Business

Africa Prudential Registrars Targets Africa Expansion

 Africa Prudential Registrars (APR) Plc last week said it would expand its operations across the African continent.  APR(formerly UBA Registrars)  is the first and only registrar firm to be listed on the Nigerian Stock Exchange (NSE). It got listed on the Nigerian bourse in January 2013.

However, addressing shareholders at first annual general meeting of the company in Lagos, the Managing Director/Chief Executive Officer of APR, Mr. Peter Ashade said that the firm would acquire companies in other parts of Africa to strength its business.

Ashade disclosed that  the  firm acquired UAC Registrars in 2013, the oldest non-bank affiliated registrar outfit in Nigeria to boost its performance.

“This acquisition lends further credence to our aim to be the leading registrars outfit in Nigeria and Sub-Sahara Africa. The transaction helped grow our business inorganically by adding on four client companies with aggregate shareholder base of over 250,000,” he said.

He added that APR has  strategic plans to  explore other opportunities for both organic and inorganic growth of our business, which will ultimately grow the aggregate shareholder base across  their client companies to over four million by 2015 financial year end.

In her address, Chairman of the firm,  Mrs. Eniola Fadayomi said the company has put strategy in place to provide clear direction for the development of its human and capital  resources.

Fadayomi said the company’s vision is to create long term and sustainability value for its stakeholders in its chosen markets.

Speaking on the financial performance of the firm in for the year ended December 31, 2013, Fadayomi said the firm was able to thrive despite the unfavorable circumstances that prevailed on the global and local fronts.

Fadayomi said the firm was able to thrive despite the unfavourable circumstances that prevailed on the global and local fronts.

According to her,  revenue rose from N1.034 billion in 2012 to N1.854 billion in 2013. Profit before tax grew from N667 million to N1.212 billion, while profit after tax increased to N914 million from N561 million in 2012.

The shareholders at the meeting unanimously approved N0.35 kobo dividend earlier proposed to shareholders, which amounts to N700 million.

Meanwhile, shareholders at the meeting commended the company for the declared N0.35 kobo dividend hope that the trend will continue.

Commenting on the firm result, a shareholder, Mr. Farouk Umar said, shareholders were impressed by the effort of the company to pay the amount to shareholders in about a year of operating as a quoted company.

According to him, “It is very encouraging to shareholders. We hope that some other companies will borrow a leaf from this action.”

A review of the company’s 2013 audited financial statement shows that revenue rose from N1.034 billion in 2012 to N1.854 billion in 2013.

Similarly, profit before tax grew from N667 million to N1.212 billion, while its profit after tax increased to N914 million in 2013, up from N561 million in the corresponding period of 2012.

The shareholders at the meeting unanimously approved N0.35 kobo dividend earlier proposed to shareholders, which amounts to N700 million.

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