Income Statement Africa Prudential Plc

Stocks

AFRIPRUD

NGAFRIPRUD04

Financial & Commodity Market Operators

End-of-day quote Nigerian S.E. 2026-10-06			5-day change	1st Jan Change
10.60 ^NGN	+4.43%		-3.20%	-28.38%

07-17	Africa Prudential Plc Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
04-26	Africa Prudential Plc Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: AFRICA PRUDENTIAL PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (NGN)	2022 (NGN)	2023 (NGN)	2024 (NGN)	2025 (NGN)
Revenues	1.38B	1.9B	873M	1.08B	1.2B
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.38B	1.9B	873M	1.08B	1.2B
Cost of Goods Sold, Total	625M	827M	1.04B	1.02B	1.19B
Gross Profit	752M	1.08B	-170M	60.6M	7.61M
Selling General & Admin Expenses, Total	20.51M	7.84M	37.48M	71.47M	38.33M
Provision for Bad Debts	29.12M	-2.23M	44.61M	109M	213M
Depreciation & Amortization - (IS)	52.37M	52.66M	55M	61.6M	62.17M
Amortization of Goodwill and Intangible Assets - (IS)	28.34M	25.46M	53.47M	78.11M	87M
Other Operating Expenses	838M	1.1B	1.21B	1.15B	1.55B
Other Operating Expenses, Total	969M	1.18B	1.4B	1.47B	1.95B
Operating Income	-216M	-108M	-1.57B	-1.41B	-1.95B
Interest Expense, Total	-1.46M	-1.06M	-861K	-	-
Interest And Investment Income	2.16B	2.25B	3.11B	4.22B	6.07B
Net Interest Expenses	2.16B	2.25B	3.11B	4.22B	6.07B
Currency Exchange Gains (Loss)	-	-6.57M	-29.77M	-	-659K
Other Non Operating Income (Expenses)	72.45M	20.37M	-61.4M	0	197M
EBT, Excl. Unusual Items	2.01B	2.16B	1.45B	2.81B	4.32B
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-7.58M	7.89M	-7.58M	-	-
Gain (Loss) On Sale Of Assets	175K	-	2.38M	2.61M	3.86M
Asset Writedown	-	-	-3.78M	-	-66.49M
EBT, Incl. Unusual Items	2.01B	2.17B	1.44B	2.81B	4.26B
Income Tax Expense	591M	673M	478M	1B	1.54B
Earnings From Continuing Operations	1.41B	1.49B	963M	1.81B	2.72B
Net Income to Company	1.41B	1.49B	963M	1.81B	2.72B
Net Income - (IS)	1.41B	1.49B	963M	1.81B	2.72B
Net Income to Common Incl Extra Items	1.41B	1.49B	963M	1.81B	2.72B
Net Income to Common Excl. Extra Items	1.41B	1.49B	963M	1.81B	2.72B
Per Share Items
Net EPS - Basic	0.35	0.37	0.24	0.45	0.68
Basic EPS - Continuing Operations	0.35	0.37	0.24	0.45	0.68
Basic Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Net EPS - Diluted	0.35	0.37	0.24	0.45	0.68
Diluted EPS - Continuing Operations	0.35	0.37	0.24	0.45	0.68
Diluted Weighted Average Shares Outstanding	4B	4B	4B	4B	4B
Normalized Basic EPS	0.31	0.34	0.23	0.44	0.68
Normalized Diluted EPS	0.31	0.34	0.23	0.44	0.68
Dividend Per Share	0.25	0.25	0.22	0.38	0.5
Payout Ratio	70.69	66.97	103.85	66.3	58.88
American Depositary Receipts Ratio (ADR)	100	100	100	100	100
Supplemental Items
EBITDA	-169M	-62.19M	-1.53B	-1.35B	-1.82B
EBITA	-216M	-108M	-1.57B	-1.41B	-1.88B
EBIT	-216M	-108M	-1.57B	-1.41B	-1.95B
EBITDAR	-159M	-	-	-	-
Effective Tax Rate - (Ratio)	29.48	31.06	33.17	35.59	36.19
Total Current Taxes	535M	624M	390M	880M	1.39B
Total Deferred Taxes	6.28M	-6.35M	39.04M	22.29M	7.49M
Normalized Net Income	1.26B	1.35B	906M	1.75B	2.7B
Interest on Long-Term Debt	1.46M	1.06M	861K	-	-
Supplemental Operating Expense Items
Advertising Expense	10.17M	7.84M	37.48M	71.47M	38.33M
Selling and Marketing Expenses	10.17M	7.84M	37.48M	71.47M	38.33M
Net Rental Expense, Total	10.34M	-	-	-	-
Imputed Operating Lease Interest Expense	17.64M	-	-	-	-
Imputed Operating Lease Depreciation	-7.3M	-	-	-	-
Maintenance & Repair Expenses, Total	19.19M	45.6M	94.07M	48.22M	36.54M

