Access Holdings Plc 2024FY Earnings Note | Core Income Boost Gross Earnings
In its recently released audited 2024FY results, Access Holdings’ Gross Earnings grew by 87.72% YoY to NGN4.87trn mainly due to the increase in interest income (+110.38% YoY to NGN3.48trn) and non-interest income (+47.86% YoY to NGN1.02trn). Elsewhere, Operating Expenses increased by 107.47% YoY to NGN1.45trn, following higher personnel expenses, admin expenses and IT & e-business expenses in the period. Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 18.93% YoY and 3.70% YoY each to NGN867.02bn and NGN642.22bn respectively. Overall, Net Profit Margin declined to 13.18% in the period (vs. 23.87% in 2023FY).We revise our target price for ACCESSCORP to NGN24.64 for 2025FY. At its current price of NGN22.10 as of 17th April 2025, this translates to an upside prospect of 11.5%.
Consequently, rating on the stock is “OVERWEIGHT”.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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