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FCMB Pensions Reports N8.89bn Revenue But 34% Increase In Tax Payment Impacts Profit

June 9, 2025
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FCMB Pensions Reports N8.89bn Revenue But 34% Increase In Tax Payment Impacts Profit

FCMB Pensions Limited has disclosed that the company recorded N8.87 billion as fee income in 2024, compared to N7.26 billion in 2023, indicating a 22.14 percent increase.

The pension company announced in a summary of financial information for the year ended December 31, 2024, which also showed that FCMB recorded an 83.63 per cent year-on-year decline in other Income, which fell from N116.85 million to N19.12 million.

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However, revenue grew to N8.89 billion in 2024, surpassing the N7.38 billion recorded in the previous year, reflecting an increase of 20.47 per cent.

Staff costs and allowances increased by 18.62 per cent year-on-year after gulping N3.45 billion last year, against the N2.90 billion reported in 2023.

Other operating expenses increased by 25.82 per cent from N1.51 billion in 2023 to N1.90 billion, while depreciation and amortisation charges rose by 27.39 per cent year-on-year from N346.14 million to N440.98 million.

FCMB Pensions also reported that results from operating activities were N3.10 billion in 2024, compared to N2,60 billion in the year before, indicating a 19.20 percent increase, with finance income decreasing by 5.52 per cent year-on-year from N631.78 million to N596.89 million.

According to the company’s financial statements, profit before tax (PBT) rose by 14.37 per cent year-on-year to N3.70 billion, up from N3.23 billion, leading to FCMB Pensions paying N1.30 billion in income tax last year, against the N966.26 million filed in 2023.

The 34.84 per cent increase in income tax resulted in FCMB Pensions recording a 5.67 per cent increase in profit after tax (PAT), which rose from N2.27 billion in 2023 to N2.40 billion in 2024.

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