Fiscal Period: December	2021 (NGN)	2022 (NGN)	2023 (NGN)	2024 (NGN)	2025 (NGN)
Assets
Cash And Equivalents	866M	851M	5.26B	1.19B	488M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	947M	-	-
Total Cash And Short Term Investments	866M	851M	6.21B	1.19B	488M
Accounts Receivable, Total	373M	679M	948M	429M	102M
Notes Receivable	-	68.55M	92.21M	88.82M	82.02M
Total Receivables	373M	748M	1.04B	518M	184M
Inventory	-	-	-	-	-
Prepaid Expenses	201M	199M	150M	226M	150M
Other Current Assets, Total	51.28M	568M	681M	920M	1.01B
Total Current Assets	1.49B	2.37B	8.08B	2.85B	1.83B
Gross Property Plant And Equipment	598M	1.06B	1.19B	1.18B	1.39B
Accumulated Depreciation	-335M	-355M	-402M	-404M	-410M
Net Property Plant And Equipment	264M	704M	783M	774M	976M
Long-term Investments	13.95B	16.06B	13.74B	30.91B	38.95B
Goodwill	-	-	-	-	-
Other Intangibles, Total	61.34M	142M	376M	307M	155M
Deferred Tax Assets Long-Term	-	-	-	-	-
Total Assets	15.76B	19.27B	22.98B	34.85B	41.91B
Liabilities
Accounts Payable, Total	52.08M	105M	247M	1.45B	286M
Accrued Expenses, Total	52.77M	39.99M	73.96M	273M	165M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	2.14M	8.78M	-	-	-
Current Income Taxes Payable	629M	700M	560M	1.12B	1.53B
Deferred Tax Liability Current	52.66M	-	-	-	-
Other Current Liabilities	660M	8.99B	12.09B	20.82B	26.44B
Total Current Liabilities	1.45B	9.84B	12.97B	23.66B	28.43B
Long-Term Debt	-	-	-	-	-
Long-Term Leases	4.38M	-	-	-	-
Deferred Tax Liability Non Current	-	46.31M	269M	345M	750M
Other Non Current Liabilities	5.54B	-	-1K	-	-
Total Liabilities	6.99B	9.89B	13.24B	24.01B	29.18B
Common Stock, Total	1B	1B	1B	1B	2B
Additional Paid In Capital	624M	624M	624M	624M	602M
Retained Earnings	7.07B	7.56B	7.53B	8.14B	8.25B
Comprehensive Income and Other	75.68M	197M	595M	1.08B	1.88B
Total Common Equity	8.77B	9.39B	9.75B	10.84B	12.73B
Total Equity	8.77B	9.39B	9.75B	10.84B	12.73B
Total Liabilities And Equity	15.76B	19.27B	22.98B	34.85B	41.91B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4B	4B	4B	4B	4B
ECS Total Common Shares Outstanding	4B	4B	4B	4B	4B
Book Value / Share	2.19	2.35	2.44	2.71	3.18
Tangible Book Value	8.71B	9.24B	9.37B	10.53B	12.58B
Tangible Book Value Per Share	2.18	2.31	2.34	2.63	3.14
Total Debt	6.52M	8.78M	0	0	0
Net Debt	-860M	-842M	-6.21B	-1.19B	-488M
Debt Equivalent Oper. Leases	82.74M	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	-	-	-	-	-
Land - (BS)	-	-	-	172M	265M
Buildings, Total	201M	263M	672M	500M	598M
Machinery, Total	368M	391M	474M	505M	523M
Accumulated Allowance for Doubtful Accounts (Supple)	56.81M	54.38M	93.06M	47.25M	2.66M

