Access Corporation Posts N612.4 Billion Profit

Access Corporation, Nigeria’s biggest finance holding company, has announced that it recorded a considerable increase in profit after tax.

Gatekeepers News reports that the company’s profit after tax has risen to N612.4 billion, which is a 300% increase from the previous year.

This is the largest profit ever recorded by the company during the tenure of its late CEO, Herbert Wigwe.

Access Corporation’s financial report shows that the company’s Gross Earnings have also increased significantly.

The company’s Gross Earnings are currently at N2.6 trillion, which is an 80% increase from the N1.4 trillion recorded the previous year.

A considerable portion of the revenue generated by Access Corporation came from fair value and foreign exchange gain, which amounted to about N628.9 billion. This represents an increase from the N335.5 billion reported the previous year.

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%)

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.