Africa Prudential Plc witnessed a contraction in earnings during the first quarter as the share registration company struggled with declining top-line.
Key extracts of the interim report for the three-month period ended March 31, 2020 showed that gross earnings dropped by 14.5 per cent to N743.36 million in first quarter 2020 as against N869.37 million recorded in first quarter 2019. Profit before declined by 8.9 per cent from N453.72 million to N413.45 million.
After taxes, net profit dropped by 10.4 per cent to N341.81 million in first quarter 2020 as against N381.53 million in first quarter 2019. With these, earnings per share declined from 19 kobo in first quarter 2019 to 17 kobo in first quarter 2020.
