As registrar firm, Africa Prudential, posted its 2020 half year results, it was a dismal report as it suffered a revenue drop of 7% year on year.
The company posted a revenue of N1.8 billion during the year as revenue from contract with customers, one of its major business segments recorded a significant decline in revenue of 32% year on year.
The firm hinged the weaker performance on covid-19 wiping out its income from retainership fees which last year contributed to 61.4% of revenues from contracts with customers. Businesses that engage in contract of services on retainership basis are badly affected by the covid-19 pandemic as a lack of business activities means services are cut by clients in line with business continuity initiatives.
Notwithstanding, the company succeeded in increasing fees from corporate actions by 34.87%, register maintenance by 32.81% and digital consultancy by 94.33% year-on-year. Also, a quarter-on-quarter analysis shows that the company has been able to improve revenue from fees from corporate actions by 1791.87% and register maintenance by 171.39% QoQ”