Africa Prudential Reports 401% Increase in Total Assets

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Africa Prudential Plc has reported 401 per cent increase in total assets to N88.87 billion as at June 30, 2021 compared to N17.73 billion as at financial year ended December 31, 2020.

The Managing Director/Chief Executive officer, Obong Idiong in a signed statement said, “Total Assets: In the second quarter of 2021, the total assets increased 401per cent on the back of 7336 per cent surge in cash and cash equivalents as well as an 70per cent increase in trade and other receivables.”

In addition, total liabilities rose by 762 per cent to N80.71billion as at June 31, 2021 from N9.36 billion as at financial year ended December 31, 2020, driven by a 829 per cent increase in customers’ deposits that accounted for about 99 per cent of the company’s liabilities.
Africa prudential’s shareholders’ fund stood at N8.16 Billion, a two per cent decline from N8.37 billion as full year ended December 31, 2020.

Amid growth in total assets, Africa Prudential Plc, however, reported 24 per cent drop in profit after tax as stated in unaudited half year (H1) result and accounts for period ended June 30, 2021.
The only listed register firm reported N0.83 billion profit of H1 2021 unaudited results from N1.08billion reported in unaudited results of H1 2020.

The result and accounts released on Nigerian Exchange Limited (NGX) disclosed also 20 per cent dropped in profit before tax to N0.97 billion, compared to N1.22 billion reported in H1 2020.
The company’s Gross Earnings closed H1 2021 at N1.67billion, a decline of 11 per cent from N1.87 billion reported in H1 2020, as revenue from contracts with customers closed at N0.52 billion, 12 per cent decline in its Year-on-Year performance compared to N0.59 billion in H1 2020.

The company in a statement explained that, “During the period under review, Revenue from contracts with customers contracted by 12 per cent year-on-year on the back of a significant renegotiation of fees rate by customers along our corporate actions revenue lines as well as slow sign off of contracts within the period in digital consultancy. However revenue from register maintenance increased by eight per cent.”
Also from profit & loss figures, Africa Prudential reported Interest Income of N1.15 billion, compared to N1.28 billion in H1 2020 (10per cent YoY decline).

On interest income decline, the company in a statement said, “While the company was bullish with 436per cent increase in the interest realized from bonds and also a 193per cent increase in the interest realized from short term deposits, there was a slight 10per cent year-on-year decline in interest income owing to a four per cent decline in interest on loans and advances and a nil income on T-Bills relative to H1 2020.”

and the European Commission’s Scientific Committee for Food demonstrates that glutamate is safe.”
Junichi noted that based on its safety, Ajinomoto Umami Seasoning was consumed in over 130 countries, adding that the usage of MSG was to enhance taste and increase deliciousness of food.
The Umami seasoning, according to him, has been safely used as a food ingredient since 1908 after it was discovered by a Japanese scientist, Dr. Kikunae Ikeda.

He assured that the company was committed to providing products that make food more delicious and nutritious, urging Nigerians to dispel any myth or misconception about Ajinomoto.
The Umami Seasoning Day is celebrated on July 25 every year to raise awareness about the importance of the Umami seasoning, popularly known as Ajinomoto On his part, Prof. Abiodun Sanni of the Department of Microbiology, University of Ibadan, who wants Nigerians to work with facts and not rumours, explained that glutamate has no health issues as purported in some quarters.

Sanni noted, “MSG produces a unique and fifth taste known as Umami. We have a lot of glutamate in our local foods. Iru for instance is umami. When you take Iru, you take a lot of glutamate. So, people should debunk the rumours about glutamate. The human body metabolizes both the natural and added glutamate in the same manner.”
“MSG does not cause allergy; it does not cause asthma- no link at all; it does not cause obesity; no adverse effect on the lung. Again, no study has shown any group of people not to take glutamate”, the professor added.

WASCO’s Head of Marketing, Mr. Isah Hassan Shallangwa, also provided more safety facts about Ajinomoto Umami seasoning and gave reasons why Nigerians should embrace it.
“The benefits of the seasoning include enhancing and promoting the deliciousness of our meals, it is economical, it reduces salt intake and it is rich in glutamate, one of the free amino acids. Almost all seasoning contains MSG”, Shallangwa said.

SOURCE: THIS DAY

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