News Column

Apt Pension Posts N140 Million Profit in 2013

August 26, 2014

James Emejo



Apt Pension Funds Managers Limited has recorded a profit after tax (PAT) of about N140.2 million for its 2013 financial year end.

This represents about 159 per cent increase in profit compared to about N54.2 million it recorded the previous year.

Speaking in Abuja at the company's 2013 annual general meeting (AGM), Chairman of its Board of Directors, Mr. Ombo Big Harry said in spite of the intense competition in the pension industry and economic and environmental challenges, the company's performance in 2013 was better than that of the previous year. Its gross income increased by 46.2 per cent to N447.2 million compared to the N305.9 million recorded in 2012.

He said funds under management grew 50.2 percent to N18.1 billion in 2013 compared to N12 billion the previous year while the retirement savings account (RSA) also increased by 6.3 per cent to 40,567 registered RSAs in the period under review compared to 38,152 RSAs in 2012. He added that the number of retirees also increased by 87.4 percent to 358 in 2013 compared to 191 in the previous financial period.

The chairman said: "Fund administration is a business that is very restricted. We have been watching very carefully to ensure that what we make is more than what ordinarily anybody could have done.

We believe that our company is better positioned to do well in future for the benefits of every stakeholder, especially you shareholders through sustainable value creation and wealth enhancement."

He added: "What we have going forward is improvement and efficiency because in our business, we don't hold: if you are going on a ship, somebody is moving you but in our case, we are moving but we've not even seen the ship but we know that it's there- so it is efficiency and perfection and the board and management is very committed. We will drive the process until we make sure that all who are having confidence in us are rewarded."


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Source: AllAfrica


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