Despite challenging macroeconomic conditions coupled with economic headwinds, the Asset Management Corporation of Nigeria (AMCON) said it achieved a remarkable triple-digit growth for the year.
The result was contained in the latest financial statement published on Monday by the Head, Corporate Communications Department, Jude Nwauzor.
Details of the financial performance showed that AMCON achieved a Year-on-Year (YoY) growth in profit of 212% to N108.433 billion for the financial year ended December 31, 2023, from N34.730 billion in the year ended December 31, 2022,
Although the fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022, the report showed Equity portfolio stood at about N43 billion, or 82% growth in 2023, compared with N7.9 billion in 2022.
The report said the significant trading gain was as a result of an improved performance in the debt management agency’s stock market value.
Further review of the report revealed that the Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily attributable to repayments of the Central Bank of Nigeria (CBN) N500 billion loan.
Also, the Corporation said it achieved about 89% growth in its revenue budget in the year under review, 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.
Reacting to the financial performance, the executive management of the Corporation led by Managing Director/Chief Executive Officer, Gbenga Alade, said AMCON was strategically positioned to continue with the positive trajectory achieved in the year 2023.
Alade said with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.
The summary of AMCON’s Financial highlight showed that as at December 31, 2023 the Corporation’s total comprehensive income for the year/net of tax grew to N106.385 billion, from N30.963 billion in the previous year.
However, the report showed Total Assets of the Corporation declined from N1.513 trillion in 2022, to N1.076 trillion.
