presentation to investors & analysts - africa prudential
TRANSCRIPT
Presentation to Investors & Analysts
Q3 2020 Presentation
Q3 2020 Presentation
Disclaimer
Excellence
• From time to time, Africa Prudential Plc (“Afriprud”) or the (“Company”) make written and/or oral forward-looking statements in presentations(including this presentation) and other communication. In addition, representatives of the Company may make forward-looking statements orally toanalysts, investors, the media and others. All such statements are intended to be forward looking statements. Forward looking statements include, butare not limited to, statements regarding the Company’s objectives and priorities for 2020, and beyond and strategies to achieve them, and theCompany’s anticipated financial performance. Forward looking statements are typically identified by words such as “will”, “should”, “believe”,“expect”, “anticipate”, “intend”, “estimate”, “may”, “project” and “could”.
• By their very nature, these statements require the Company to make assumptions and are subject to inherent risks and uncertainties, general andspecific. In the light of uncertainties related to the financial, economic and regulatory environments, such risks and uncertainties – many of which arebeyond the Company’s control and the effects of which are difficult to predict – may cause actual results to differ materially from the expectationsexpressed in the forward-looking statements. Risk factors that could cause such differences include, exchange rate, market exchange, and interestrate, operational, reputational, insurance, strategic, regulatory, legal, environmental, and other risks. All such factors should be considered carefully,as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respectto the Company and we caution readers not to place undue reliance on the forward-looking statements.
• Any forward looking statements contained in this presentation represent the views of management only as at the date hereof and are presented forthe purpose of assisting the company’s investors and analysts in understanding its financial position, objectives and priorities and anticipated financialperformance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Africa Prudential does notundertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except asrequired under applicable securities legislation.
• The information used in this presentation were obtained from several sources that the Company believes are reliable. Whilst Africa Prudential hastaken all reasonable care to ensure the accuracy of the information herein, neither Africa Prudential nor any of its subsidiaries/affiliates makesrepresentation or warranty, express or implied, as to the accuracy and correctness of the information. Thus, users are hereby advised to exercisecaution in attempting to place reliance on these information and carry out further research or seek the opinion of professional advisers beforereaching conclusions regarding their investment decisions.
Q3 2020 Presentation
Presentation Outline
• Company Overview Pages 04-07
• Operating Environment Pages 08-13
• Financial Review Pages 14-21
• Digital Technology Pages 22-24
• Outlook Pages 25-28
• Appendix Pages 29-31
OVERVIEW
Q3 2020 Presentation
Overview
Core Values
Excellence
Transforming the African continent through innovative solutions, superior investor relations and business support services.
Listed on the Nigerian
Stock Exchangewith over 250,000 shareholders.
600,000+Aggregate users on
EasyCoopAutomated Cooperative
Management Solution.
10million+ User-Capacity Platform.
Ranked
3rd
on the Nigerian Stock Exchange
in terms of dividend yield with 6
years average dividend yield of
14.07%.
First USSD-based solution in the
Nigerian Capital Market
(Personal Registrar *4018#).
Consistent dividend pay-out
since listing.
+3millionInvestor accounts for proprietary
enterprise.
Certified on the
NSE CGRSCorporate Governance Rating
System.
Leading Registrar with
5 DecadesCapital Market Experience.
Our Journey So Far
1970 2012
Company Birth
• Started as a department of
legacy United Bank for Africa
Plc (UBA).
• Registered UBA’s Initial Public
Offering.
Incorporation
• Incorporated as UBA Registrars
Limited.
• Grew total asset base to about
N14.1 billion and increased
client base to 50 companies.
Name Change
• We changed business name to
Africa Prudential Registrars Plc.
• We became the first Registrar
firm to be listed on NSE.
2013
Business Acquisition
• Opened an oversubscribed
Rights Issue for additional one
billion ordinary shares of 50
Kobo each.
• Acquired UAC 2Registrars
Limited.
2017Business
Transformation
Change of name and rebrand
to Africa Prudential Plc.
Announced business strategy
venturing into digital
technology.
2019
Product Innovation
• Launched its own in-house Innovation
Lab.
• Innovation hub, acceleration
program, development of various
software for the capital market,
automated registrar service, customer-
focused services.
• Total Asset stood at $60.7 Million
2020-2021
Business
Expansion
• Expand digital
technology, capital
market and e-
commerce offerings
across Africa,
leveraging cloud
technology and big
data.