Fiscal Period: December	2021 (NGN)	2022 (NGN)	2023 (NGN)	2024 (NGN)	2025 (NGN)
Net Income	1.41B	1.49B	963M	1.81B	2.72B
Depreciation & Amortization - CF	52.37M	52.66M	55M	61.6M	62.17M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	66.49M
Depreciation & Amortization, Total	52.37M	52.66M	55M	61.6M	129M
Amortization of Deferred Charges, Total - (CF)	28.34M	25.46M	53.47M	78.11M	87M
(Gain) Loss From Sale Of Asset	-175K	-	-2.38M	-2.61M	-3.86M
(Gain) Loss on Sale of Investments - (CF)	7.58M	-7.89M	7.86M	224M	-
Asset Writedown & Restructuring Costs	-	-	3.78M	-	-
Provision for Credit Losses	-19.14M	-	-	-	-
Provision and Write-off of Bad Debts	29.12M	-2.23M	44.61M	94.28M	213M
Other Operating Activities, Total	156M	83.33M	-23.05M	502M	591M
Change In Accounts Receivable	-465M	-942M	-615M	253M	322M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	18.28M	40.1M	171M	1.4B	-1.27B
Change in Other Net Operating Assets	-2.44B	2.79B	3.1B	8.59B	5.32B
Cash from Operations	-1.22B	3.53B	3.76B	13.01B	8.1B
Capital Expenditure	-21.96M	-385M	-139M	-58.48M	-34.95M
Sale of Property, Plant, and Equipment	756K	-	3.1M	9.32M	3.86M
Sale (Purchase) of Intangible assets	-27.84M	-106M	-163M	-9.07M	-1.62M
Investment in Marketable and Equity Securities, Total	2.11B	-2.06B	1.92B	-15.93B	-7.23B
Other Investing Activities, Total	14.6M	23.98M	33.62M	103M	83.39M
Cash from Investing	2.08B	-2.53B	1.66B	-15.88B	-7.18B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-679K	-11.19M	-6.56M	-	-
Total Debt Repaid	-679K	-11.19M	-6.56M	-	-
Common Dividends Paid	-1B	-1B	-1B	-1.2B	-1.6B
Common & Preferred Stock Dividends Paid	-1B	-1B	-1B	-1.2B	-1.6B
Other Financing Activities, Total	-	-	-	-	-22.52M
Cash from Financing	-1B	-1.01B	-1.01B	-1.2B	-1.62B
Miscellaneous Cash Flow Adjustments	1K	-90K	-288K	-	1K
Net Change in Cash	-140M	-15.55M	4.41B	-4.07B	-703M
Supplemental Items
Cash Interest Paid	1.46M	1.06M	861K	-	-
Cash Income Tax Paid (Refund)	426M	558M	559M	415M	867M
Levered Free Cash Flow	-561M	1.53B	1.6B	10.09B	4.05B
Unlevered Free Cash Flow	-560M	1.53B	1.6B	10.09B	4.05B
Change In Net Working Capital	456M	-2.01B	-2.78B	-10.9B	-5.09B
Net Debt Issued / Repaid	-679K	-11.19M	-6.56M	-	-

