Prime Business Africa
Access ARM Pensions Limited recorded a 124.73 percent increase in fee income, after reporting N24.04 billion in 2024, compared to the N10.69 billion declared in 2023.
The company announced the increase in its audited financial statements for the year ended December 31, 2024, which also disclosed that Access ARM recorded N4.19 billion in investment and other income.
Join our WhatsApp ChannelThis represents a year-on-year increase of 154.84 percent, as Access ARM recorded N1.64 billion in investment and other income in 2023.
Also, Access ARM spent N1.11 billion on business development, marketing and advertising expenses to stay competitive last year, compared to the N630.13 million spent in 2023.
The company’s operating expenses increased by 135.47 percent year-on-year, from N1.87 billion to N4.40 billion, while it recorded N84.89 million impairment on financial assets last year.
Furthermore, depreciation and amortisation expenses increased to N1.08 billion in 2024, up from N685.76 million in 2023, indicating an increase of 57.56 percent, while finance costs decreased from N48.91 million to N13 million.
Access ARM’s bottom line was supported by the 73.40 percent decline in finance costs, as the company’s profit before tax (PBT) increased by 165.76 percent year-on-year from N5.71 billion to N15.18 billion.
Also, Income tax increased by threefold or 123.64 percent from N1.93 billion in 2023 to N4.33 billion in 2024, and profit after tax (PAT) followed the same path, rising by 187.39 percent year-on-year, from N3.77 billion to N10.85 billion.
Meanwhile, Access ARM’s total assets increased by 131.48 percent to N45.61 billion last year, up from N19.70 billion in 2023, and the company’s total liabilities rose from N5.66 billion to N12.95 billion, reflecting a year-on-year increase of 128.51 percent.
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