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APR diversifies to increase profit

By on April 6, 2014

Africa Prudential Registrars Plc has said that it is making concerted effort to increase its profitability in the coming years.

The Managing Director/Chief Executive Officer of the firm, Mr. Peter Asade, stated this on Thursday at the company’s first Annual General Meeting.

He said, “Our focus for the year will be to continue to profitably grow our businesses. We will also control our operating costs by optimising our processes while concurrently improving the level of service delivery to our clients.

“We believe that APR is well positioned for strong and sustainable growth in 2014. We are focused on our vision and we will continue to blaze the trail as we take up a clear leadership position in the sector; and we want to assure our shareholders that every investment in the shares of APR, going forward, is a wise investment.”

He explained that in addition to the company’s acquisition of UAC Registrars in 2013, the company was set to explore other opportunities for both organic and inorganic growth for its business.

This, he stated, would ultimately improve its aggregate shareholders base across its client companies to over four million by the 2015 financial year.

In its results for the financial year ended December 31, 2013, the company’s profit before tax grew by 82 per cent from N667.5m in 2012, to N1.2bn, while its total assets rose by 95 per cent from N8.4bn to N16.4bn.

The chairman of the company, Chief (Mrs.) Eniola Fadayomi, said the company would put strategies in place to provide clear direction for the deployment of both human and capital resources in line with its vision to create long-term and sustainable value for the stakeholders.

She said, “In order to realise the long-term objectives, the company is making every effort to identify and take advantage of every investment opportunity that will complement its long-term strategic objectives.”

Shareholders at the meeting commended the company for the 35 kobo dividend payout declared by its management, adding that it was encouraging that the firm, which was conducting its first AGM, was able to pay such an amount to them.

A shareholder, Mr. Farouk Umar, said, “We are impressed by the effort of our company to pay this amount to shareholders in about a year of operating as a quoted company; it is very encouraging to shareholders. We hope that some other companies will borrow a leaf from this action.”

[Punch]