UBA Capital, AfriPrud Project N728m Profit for Q1

23 Jan 2013

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UBA Capital Plc

Goddy Egene
UBA Capital Plc and African Prudential Registrars Plc (AfriPrud), the two newly-listed equities on the Nigerian Stock Exchange (NSE) last week made a profit forecast of N728.83 million for the first quarter (Q1) ending March 31, 2013.

Both companies that were spun-off from United Bank for Africa Plc, got their shares listed on the NSE as separate companies on January 11, 2013.

As part of compliance with listing requirements, both firms made their Q1 forecasts to the exchange.

UBA Capital is envisaging projected an income of N1.71 billion in Q1 and a profit after tax of N552 million while AfriPrud is expecting revenue of N348 million and a profit after tax of N176.453 million in Q1.

UBA Capital Plc, which used to be a subsidiary of UBA Plc, is now a separate firm comprising UBA Asset Management; UBA Trustees; UBA Metropolitan Insurance; UBA Stockbrokers; UBA Insurance Brokers and UBA Nominees.

On other hand, AfriPrud, which used to be UBA Registrars Limited, is into share registration business

UBA Capital Plc had four billion units of its shares listed at N1.16 on the Nigerian bourse while one billion units of AfriPrud were listed at N1.59 per of Africa Prudential Registrars Plc were listed on the NSE at N1.59 per share.

During the listing of the two companies, Chief Executive Officer of the NSE, Mr. Oscar Onyema, had described the development as a milestone in the history of the Nigerian capital market noting that it came at the right time especially now that exchange was enjoying confidence of both local and foreign investors.

Also speaking, the Managing Director of UBA Capital, Mr. Rasheed Olaoluwa, pointed out the potential synergy that would be derived from the component businesses of UBA Capital which are investment banking, trusteeship, asset management, insurance and stock brokerage.

“Our overall strategic intent is to build our various subsidiary businesses to be leaders in their respective markets. We believe this can be achieved over the next three to five years,” he said.

In a similar vein, the MD of AfriPrud, Mr. Peter Ashade, said the firm links technology to the attainment of its strategic objectives and is one of the market leaders in its industry in Nigeria.

“The company is one of the most profitable in the industry having achieved 100 per cent increase in profit before tax between 2010 and 2011, a performance which it expects to surpass in 2012.Our return on equity (ROE) continues to improve year-on-year, a clear indication that Management is focused on extracting value from resources and enhancing returns for shareholders,” he said.

Tags: Nigeria, Business, Featured, UBA, AfriPrud

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