Fiscal Period: December	2021 (NGN)	2022 (NGN)	2023 (NGN)	2024 (NGN)	2025 (NGN)
Profitability
Return on Assets	-0.81	-0.39	-4.65	-3.05	-3.17
Return on Total Capital	-1.58	-0.74	-10.27	-8.57	-10.33
Return On Equity %	16.51	16.45	10.07	17.59	23.06
Return on Common Equity	16.51	16.45	10.07	17.59	23.06
Margin Analysis
Gross Profit Margin %	54.64	56.54	-19.5	5.61	0.63
SG&A Margin	1.49	0.41	4.3	6.61	3.19
EBITDA Margin %	-12.27	-3.27	-175	-124.9	-151.4
EBITA Margin %	-15.7	-5.68	-180.18	-130.6	-156.57
EBIT Margin %	-15.7	-5.68	-180.18	-130.6	-162.11
Income From Continuing Operations Margin %	102.72	78.46	110.35	167.42	226.19
Net Income Margin %	102.72	78.46	110.35	167.42	226.19
Net Avail. For Common Margin %	102.72	78.46	110.35	167.42	226.19
Normalized Net Income Margin	91.38	70.88	103.85	162.31	224.8
Levered Free Cash Flow Margin	-40.76	80.15	183.77	933.47	337.15
Unlevered Free Cash Flow Margin	-40.69	80.19	183.83	933.47	337.15
Asset Turnover
Asset Turnover	0.08	0.11	0.04	0.04	0.03
Fixed Assets Turnover	4.97	3.93	1.17	1.39	1.37
Receivables Turnover (Average Receivables)	5.82	3.62	1.07	1.57	11.61
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.03	0.24	0.62	0.12	0.06
Quick Ratio	0.86	0.16	0.55	0.07	0.02
Operating Cash Flow to Current Liabilities	-0.84	0.36	0.29	0.55	0.28
Days Sales Outstanding (Average Receivables)	62.73	100.94	340.44	233.13	31.45
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	37.53	34.65	61.56	304.24	265.34
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	0.07	0.09	-	-	-
Total Debt / Total Capital	0.07	0.09	-	-	-
LT Debt/Equity	0.05	-	-	-	-
Long-Term Debt / Total Capital	0.05	-	-	-	-
Total Liabilities / Total Assets	44.36	51.3	57.59	68.9	69.62
EBIT / Interest Expense	-147.87	-102.25	-1.83K	-	-
EBITDA / Interest Expense	-112.05	-52.43	-1.76K	-	-
(EBITDA - Capex) / Interest Expense	-127.07	-416.94	-1.92K	-	-
Total Debt / EBITDA	-0.04	-0.16	-	-	-
Net Debt / EBITDA	5.25	15.19	4.09	0.88	0.27
Total Debt / (EBITDA - Capex)	-0.04	-0.02	-	-	-
Net Debt / (EBITDA - Capex)	4.63	1.91	3.75	0.85	0.26
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.02	38.2	-54.15	23.91	11.11
Gross Profit, 1 Yr. Growth %	81.3	43.01	-115.81	-135.62	-87.44
EBITDA, 1 Yr. Growth %	-62.11	-63.19	2.36K	-15.38	17.15
EBITA, 1 Yr. Growth %	-56.73	-50.01	1.35K	-13.96	16.54
EBIT, 1 Yr. Growth %	-56.73	-50.01	1.35K	-13.96	20.66
Earnings From Cont. Operations, 1 Yr. Growth %	-2.17	5.55	-35.52	87.98	50.11
Net Income, 1 Yr. Growth %	-2.17	5.55	-35.52	87.98	50.11
Normalized Net Income, 1 Yr. Growth %	2.05	7.19	-32.83	94.68	53.89
Diluted EPS Before Extra, 1 Yr. Growth %	-2.17	5.55	-35.52	87.98	50.11
Accounts Receivable, 1 Yr. Growth %	272.7	82.05	39.57	-54.75	-3.04
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	-9.15	167.14	11.25	-1.25	26.12
Total Assets, 1 Yr. Growth %	-11.08	22.24	19.26	51.62	20.27
Tangible Book Value, 1 Yr. Growth %	4.83	6.13	1.37	12.39	19.42
Common Equity, 1 Yr. Growth %	4.79	7.01	3.84	11.2	17.47
Cash From Operations, 1 Yr. Growth %	-300.37	-389.73	6.53	232.54	-37.77
Capital Expenditures, 1 Yr. Growth %	-11.13	1.65K	-63.99	-57.86	-40.23
Levered Free Cash Flow, 1 Yr. Growth %	-93.72	-69.03	5.11	603.25	-59.36
Unlevered Free Cash Flow, 1 Yr. Growth %	-93.73	-69.02	5.1	602.99	-59.36
Dividend Per Share, 1 Yr. Growth %	0	0	-10	66.67	33.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.25	34.05	-20.4	-24.63	17.33
Gross Profit, 2 Yr. CAGR %	-18.21	61.02	-52.45	-76.27	-78.85
