Access Corporation records 300% profit growth, hits N612bn

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Access

The financial output of Access Corporation Plc, one of Africa’s leading financial institutions listed on the Nigeria Exchange Limited, showed that it achieved a record-breaking profit in the financial year ended December 31, 2023.

Profit after tax according to audited financial accounts made available to NGX Limited, grew by 300 percent year-on-year to N612.4 billion.

“Access Corporation’s impressive financial performance is indeed noteworthy. With a record-breaking profit of N612.4 billion, which marks a remarkable 300% increase year-over-year, the company has demonstrated exceptional growth and profitability,” Cowry Asset said in a comment.

The significant surge in Gross Earnings to N2.6 trillion, representing an 80 percent increase compared to the previous year’s N1.4 trillion, underscores the company’s robust revenue generation capabilities and effective business strategies.

A notable aspect contributing to Access Corporation’s profitability is the gains in fair value and foreign exchange, amounting to N628.9 billion.

This figure represents a substantial increase from the previous year’s N335.5 billion, indicating the company’s adeptness in capitalizing on market opportunities and managing its financial assets effectively.

The Board of Directors of the Holding company has proposed a final dividend of N1.80 Kobo (One Naira, Eighty Kobo) for every ordinary share of N0.50 Kobo each, subject to appropriate withholding tax (bringing the Total Dividend for 2023 Financial Year to N2.10 Kobo (Two Naira, Ten Kobo) will be paid to shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024.

Group Chief Executive Officer of the Holding company, Herbert Wigwe, who delivered the sterling performance which will be considered by shareholders at the Annual General Meeting scheduled to hold in Lagos on April 19, 2024, will not witness the event due to death.