2006
Our Competitive Advantage
Technology Support• Our activities are geared towards leveraging
technology to create superior value and
transform customer experience across our
businesses.
• To this end, our processes are technology-
driven for effective and efficient service
delivery.
Durable Exposure• With experience spanning three decades, we
have faced tough times and numerous
economic turbulence.
• These experiences have helped us anticipate
and predict our environment with precision.
Customer Experience• Our customer remain central to business and
we focus on creating exceptional experience
across our touch points.
Synergy with Industry
Stakeholders
• We are attuned to symbiotic relationship
founded on mutual respect with industry
stakeholders, regulators and other Capital
Market Operators.
Management Team
Experience
• Each management staff has an average of 15
years in our industry.
• As such we have an in-depth understanding of
our industry.
OPERATING ENVIRONMENT
Q3 2020 Presentation
Snapshot of Environment
Challenging Macroeconomic Environment
• Both the global economy and the domestic economy hasbeen significantly affected by the COVID-19 as mostdeveloping economies posed a negative GDP growthrate in Q2 2020.
• Our own business was also affected, we were faced withresultant challenges of the virus such as decline in Stategovernments’ taking of already agreed tech solutionsdue to fund constraints.
Digital Technology
• Siginficant traction has been gained through thedigital business as seen with over 264% year-on-yeargrowth in the Digital consultancy revenue.
• It is our goal to position Africa Prudential as a go-todigital solution provider on the African Market.
Regulations
•With the fast pace of digital disruptions in thebusiness landscape, the need for regulations toplay a leading role in supporting innovation iscrucial to growing the capital market.
Capital Market Activities gains momentum
•Corporate issuances of CPs and Bonds has takenthe centre stage in a bid to raise fresh capital toweather the storm of COVID-19.
•The duo factor of increased system liquidity andlow-yield environment is spurring interest in pursuingdebt financing in the capital market by corporatesand government.
COVID-19 Impacted Performance
Source: COVID Observer, WHO Situation Report, CNBC, Arrhenn Analysis, Trading Economies
< 10,000
Cases
> 1 Million
Cases
Data is given as at October 19th, 2020
Confirmed Positive Cases of COVID-19 Infection around the World
• Economies around the world were significantly affected by the
COVID-19 pandemic due to restrictions put on movements and
trade. The US economy contracted by -9% in Q2, UK economy
by -21.5% and the German economy by -11.3%.
• Statistics, however, are showing a gradual recovery of the
global economy from the crisis, China’s economy rebounded by
3.2% in Q2 2020 after a dip of -6.8%.
• With economies easing measures to contain the COVID-19
pandemic and the initial re-opening of businesses, financial
organizations have began to review their gloomy forecast of
growth in 2020 and 2021. The Organization for Economic
Cooperation and Development (OECD) revised its forecast to a
better forecast of -4.5% for 2020 and 5.0% in 2021 from an earlier
forecast of -6% and 4.8% respectively in June.
• Like most other economies, there have been policies such as
reduction of the MPR to 11.5%, ₦2.3 trillion stimulus package and
survival fund for Micro Small and Medium Enterprise (MSMEs).
40,355,746Confirmed
27,631,864Recovered
1,117,667Deaths
11,606,212Active
Key Macro Indicators
Source: CBN, NBS, OilPrice.com, Comercio Research, Nairametrics, Arrhenn Analysis
GDP growth rate vs Oil production
• GDP data released for Q2 2020 showed that the 3-year slow but positive growth in GDP
came to an end in Q2 2020. According to the NBS, Nigeria’s GDP growth slipped into the
negative zone, declining by 6.1% compared to Q1 2020.
• This result was due to a 6.63% year-on-year contraction in oil sector income and 7.70%
decline in the non-oil sector.
• Nigeria’s volume of oil production reduced during the quarter in line with the OPEC+
coalition’s decision to support the oil market by extending its 9.7mbpd production cut by
an additional month. Meanwhile, Nigeria is expected to accelerate her production cuts
to comply with the allocated target of about 1.4mbpd.
Inflation Rate
• Headline inflation continued its upward trajectory in September 2020, expanding for
the 13th consecutive month. This increase represents the highest rate in 30 months
due to cost push factors in the economy.