EBITDA, 2 Yr. CAGR %	27.32	-62.65	200.61	365.98	6.75
EBITA, 2 Yr. CAGR %	104.89	-53.49	169.68	261.46	7.05
EBIT, 2 Yr. CAGR %	104.89	-53.49	169.68	261.46	8.93
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.26	1.62	-17.5	10.1	67.98
Net Income, 2 Yr. CAGR %	-8.26	1.62	-17.5	10.1	67.98
Normalized Net Income, 2 Yr. CAGR %	-8.31	4.59	-15.14	14.06	73.09
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.26	1.62	-17.5	10.1	67.98
Accounts Receivable, 2 Yr. CAGR %	209.2	160.48	59.4	-20.53	-67.22
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.57	55.79	72.4	4.81	11.6
Total Assets, 2 Yr. CAGR %	-8.06	4.26	20.74	34.47	35.04
Tangible Book Value, 2 Yr. CAGR %	2.9	5.48	3.72	6.74	15.85
Common Equity, 2 Yr. CAGR %	2.89	5.9	5.42	7.46	14.29
Cash From Operations, 2 Yr. CAGR %	-15.21	140.94	75.69	92.07	43.86
Capital Expenditures, 2 Yr. CAGR %	-41.32	294.89	151.39	-61.04	-49.81
Levered Free Cash Flow, 2 Yr. CAGR %	84.09	-58.7	-42.95	157.21	67.99
Unlevered Free Cash Flow, 2 Yr. CAGR %	55.84	-58.69	-42.94	157.16	67.96
Dividend Per Share, 2 Yr. CAGR %	-15.48	0	-5.13	22.47	49.07
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.33	8.21	-6.26	-7.75	-14.22
Gross Profit, 3 Yr. CAGR %	0.7	-1.46	-25.71	-56.81	-80.8
EBITDA, 3 Yr. CAGR %	-21.04	-15.82	50.73	99.93	208.09
EBITA, 3 Yr. CAGR %	-9.53	28.03	46.54	86.93	159.15
EBIT, 3 Yr. CAGR %	-9.53	28.03	46.54	86.93	162.16
Earnings From Cont. Operations, 3 Yr. CAGR %	-10.19	-3.87	-12.68	8.56	22.08
Net Income, 3 Yr. CAGR %	-10.19	-3.87	-12.68	8.56	22.08
Normalized Net Income, 3 Yr. CAGR %	-6.82	-3.41	-9.76	11.72	26.03
Diluted EPS Before Extra, 3 Yr. CAGR %	-10.19	-3.87	-12.68	8.56	22.08
Accounts Receivable, 3 Yr. CAGR %	35.39	159.15	111.57	4.76	-46.87
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	7.71	28.8	39.25	43.17	11.48
Total Assets, 3 Yr. CAGR %	-9.51	1.1	9.04	30.26	29.56
Tangible Book Value, 3 Yr. CAGR %	0.72	3.97	4.09	6.54	10.81
Common Equity, 3 Yr. CAGR %	0.67	4.25	5.21	7.31	10.7
Cash From Operations, 3 Yr. CAGR %	17.87	27.71	83.56	120.28	31.92
Capital Expenditures, 3 Yr. CAGR %	-17.14	82.13	77.75	38.61	-55.07
Levered Free Cash Flow, 3 Yr. CAGR %	-34.5	109.62	-43.61	27.01	38.47
Unlevered Free Cash Flow, 3 Yr. CAGR %	-39.73	87.71	-43.61	27	38.45
Dividend Per Share, 3 Yr. CAGR %	0	-10.61	-3.45	14.47	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.55	15.26	-10	-6.37	2.55
Gross Profit, 5 Yr. CAGR %	2.99	13.51	-25.41	-44.24	-55.05
EBITDA, 5 Yr. CAGR %	-2.14	83.5	34.79	66.91	32.46
EBITA, 5 Yr. CAGR %	8.01	19.08	40.04	93.92	30.36
EBIT, 5 Yr. CAGR %	8.01	19.08	40.04	93.92	31.27
Earnings From Cont. Operations, 5 Yr. CAGR %	6.78	-2.73	-13.19	1.49	13.45
Net Income, 5 Yr. CAGR %	6.78	-2.73	-13.19	1.49	13.45
Normalized Net Income, 5 Yr. CAGR %	4.87	-0.6	-10.25	3.23	16.97
Diluted EPS Before Extra, 5 Yr. CAGR %	6.78	-2.73	-13.19	1.49	13.45
Accounts Receivable, 5 Yr. CAGR %	11.62	39.46	44.53	61.51	0.35
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	5.44	25.78	30	18.61	27.45
Total Assets, 5 Yr. CAGR %	-1.29	-2.56	1.56	13.32	18.78
Tangible Book Value, 5 Yr. CAGR %	15.28	6.45	1.91	5.07	8.65
Common Equity, 5 Yr. CAGR %	14.02	6.22	2.54	5.52	8.75
Cash From Operations, 5 Yr. CAGR %	36.74	1.74	38.27	50.35	67.86
Capital Expenditures, 5 Yr. CAGR %	-24.38	43.39	29.17	-1.72	7.18
Levered Free Cash Flow, 5 Yr. CAGR %	-45.41	-19.95	-4.3	127.5	-14.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	-45.43	-19.66	-8.92	112.9	-14.65
Dividend Per Share, 5 Yr. CAGR %	10.76	4.56	-2.09	1.39	14.87