Access Corporation reports N612.4 billion gains, up 300% YoY

The biggest finance holding company in Nigeria, Access Corporation, reported an N612.4 billion profit after taxes, a 300% increase over the previous year.

Under the late Herbet Wigwe’s direction, this is the company’s biggest profit to date.

Access Corporation declared Gross Earnings of N2.6 trillion in the financial documents obtained by THE MATRIX, an 80% increase over the N1.4 trillion recorded in the previous year.

A significant portion of the revenue came from fair value and foreign exchange gain of about N628.9 billion compared to N335.5 billion reported a year earlier.

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Key highlights (2023 vs 2022 FY)

Gross Earnings N2.6 trillion vs N1.4 trillion, YoY 80%

Net Interest Income N555.8 billion vs N145.7 billion, YoY 282.7%

Operating Expenses N697.5 billion vs N502 billion, YoY 38.9%

Profit after tax N612.4 billion vs N153 billion, YoY 300%

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Earnings Per share N1.723 vs N0.444, YoY 300%

Dividends N1.8/share (bringing total to N2.10)

Dividend yield based on current price 7.8%(adjusted 9.1%)

Access Corp share price closed at N23.1 (down 2%) on Wednesday March 26th, 2024. The share price is down 0.22% YTD and has a year high of N30 per share.