• Inflation grew to 13.71% YoY and is the highest inflation rate since February 2018. It
was fueled by increase in prices due to the border closure, the pandemic, and the
prevalence of low interest rates. Inflation rate is expected to increase further.
• The devaluation of the naira, the removal of tariffs on electricity, removal of subsidy
on petrol, as well as the sustained border closure is expected to contribute to an
increase in prices of goods across Nigeria.
-4%
1%
6%
11%
16%
21%
Inflation Rate
Food Inflation Core Inflation Headline Inflation
0
0.5
1
1.5
2
2.5
-7.00%
-6.00%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Oil P
rod
uc
tion
GD
P g
row
th r
ate
GDP Growth vs Oil Output
Quarterly GDP Growth Rate Oil Production (mbpd)
Key Macro Indicators
Source: CBN, NBS, Trading Economics, OilPrice.com, Comercio Research, Arrhenn Analysis
Interest Rates
• The central bank of Nigeria further cut its monetary policy rate (MPR) to 11.5% in
September, the lowest rate since 2016. This was done to combat the increasing inflation
rate.
• The new MPR is expected to provide buffer for the Nigerian economy’s rebooting amidst
the wake of the pandemic.
• The average treasury bills rate has been under 4% since Q4 2019 because of CBN’s
prohibition of domestic participants from the OMO auction market.
Foreign Reserves and Crude Oil Prices
• Crude oil prices shed gains during the quarter, putting an end to the 6-month price
appreciation. Brent Crude closed at $42.3/barrel while WTI closed at $40.2/barrel/
• Although demand for crude oil increased as economies began to reopen for
activities during the quarter, new coronavirus infections dampened demand across
the US and Europe, contributing to the oil price decline.
• The CBN devalued the naira twice during the quarter – in July and August – which
resulted in greater speculative activities and demand for dollars for transactional
reasons in the forex market.
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
0%
2%
4%
6%
8%
10%
12%
MPR
T-B
ills
Interest Rates
T-Bills Rate Monetary Policy Rate
-
5
10
15
20
25
30
35
40
45
50
0
10
20
30
40
50
60
70
80
Fo
reig
n R
ese
rve
s
Cru
de
Oil P
ric
es
Foreign Reserves vs Crude oil
Brent Crude ($ pb) WTI Crude ($ pb) Foreign Reserve ($ bn)
Effects of the COVID-19 pandemicDecline in interest rate on our
portfolio investment business
Business-Related Challenges & Solutions
f
Continuous deployment of digital
solutions to deliver value to clients
across our business lines.
Consolidation on the gains from
the company’s diversification into
the digital technology, cooperative
and e-commerce space.
Creation of the right perception
of the Africa Prudential brand as a
digital technology business.
Ensure optimal portfolio mix to
achieve optimal performance.
Continuous assessment of the
macroeconomic landscape to
effectively position us for superior
returns.
Our ResponseOur Response
FINANCIAL REVIEW
Q3 2020 Presentation
Financial Review
Income StatementSep ‘20(₦’mn)
Sep ‘19(₦’mn)
Change (%)
Gross Earnings 2,630 2,896 -9.2
Revenue from Contracts 861 1,223 -29.6
Interest Income 1,769 1,673 +5.8
Operating Expenses (1,088) (1,066) +2
Profit Before Tax 1,569 1,759 -10.8
Profit After Tax 1,410 1,502 -6.1
Statement of Financial PositionSep ‘20(₦’mn)
Dec ‘19(₦’mn)
Change (%)
Total Assets 19,379 18,649 +3.9
Total Liabilities 11,110 10,365 +7.2
Total Equity 8,269 8,284 -0.2
Key Financial Ratios Sep ’20 Sep ’19 Change
PAT Margin 53.62% 51.88% +1.7 pp
EBIT Margin 59.72% 64.25% -4.5 pp
Return on Average Equity 17.05% 18.13% -1.1 pp
Return on Average Assets 7.28% 8.05% -0.8 pp
Asset Turnover Ratio 0.14 0.16 -7%
9-Month Income Statement Review
Income StatementSep 2020(₦’mn)
Sep 2019(₦’mn)
Change (%)
Gross Earnings 2,630 2,896 -9.2
Operating Expenses 1,088 1,066 +2.1
Profit Before Tax 1,569 1,759 -10.8
Profit After Tax 1,410 1,502 -6.1
Sep '19 Sep '20
2,896
2,630
Gross Earnings (₦'mn)
Sep '19 Sep '20
1,066 1,088
Operating Expenses (₦‘mn)
Sep '19 Sep '20
1,759 1,569
Profit Before Tax (₦'mn)
Sep '19 Sep '20
1,502 1,410
Profit After Tax (₦‘mn)
Operating expenses rose by
2% year-on-year, driven by an
increase in amortization costs
of 17.2% and 3.4% increase in
personnel expenses.
