Business

Access Corporation records N612.4 bn profit, surges 300% YoY

Credit: Access Coproration/Nairametrics
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Access Corporation, Nigeria’s leading finance holding company, has announced a record-breaking profit after tax of N612.4 billion, marking a remarkable 300% increase from the previous year. This milestone profit, the highest ever reported by the company, was overseen by the late Herbert Wigwe.

According to financial statements reviewed by Nairametrics, Access Corporation achieved a Gross Earnings figure of N2.6 trillion, representing an 80% increase from the N1.4 trillion reported in the previous year. A substantial portion of the revenue was attributed to fair value and foreign exchange gains, totaling about N628.9 billion, compared to N335.5 billion reported in the preceding year.

Key Financial Highlights (FY 2023 vs. FY 2022):

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 282.7% increase year-on-year

Operating Expenses: N697.5 billion vs. N502 billion, a 38.9% increase year-on-year

Profit after Tax: N612.4 billion vs. N153 billion, a 300% increase year-on-year

Earnings Per Share: N1.723 vs. N0.444, a 300% increase year-on-year

Dividends: N1.8 per share (totaling N2.10)

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

Access Corporation’s share price closed at N23.1 (down 2%) on Wednesday, March 26th, 2024. The share price has decreased by 0.22% year-to-date and reached a yearly high of N30 per share.

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