Access Corporation recorded N612.4 billion in profits from the Late Herbert Wigwe’s Era.
NewsOnline Nigeria reports that Access Corporation, Nigeria’s largest finance holding company has reported a profit after tax of N612.4 billion up 300% from the year before.
This Nigeria news platform understands that this is the largest profit ever posted by the company and presided over by the late Herbert Wigwe.
ALSO: Ajaere, Elumelu, Other Private Sector Leaders Named In Tinubu’s New Economic Council (FULL LIST)
In the financial statements seen by NewsOnline, Access Corporation posted a Gross Earnings of N2.6 trillion up 80% from the N1.4 trillion reported a year earlier.
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.
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%
- 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%)
NewsOnline Nigeria reports that Access Corp’s 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.
