Access Holdings Plc 9M:2024 Earnings Note | Core Income Boost Gross Earnings
In its recently released unaudited 9M:2024 results, Access Holdings’ Gross Earnings grew by 114.49% YoY to NGN3.42trn mainly due to the spike in interest income (+128.71% YoY to NGN2.40trn) and non-interest income (+87.19% YoY to NGN1.02trn). Elsewhere, Operating Expenses increased by 109.98% YoY to NGN1.09trn, 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 89.59% YoY and 82.77% YoY each to NGN558.18bn and NGN457.74bn respectively. Overall, Net Profit Margin declined to 13.39% in the period (vs. 15.71% in 9M:2023).We retain our target price for ACCESSCORP at NGN25.47 for 2024FY. At its current price of NGN23.6 as of 5th November 2024, this translates to an upside prospect of 8%. Consequently, rating on the stock is a “HOLD”.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.