By Peter Egwuatu

African Prudential Plc has disclosed that it has diversified its income stream in order to boost stakeholders’ value.

Speaking at the African Prudential Plc Annual General Meeting, AGM in Lagos, the Chairman of the Company, Chief (Mrs) Eniola Fadayomi said: “ Despite the challenging operating environment in   2018, our Company ended the year with an impressive performance. The company recorded a turnover of N4.485 billion, a growth of 35 percent over the previous fiscal financial year and a profit before tax of N2.39 billion which represents an increase of 16 percent over the previous year.   As a result of the impressive performance and in line with our dividend policy, the Board is pleased to recommend for your approval 50 kobo per ordinary share.”

Continuing she said” The Company    continued to improve on the quality of its core business of registrar services   through deployment of its Greenpole software and a range of other value adding products and services to facilitate the ease of its clients in carrying out transactions on their share accounts. These include, E- Accredit for accreditation of meeting attendees, the Personal  Register USSD 4018# which enables shareholders to make routine share enquiries using their mobile phones, e dividend which allows direct crediting of investors’ bank accounts, e -Offer etc.”

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She further said:” In a conscious effort to diversify its income base and insulate the Company from uncertainties and risks of depending on a single line if business income, the Company took measured steps to grow its business solution segment. In view of the disruptive effects of new technologies and fast tempo transition to digital economy, the Company also took strategic measures aggressively developing new business segments covering innovative e- business solution, e-commerce etc.

It is our earnest expectation that sales and income from these lines of business will grow in the next few years to balance earnings from traditional streams of registrar.”