017 financial year.
Impairment loss in financial assets rose from negative N147.46 million to negative N 157.30 million in December 2017
An analysis of the firm’s result indicated that administrative expenses grew by 18.24 per cent to N1.010 billion from N854.32 million recorded in the 2016 financial year while profit from operating activities rose by 51.98 per cent to N2.197 billion against N1.445 billion achieved in the comparable period of last year.
Similarly, total assets value grew from N14.621 billion in 2016 to N21.933 billion, representing a growth of 30.39 per cent with total liabilities surging by 22.19 per cent to N14.994 billion from N12.270 billion reported in the comparative period of 2016
Africa Prudential Registrar Plc says it recorded profit after tax of N1.714 billion for the financial year ended December 31, 2017.
This figure represents an increase of 68.25 per cent as against N1.019 billion reported in the corresponding period of 2016.
For its profit before tax, the company recorded N2.066 billion within the period under review compared to N1.445 billion achieved in the preceding year, indicating a growth of 42.95 per cent.
The result, released on Tuesday, indicated that net interest income, which stood at N1.424 billion in the previous year, rose by 67.15 per cent to N2.380 billion while registrars fee income fell from N994.39 million in 2016 to N935.43 million at the end of 2017 financial year.
Impairment loss in financial assets rose from negative N147.46 million to negative N 157.30 million in December 2017
An analysis of the firm’s result indicated that administrative expenses grew by 18.24 per cent to N1.010 billion from N854.32 million recorded in the 2016 financial year while profit from operating activities rose by 51.98 per cent to N2.197 billion against N1.445 billion achieved in the comparable period of last year.
Similarly, total assets value grew from N14.621 billion in 2016 to N21.933 billion, representing a growth of 30.39 per cent with total liabilities surging by 22.19 per cent to N14.994 billion from N12.270 billion reported in the comparative period of 2016
