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.
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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.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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