AFRICA PRUDENTIAL PLC AFRICA PRUDENTIAL PLC
LAGOS, NIGERIA
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023
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CONTENTS | PAGE |
Corporate Information | 3 |
Statement of profit or loss and other comprehensive income | 4 |
Statement of financial position | 5 |
Statement of changes in equity | 6 |
Statement of cash flows | 7 |
Notes to the financial statements | 8-30 |
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AFRICA PRUDENTIAL PLC
CORPORATE INFORMATION
FOR PERIOD ENDED 30 JUNE 2023
Chairman | Chief (Mrs.) Eniola Fadayomi FIOD MFR | |
Directors | Mr. Obong Idiong | Managing Director |
Mr. Samuel Nwanze | Non-Executive Director | |
Mr. Peter Elumelu | Non-Executive Director | |
Mr. Peter Ashade | Non-Executive Director | |
Mr. Emmanuel Nnorom | Non-Executive Director | |
Mrs. Fumbi Chima | Independent Non-Executive Director | |
Hajia Zubaida Mahey Rasheed | Independent Non-Executive Director | |
Registered Office | 220b, Ikorodu Road | |
Palmgrove, Lagos | ||
Company Secretary | Joseph Jibunoh | |
FRC/2018/NBA/00000017719 | ||
Auditors | Ernst & Young | |
UBA House, 10th and 13th Floors | ||
57 Marina, Lagos | ||
Banker | United Bank for Africa Plc | |
RC No. | 649007 |
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AFRICA PRUDENTIAL PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the period ended June 30, 2023 | 3 Months | 6 Months | 3 Months | 6 Months | |
30 June | 30 June | 30 June | 30 June | ||
in thousands of Nigerian Naira | Notes | 2023 | 2023 | 2022 | 2022 |
Revenue from contracts with customers | 6.2 | 442,617 | 1,212,815 | 509,560 | 928,110 |
Cost of sales | 7 | (43,853) | (554,433) | (29,779) | (152,592) |
Gross Profit | 398,764 | 658,382 | 479,781 | 775,518 | |
Interest income | 8 | 488,103 | 950,407 | 602,735 | 1,062,184 |
Other income | 9 | 21,667 | 23,389 | 21,785 | 21,835 |
Net Operating income | 908,534 | 1,632,178 | 1,104,301 | 1,859,537 | |
Credit loss expense | 10 | (2,997) | (2,997) | (1,425) | (1,425) |
Personnel expenses | 11 | (257,924) | (464,959) | (179,980) | (330,793) |
Other operating expenses | 12 | (288,388) | (532,640) | (299,982) | (330,489) |
Depreciation of property and equipment | 21 | (9,404) | (18,208) | (11,836) | (23,359) |
Depreciation of right of use assets | 22.1 | (1,041) | (2,082) | (1,422) | (2,845) |
Amortisation of intangible assets | 23 | (8,298) | (13,444) | (7,844) | (14,819) |
Profit before finance costs and tax | 340,482 | 597,848 | 601,812 | 1,155,807 | |
Finance costs | 13 | (315) | (630) | (179) | (489) |
Profit before income tax expense | 340,167 | 597,218 | 601,633 | 1,155,318 | |
Income tax expense | 14.1 | (97,793) | (182,150) | (71,310) | (219,541) |
Profit after tax | 242,375 | 415,068 | 530,323 | 935,777 | |
Net gain/(loss) on quoted equity instruments at fair value | 18.1c | 105,046 | 125,839 | (6,639) | (16,027) |
through other comprehensive income | |||||
Total comprehensive income for the year, net of tax | 347,421 | 540,907 | 523,684 | 919,750 | |
Basic and diluted earnings per share (Kobo) | 16 | 12 | 21 | 27 | 47 |
The accompanying notes to the financial statements form an integral part of these financial statements.
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AFRICA PRUDENTIAL PLC | ||||
STATEMENT OF FINANCIAL POSITION | ||||
For the period ended | 30 June 31 December | |||
in thousands of Nigerian Naira | Notes | 2023 | 2022 | |
Assets | ||||
Cash and cash equivalents | 17 | 311,696 | 850,644 | |
Equity instruments at fair value through OCI | 18.1 | 3,127,354 | 3,001,515 | |
Debt instruments at amortised cost | 18.2 | 14,377,518 | 12,787,888 | |
Deposit for shares | 19 | 470,000 | 270,000 | |
Trade and other receivables | 20 | 1,322,600 | 1,514,551 | |
Property and equipment | 21 | 702,661 | 690,671 | |
Right-of-use-assets | 22.1 | 11,467 | 13,549 | |
Intangible assets | 23 | 153,870 | 141,868 | |
Total assets | 20,477,166 | 19,270,686 | ||
Liabilities | ||||
Customers' deposits | 24 | 11,099,827 | 8,985,030 | |
Creditors and accruals | 25 | 209,761 | 144,957 | |
Lease liabilities | 22.2 | 9,488 | 8,777 | |
Current income tax payable | 26 | 185,289 | 700,028 | |
Deferred tax liabilities | 27 | 46,306 | 46,306 | |
Total liabilities | 11,550,671 | 9,885,098 | ||
Equity | ||||
Share capital | 28 | 1,000,000 | 1,000,000 | |
Share premium | 28 | 624,446 | 624,446 | |
Fair value reserve | 28 | 157,946 | 32,107 | |
Retained earnings | 28 | 6,978,983 | 7,563,915 | |
Revaluation reserve | 28 | 165,120 | 165,120 | |
Total equity | 8,926,495 | 9,385,588 | ||
Total liabilities and equity | 20,477,166 | 19,270,686 |
The financial statements and accompanying notes to the financial statements were approved and authorized for issue by the Board of Directors on 26 July 2023 and were signed on its behalf by:
Chief (Mrs) Eniola Fadayomi FIOD MFR (Chairman)
FRC/2013/IODN/00000002718
Obong Idiong (Managing Director)
FRC/2013/NBA/00000004696
Anu Akindolire (Chief Finance Officer)
FRC/2021/ICAN/00000024356
The accompanying notes to the financial statements form an integral part of these financial statements.
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Africa Prudential plc published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 09:05:06 UTC.