During the nine-month period
ended September 2020, gross
earnings reduced by 9.2%
because of a 29.6% fall in
revenue from contracts with
customers.
Profit before tax declined by
10.8% due to ripple effect
from the decline in revenue
from contracts.
While income tax expense
declined significantly, profit
after tax reduced marginally
by 6.1%.
3-Month Income Statement Review
Income StatementQ3 2020(₦’mn)
Q3 2019(₦’mn)
Change (%)
Gross Earnings 757 889 -14.8
Operating Expenses 340 342 -0.7
Profit Before Tax 421 555 -24.2
Profit After Tax 396 522 -24.2
Q3'19 Q3 '20
889
757
Gross Earnings (₦ 'mn)
Q3'19 Q3 '20
343 341
Operating Expenses (₦ 'mn)
Q3'19 Q3 '20
555
421
Profit Before Tax (₦ 'mn)
Q3'19 Q3 '20
522
396
Profit After Tax (₦ 'mn)
Operating expenses declined
by 0.7%, driven by a 7.5%
drop in personnel expenses
and a 9.3% decline in other
operating expenses.
During the third quarter of
2020, gross earnings dropped
by 14.8%. This was triggered
by the 24.3% YoY drop in
revenue from contracts and
a 9% drop in interest income.
A lower other income figure
coupled with the increase in
operating expenses pulled
profit before tax to a YoY
decline of 24.2%.
Profit after tax reflected the
24.2% decline in profit before
tax during the period due to
lower earnings compared to
Q3 2019.
9-Month Gross Earnings Breakdown
Sep ‘20(₦’mn)
Sep ‘19(₦’mn)
Change
(%)
Retainership fees - 715 -100
Fees from corporate actions 379 302 +25.79
Register maintenance 183 124 +47.49
Digital consultancy 299 82 +263.74
Revenue from contracts with
customers861 1,223 -29.61
Interest on loans and advances 1,522 1,270 +19.83
Interest on treasury bills 200 370 -45.94
Interest on short-term deposits 3 28 -87.85
Interest on bonds 44 5 +844.90
Interest Income 1,769 1,673 +5.76
Revenue from contracts with customers
Interest Income
58%25%
10%
7%
Sep 2019
Retainership fees Fees from corporate actions
Register maintenance Digital Consultancy
₦1,223mn
0%
44%
21%
35%
Sep 2020
Retainership fees Fees from corporate actions
Register maintenance Digital Consultancy
₦861mn
86%
11%0%
2%Sep 2020
Interest on loans and advances Interest on treasury bills
Interest on short-term deposits Interest on bonds
₦1,769mn
76%
22%
2%
0%
Sep 2019
Interest on loans and advances Interest on treasury bills
Interest on short-term deposits Interest on bonds
₦1,673mn
Q3 Gross Earnings Breakdown
Q3 ‘20(₦’mn)
Q3 ‘19(₦’mn)
Change (%)
Retainership fees - 252 -100.00
Fees from corporate actions 74 75 -1.58
Register maintenance 41 23 +75.08
Digital consultancy 155 6 2,483.16
Revenue from contracts with
customers270 356 -24.26
Interest on loans and advances 393 405 -2.91
Interest on treasury bills 61 116 -47.35
Interest on short-term deposits 1 12 -88.97
Interest on bonds 32 - +100.00
Interest Income 487 533 -8.54
Revenue from contracts with customers
Interest Income
0%
27%
15%
57%
Q3 2020
Retainership fees Fees from corporate actions
Register maintenance Digital Consultancy
₦270mn
71%
21%
6%
2%Q3 2019
Retainership fees Fees from corporate actions
Register maintenance Digital Consultancy
₦356mn
76%
22%
2%
0%Q3 2019
Interest on loans and advances Interest on treasury bills
Interest on short-term deposits Interest on bonds
₦533mn
81%
13%
0%7%
Q3 2020
Interest on loans and advances Interest on treasury bills
Interest on short-term deposits Interest on bonds
₦487mn
Statement of Financial Position
Income StatementSep 2020(₦ ‘bn)
FY 2019(₦ ‘bn)
Change (%)
Total Assets 19.38 18.65 +3.9
Total Liabilities 11.09 10.37 +7.2
