The Asset Management Corporation of Nigeria (AMCON) has reported that it raked in over a growth of 212% in its profit from N34.730 billion in 2023 to N108.433 billion in financial year 2023.
The Head of the Corporate Communications Department of the corporation made this disclosure in a press statement on Wednesday
A breakdown of the AMCON’s financial results showed that the AMCON’s fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022. Equity portfolio recorded 82% growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022.
The AMCON’s management which is currently led by Mr Gbenga Alade as Managing Director/Chief Executive Officer, attributed the significant trading gains to an improved performance in the stock market.
Interestingly, the Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion Central Bank of Nigeria (CBN) loan. The Corporation also achieved 89% achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2 billion.
A breakdown of the recovery showed that AMCON achieved N81.65 billion in collections from various obligors, N17.8 billion from share sales, N15.5billion reinvestment income, N6 billion as proceed from sale of properties, N3.8 billion dividend income and N0.5 billion from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.
The Gbenga Alade-led executive management of the Corporation stated that AMCON was strategically positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.
The corporation’s key financial results showed that its Profit for the year as of Dec 31, 2023 surged to N108,433bn compared to N34.730bn reported in the preceding financial year.
The corporation’s total comprehensive income for the year net of tax in the financial year stood at N106.385bn compared to N30.963bn in 2022; Total Assets N1,076,144bn up from N1,513,304bn in 2022.
