Notwithstanding the business challenges in the country, Access Pensions has announced a 70 per cent surge in revenue, with turnover rising from N7 billion in 2022 to N12.3 billion in 2023.
The PFA’s profit before and after tax mirrored this outstanding growth trend, soaring by around 70 per cent additionally, while its assets under management (AUM) expanded by 25 per cent to reach a significant N1.2 trillion.
Shareholders commended the dividend distribution, which increased from N1.10k per share in 2022 to a commendable N2.20k per share.
Speaking at the yearly general meeting in Lagos, Managing Director/Chief Executive Officer, Dave Uduanu, attributed the exceptional performance to a series of growth initiatives implemented by the company during the year.
He stated: “The PFA recorded a turnover of N12.3 billion, up from N7 billion in 2022. This represents about a 70 per cent increase, and the profit before tax and profit after tax increased by about 70 percent as well. But more importantly, the dividend doubled from N1.10k in 2022 to N2.20k, showcasing the company’s strong performance.”
He acknowledged the late Chairman, Dr Herbert Wigwe’s visionary leadership in steering the consolidation that birthed Access Pensions.
Uduanu pledged the company’s commitment to continuing the path of success.
He expressed gratitude to Access Bank, its sister company, for its unwavering support.
He highlighted the symbiotic relationship between Access Pensions and Access Bank, emphasising the convenience it offers to pension holders who can access their accounts seamlessly through Access Bank’s extensive branch network.
Speaking on the sidelines also on the company’s growth and market share, the Executive Director, Technical, Afolabi Folayan, stressed the company’s robust performance in the market, boasting a significant increase in AUM to N1.2 trillion, representing a 25 per cent growth over the past year.
He stated: “In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in our AUM. Our current AUM stands at approximately N1.2 trillion, 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 percent.”
“Our profits after tax reached about N3.8 billion, 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.”
