Shareholders of Africa Prudential Plc have commended the company’s management for its impressive dividend payout and bonus issuance at its 12th Annual General Meeting (AGM) held yesterday. The company declared a total dividend of N1.5 billion for the 2024 financial year, with a final payout of 60 kobo per share, amounting to N1.2 billion, in addition to an interim dividend earlier in the year.
Amid macroeconomic headwinds, the shareholders lauded the firm’s resilience, which enabled it to deliver value despite challenging conditions. Prominent shareholders, including Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria, and Mrs. Bisi Bakare, President of the Pragmatic Shareholders Association, expressed satisfaction with the company’s performance during the virtual AGM.
Bonus Share Issuance Strengthens Share Capital
In a move to further reward investors, the board approved a 1-for-1 bonus share issuance, effectively doubling the company’s share capital to N2 billion. This was achieved by creating an additional 2 billion ordinary shares at 50 kobo each, a strategic step to enhance liquidity and investor participation.
Chairman Highlights Record Growth, Digital Transformation
Addressing shareholders, Chief (Mrs.) Eniola Fadayomi, Chairman of Africa Prudential, emphasized the company’s strong financial performance and digital transformation efforts.
“Africa Prudential remains focused on driving strategic growth and transformation,” she stated. “In the past year, we recorded a 52% increase in total assets, rising from N22.98 billion to N34.84 billion. This milestone underscores our unwavering commitment to delivering long-term value to our shareholders, even in the face of evolving market dynamics.”
She also highlighted the company’s investment in digital innovation, particularly the enhancement of its Invearn platform, which processed over N1.5 billion in transactions.
“We introduced new innovative products and improved our digital platform to ensure seamless shareholder experiences. Our goal is to continue building digital-first, customer-centric solutions that redefine transparency and engagement in Nigeria’s capital market,” she added.
CEO Reports Record Profit Surge, Strategic Expansion
Catherine Nwosu, Managing Director/CEO of Africa Prudential, reinforced the company’s strong financials and future outlook.
“2024 has been a landmark year for Africa Prudential,” she declared. “We achieved an 88% surge in Profit After Tax (PAT) and a 95% growth in Profit Before Tax (PBT), reflecting our financial strength and disciplined execution. Our balance sheet expanded by over 50%, and we introduced innovative features to enhance shareholder engagement.”
She further explained the dividend strategy: For the first time, we introduced an interim dividend, followed by a final dividend of 60 kobo, bringing the total payout to 75 kobo per share. This demonstrates our commitment to consistent and increasing shareholder returns.
Looking ahead, Nwosu reiterated the company’s focus on technology, data-driven solutions, and strategic partnerships to solidify its leadership in Nigeria’s evolving capital market.
Shareholders Express Confidence in Future Prospects
Shareholders at the AGM expressed optimism about the company’s trajectory, citing its strong governance, innovative approach, and commitment to investor rewards as key reasons for continued confidence.
With a robust financial position, digital advancements, and a clear growth strategy, Africa Prudential Plc is poised to maintain its leadership in Nigeria’s capital market while delivering sustainable value to stakeholders.