Access Corporation, Nigeria’s leading finance holding company, has unveiled astounding financial results for the 2023 fiscal year, with a profit after tax soaring to N612.4 billion, marking an extraordinary 300% surge from the previous year. The late Herbet Wigwe, who presided over the company, oversaw this historic achievement.
According to reports obtained by Nairametrics, Access Corporation recorded Gross Earnings of N2.6 trillion, representing an impressive 80% increase compared to the N1.4 trillion reported in the preceding year. A substantial portion of the revenue was attributed to gains from fair value adjustments and foreign exchange, amounting to approximately N628.9 billion, a significant rise from N335.5 billion in the previous year.
Key highlights from the 2023 financial year compared to 2022 include:
– Gross Earnings: N2.6 trillion vs N1.4 trillion, an 80% increase year-on-year.
– Net Interest Income: N555.8 billion vs N145.7 billion, a remarkable 282.7% rise year-on-year.
– Operating Expenses: N697.5 billion vs N502 billion, indicating a 38.9% increase year-on-year.
– Profit after tax: N612.4 billion vs N153 billion, representing an astounding 300% surge year-on-year.
– Earnings Per Share: N1.723 vs N0.444, reflecting a significant 300% increase year-on-year.
– Dividends: N1.8 per share (bringing the total to N2.10), with a dividend yield based on the current price at 7.8% (adjusted 9.1%).
As of Wednesday, March 26th, 2024, Access Corporation’s share price closed at N23.1, marking a 2% decline. The share price has experienced a year-to-date decrease of 0.22% and reached a year high of N30 per share.
Access Corporation’s remarkable financial performance underscores its position as a key player in Nigeria’s financial landscape and demonstrates its resilience amidst challenging economic conditions.
Credit: Nairametrics (Text Excluding Headline)