Total Equity 8.27 8.28 -0.2
Dec '16 Dec '17 Dec '18 Dec '19 Sep '20
16.8
21.9 21.3 18.6 19.4
Total Assets (₦ 'bn)
Dec '16 Dec '17 Dec '18 Dec '19 Sep '20
4.6
6.9
8.6 8.3 8.3
Total Equity (₦ 'bn)
Dec '16 Dec '17 Dec '18 Dec '19 Sep '20
12.3 15.0
12.7
10.4 11.1
Total Liabilities (₦ 'bn)
During the period, the book value of total assets appreciated slightly
by 3.9% YTD on the back of 141.0% increase in trade and other
receivables,13.6% increase in intangible assets and 7.3% growth in
debt instruments measured at fair value through OCI
Total liabilities increased by
7.2% YTD owing to 5.3%
increase in customers’ deposits
and 2106.8% rise in creditors
and accruals
Total equity slightly declined
by 0.2% during the period as
a result of 121.9% increase in
negative fair value reserve.
Ratio Analysis
Key Financial Ratios Sep ’20 Sep ’19 Change
PAT Margin 54% 52% +2pp
EBIT Margin 60% 64% -4pp
Return on Average Equity 17% 18% -1pp
Return on Average Assets 7% 8% -1pp
Asset Turnover Ratio 0.14 0.15 5%
Sep-19 Sep-20
52% 54%
PAT Margin
Sep-19 Sep-20
64%60%
EBIT Margin
Sep-19 Sep-20
18%17%
Return on Average Equity
Sep-19 Sep-20
8%
7%
Return on Average Assets
Sep-19 Sep-20
0.16 0.14
Asset Turnover Ratio
In Q3, PAT margin rose by
2 percentage points from
52% to 54%
Return on average equity
fell by 1 point as a ripple
effect from the reduced
PAT
EBIT margin fell by 4 points
in September 2019 to 60%
in September 2020
Return on average assets
also took a 1-point drop
on the back of lower PAT.
The asset turnover
ratio declined
marginally, due
to the decline in
gross earnings
DIGITAL TECHNOLOGY
Q3 2020 Presentation
Key Metrics Achieved
Currently has over 500,000 subscribers on the platform.
Automated disbursement for cooperators on the platform
seamlessly.
Enhanced the platform with payroll, accounting and inventory
management features to the delight of cooperative organizations.
Developed an app version for one of our major client on this solution. Commenced development of
mobile app for PolCoop.
Commenced customization features for different Cooperative groups
Go-live of the Website
Over 5,000 products so far available on the platform. Working to have 700% growth by
December 2020.
Developed dynamic sales strategies leveraging relationship, data analytics and
market insight across B2B and B2C channels.
Developed strategic partnerships for valuable plug-ins aiding more lifestyle experience for
shoppers.
Established sustainable strategic partnerships and alliances with OEMs and 3PLs
Commenced services offering on the Website
Developed a winning logistics strategy for delivery and inventory.
Sep-19 Sep-20
82
299
₦'m
illio
n
Digital Technology
Sep 20
Performance Review
Our digital consultancy business line recorded a massive growth
YoY, as it expanded by 263.74% in the period to September 2020
compared to its value at September 2019
264%YoY growth
Contribution to Revenue from Contract with Customers
Our digital consultancy’s contribution to revenue from
contracts grew from only 7% in September 2019 to 35% in
September 2020.
Sep 19
7% 35%
OUTLOOK
Q3 2020 Presentation
Strategic Plans for Q4 2020
06 01
02
0304
05
Position her flagship product, ”EasyCoop
Solution” among top cooperative manager
solutions in Africa while enhancing it to an
enterprise cooperative platform.
Leverage technology to expand our service
offerings in the cooperative space
Expand value offerings in the e-commerce
space
Define strategy to position among top 3 in
the e-commerce space.
