Access Holdings Plc Achieves Robust Financial Performance and Rewards Shareholders with Substantial Dividend
Access Holdings Plc, a leading financial services conglomerate, concluded its 2024 fiscal year on a high note, achieving remarkable financial results and demonstrating resilience amidst macroeconomic headwinds. This success culminated in a substantial dividend payout to shareholders, totaling N125.3 billion, reflecting the company’s commitment to delivering value to its investors. At the Annual General Meeting held in Lagos, shareholders lauded the board and management for their strategic direction and operational excellence, acknowledging the impressive growth trajectory and the company’s proactive approach to strengthening its capital base.
The company’s robust performance was underpinned by a strategic capital raising initiative, a landmark rights issue that generated N351 billion. This bold move positioned Access Bank, a key subsidiary of the Holding company, as the first Nigerian bank to surpass the Central Bank of Nigeria’s new minimum capital requirement of N500 billion, well ahead of the 2026 deadline. This proactive measure significantly fortified the company’s financial standing, boosting shareholders’ funds to an impressive N3.76 trillion. This strengthened capital base provides a solid foundation for future growth and expansion, enabling the company to pursue strategic opportunities and navigate economic uncertainties with greater confidence.
Aigboje Aig-Imoukhuede, the Chairman of Access Holdings, highlighted the company’s exceptional financial achievements, emphasizing the strength of its balance sheet and its ability to thrive despite challenging macroeconomic conditions. The company’s gross earnings witnessed a remarkable surge of 88% year-on-year, increasing from N2.59 trillion in 2023 to N4.88 trillion in 2024. This substantial growth underscores the effectiveness of the company’s diversified business model and its ability to capture market share in a competitive landscape. Profit before tax also experienced significant growth, rising from N729 billion to N867 billion, further solidifying the company’s profitability and financial soundness.
Bolaji Agbede, the Acting Group Chief Executive Officer, provided further insights into the company’s performance, noting the positive growth witnessed across key balance sheet indicators. This balanced growth reflects the company’s prudent financial management and its strategic focus on maintaining a healthy and diversified portfolio. Agbede emphasized the company’s strategic positioning for continued growth, leveraging its extensive banking network spanning 22 markets across four continents, coupled with its robust non-banking operations in investment management and technology. These diversified operations provide a strong platform for sustainable growth and create multiple avenues for value creation.
Access Holdings’ impressive financial performance translated into a substantial reward for its shareholders. A final dividend of N2.05 per share was proposed, bringing the total dividend for 2024 to N2.50 per share, resulting in a total dividend payout of N125.3 billion. This significant dividend underscores the company’s commitment to sharing its success with its investors and reinforces their confidence in the company’s future prospects. The consistent dividend payouts reflect the company’s strong cash flow generation and its dedication to rewarding shareholder loyalty.
The company’s profit after tax for the year reached N642.2 billion, representing a 4% increase from the N619.3 billion reported in 2023. This consistent profit growth demonstrates the effectiveness of the company’s strategic initiatives and its ability to deliver sustainable value creation. Looking ahead, Access Holdings is poised to continue its growth trajectory, driven by its strategic investments, prudent risk management, and a commitment to building strong relationships with all stakeholders. The company’s diversified business model, combined with its strong financial position, provides a solid foundation for future success and positions it as a key player in the African financial services landscape.
