Business
Access holdings plc reports N642.2bn profit after tax for FY 2024
Access Holdings Plc announced a profit after tax of N642.2bn for the financial year ended December 31, 2024, a four per cent increase from the N619.3bn recorded in 2023.
Access Holdings Plc announced a profit after tax of N642.2bn for the financial year ended December 31, 2024, a four per cent increase from the N619.3bn recorded in 2023
Access Holdings Plc has released its audited financial statement for the year ended December 31, 2024, reporting a profit after tax of N642.2 billion. This represents a four per cent increase compared to the N619.3 billion profit recorded in 2023.
Also read: Obanikoro Accuses Access Bank of Using His Property as Collateral for N1bn Loan without His Consent
The group’s gross earnings saw a significant jump of 88 per cent, reaching N4.88 trillion in 2024, up from N2.59 trillion in the previous year.
Profit before tax also increased by 19 per cent to N867.0 billion in 2024, from N729.0 billion in 2023. This growth in profitability was achieved despite a rise in operating expenses and impairment charges.
However, the group’s income tax expenses saw a substantial increase from N109.7 billion in 2023 to N224.8 billion in 2024, which moderated the final profit after tax.
Despite the higher tax expenses, Access Holdings reported a total comprehensive income of N1.24 trillion for the year, a 20 per cent increase from the N1.03 trillion recorded in 2023.
The earnings per share experienced a slight dip to 1,671 kobo per share in 2024, down from 1,723 kobo in 2023. Profit attributable to the equity holders of the parent company rose to N618.6 billion in 2024, compared to N612.5 billion in the previous year.
Additionally, profit attributable to non-controlling interests increased significantly to N23.6 billion from N6.8 billion.
Access Holdings’ total assets expanded by 56 per cent to N41.5 trillion in 2024, up from N26.7 trillion in 2023. Loans and advances to customers grew by 47 per cent to N11.5 trillion, and customer deposits also increased by 47 per cent to N22.5 trillion.
The ratio of impaired loans to gross risk assets slightly improved to 2.76 per cent from 2.78 per cent in 2023. Total equity attributable to equity holders of the parent increased to N3.36 trillion from N2.08 trillion.
Africa’s technology ecosystem has produced innovative fintech, e-commerce and digital service companies. But there is another important part of the technology value chain that deserves attention: semiconductor engineering.
ChipMango is developing capabilities in chip design, verification and emerging hardware technologies. Its story demonstrates the kind of specialised innovation that deserves greater investment and attention.
Through Boost Africa, a joint initiative of the European Investment Bank (EIB) and African Development Bank, supported by the EU, the EIB helps channel investment through venture capital funds to innovative African enterprises. Discover how this
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From smartphones and laptops to vehicles and AI systems, semiconductors are essential to modern technology. Yet, the expertise required to design these components remains concentrated in a relatively small number of global
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Business
ChipMango: Building Nigeria’s Semiconductor Engineering Capabilities for the Global Tech Industry
Africa’s participation in the global technology industry should go beyond
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African engineers also have an opportunity to contribute to the technologies themselves, including the semiconductors that power smartphones, computers, vehicles and artificial intelligence.
Nigerian semiconductor technology company ChipMango is working to develop this capability by connecting engineering education with practical chip-design and verification projects.
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Boost Africa is a joint initiative of the EIB and African Development Bank, supported by the European Union.
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