Create exceptional experience to clients
Continuously leverage key strategic
alliance with top–tier portfolio managers for
quicker access to market opportunities.
Aggressively drive optimal utilization of all
funds.
Ensure optimal portfolio mix
Drive the corporate brand perception of
Africa Prudential beyond the Registrar
Company to a full-fledged technology
company.
Defined plan to improve client satisfaction
and ensure retention.
Define strategy for attracting new customers
and new businesses while turning existing
customers to advocates
Deepen our capital market presence in
African along our SaaS business model via
our “Enterprise Capital Market Platform”.
Expand our registrar service offerings across
Africa.
Transform the internal and external
experience by deploying digital technology
solutions across all our interaction channels.
Achieve full automation of AGM processes
to transform stakeholder experience
Position Africa Prudential as a go-to digital
solution provider on the African Market.
Launch at least 2 digital ecosystem
platforms before year end.
Position as a strong body shop service
provider in the country by leveraging
strategic partnership
Leverage our Data warehouse facility to
drive intelligent business insights to create
improved value to our clients while
expanding revenues across our business
lines.
Repositioning the Africa Prudential brand as a technology company
DigitalTechnology
Registrar
Cooperative Business
PortfolioInvestment
ClientRelationship
EasyMall/E-Commerce
Projected Product Launch/Initiative Drive
EasyCoop Product Launch
Position DT Consulting as the
Go-To technology solution
builder and development
partner across her chosen
target market
Launch of Enterprise Capital
market Solution
Deployment of multi-listing
platform solution across
global multiple stock
exchanges
Customer Experience Center
CXC will be promoted as a
Go-To call center service
provider
5
41
2
3
Position Cooperative SBU as
the Go-To SaaS provider for
the deployment, support and
implementation of enhanced
cooperative and enumeration
platform across Africa
6
Earnings Guidance
Achieved Guidance
Interest Income ₦2.5bn
Operating Expenses ₦1.1bn
Profit Margin 45%
Return on Equity 20%
Gross Earnings ₦3.5bn
Revenue from Contracts ₦1bn
119%
54%
₦1.08
98%
₦1.77
71%
₦2.63
75%
Revenue from Contracts ₦1bn86%
₦0.86
85%
17%
APPENDIX
Q3 2020 Presentation
APPENDIX
Statement of Comprehensive Income (in thousands of Nigerian Naira) Sep-20 Sep-19
Revenue from contracts with customers 860,787 1,222,866
Interest Income 1,769,214 1,672,795
Gross earnings 2,630,001 2,895,661
Other income 29,192 30,863
Credit loss reversals/(expenses) (9,723) -
Personnel expenses (464,975) (449,810)
Other operating expenses (551,227) (561,631)
Depreciation of property and equipment (40,792) (39,840)
Depreciation of right of use assets (4,268) -
Amortisation of intangible assets (17,496) (14,923)
Profit before finance costs and tax 1,570,712 1,860,320
Finance costs (1,310) (101,030)
Profit before tax 1,569,402 1,759,290
Income tax expense (159,273) (257,164)
Profit for the period 1,410,129 1,502,126
APPENDIX
Statement of Financial Position (in thousands of Nigerian Naira) Sep-20 Dec-19
ASSETS
Cash and cash equivalents 535,014 1,520,859
Equity instruments at fair value through OCI 222,101 243,328
Debt instruments at fair value through OCI 17,259,417 16,084,109
Trade and other receivables 994,523 412,582
Property, plant and equipment 292,044 314,854
Right-of-use-assets 9,010 14,725
Intangible asset 66,870 58,876
TOTAL ASSETS 19,378,978 18,649,333
LIABILITIES
Customers’ deposits 10,155,371 9,644,466
Creditors and accruals 709,232 32,139
Lease liabilities 6,901 12,292
Current income tax payable 196,468 634,296
Deferred tax liabilities 41,856 41,856
TOTAL LIABILITIES 11,109,828 10,365,049
EQUITY
Share capital 1,000,000 1,000,000
Share premium 624,446 624,446
Revaluation reserves 70,596 70,596
Fair value reserve (45,991) (20,728)
Retained earnings 6,620,099 6,609,970
TOTAL EQUITY 8,269,150 8,284,284
TOTAL EQUITY AND LIABILITIES 19,378,978 18,649,333
Thank you !!!
Questions and Answers
HY 2020 Presentation