Africa Prudential Raises Dividend Payout by 40% to 70 Kobo

By Dipo Olowookere

On Tuesday, February 25, 2020, Africa Prudential Plc announced its intention to pay to its shareholders a dividend of 70 kobo per share for the 2019 fiscal year.

Business Post reports that this cash reward is 40 percent more than the amount paid by the company for the 2018 financial year, 50 kobo per unit.

The increase in the dividend payout came despite the weak results the firm declared for the 2019 full year, where key performance indicators ended in red like the gross earnings (-13.0 percent year-on-year), profit before tax (-0.2 percent) and profit after tax (-13.9 percent), total assets (-12.3 percent0, total liabilities (-18.2 percent) and shareholders fund (-3.6 percent).

But the board said it wishes to pay a dividend of 70 kobo to shareholders of the company subject to their approval at the forthcoming Annual General Meeting (AGM) fixed for March 23, 2020 at the Congress Hall of Transcorp  Hilton  Hotel, Abuja at 10am.

In a notice to the Nigerian Stock Exchange (NSE) today, Africa Prudential said the cash reward, which is subject to a withholding tax of 10 percent, would be paid to investors of the company whose names appear in the register of members as at the close of business on March 6, 2020, while the register of shareholders will be closed from March 9 to 13, 2020.

Then on March 23, 2020, dividends will be paid electronically to shareholders whose names appear on the register of members as at March 6, 2020 and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

In view of this, Africa Prudential said shareholders who are yet to complete the e-dividend registration are advised to download the registrar’s E-Dividend Mandate Activation Form, which is also available www.africaprudential.com, complete and submit to the registrar, Africa Prudential, or their respective banks.

Africa Prudential is one of the leading registrars in the country. The company has been consistent in the payment of dividends to its shareholders.