Finance

Access Pensions revenue rises by 70%

Access Pensions revenue rises by 70%

Access Pensions has announced a 70 per cent appreciation in revenue to N12.3bn in 2023.

This was disclosed in the company’s audited annual results of which was recently released.

The firm’s profit after tax rose by about 70 per cent to N3.8bn and its assets under management expanded by 25 per cent to N1.20tn.

Its board announced a N2.20 per share dividend, which was higher than N1.10k in the previous year

Speaking at the annual general meeting in Lagos recently, Access Pensions’ Managing Director/Chief Executive Officer, Dave Uduanu, attributed the performance to a series of growth initiatives implemented by the company.

He stated, “The company recorded a turnover of N12.3bn, up from N7bn in 2022. This represents about a 70 per cent increase, and the profit before tax and profit after tax increased by about 70 per cent as well. But more importantly, the dividend doubled from N1.10k in 2022 to N2.20k, showcasing the company’s strong performance.”

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He acknowledged the late chairman of the firm, Dr Herbert Wigwe’s visionary leadership in steering the consolidation that birthed Access Pensions.Related News

Uduanu pledged the company’s commitment to continuing on the path of success.

Speaking on the sidelines of the AGM, the Executive Director, Technical, Afolabi Folayan, emphasised the company’s robust performance in the market.

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“In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in our Assets Under Management. Our current AUM stands at approximately N1.2tn, reflecting a remarkable 25 per cent growth compared to the previous year. Notably, our growth outpaced the market, which saw a growth rate of about 20 per cent.

“Our profits after tax reached about N3.8bn, marking a remarkable growth of about 70 per cent compared to the previous year. This exceptional performance instils confidence in us and reinforces our commitment to delivering value and growth to our shareholders.”

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An independent shareholder at the AGM, Mr Obinna Anyanwu, expressed his satisfaction with the company’s performance.

He praised the smooth conduct of the AGM and commended the financial statements for 2023, describing them as encouraging and indicative of promising prospects.

Anyanwu said, “I am quite excited; it was a great moment for me. We had a smooth AGM with almost all shareholders in agreement, supporting all motions and receiving the financial statements for 2023. I studied it page by page and word for word. The performance is quite encouraging; showing us what is to come in the future.”

Punch

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