Access Pensions Reports 70% Revenue Growth

According to Access Pension's recent report, profit increased by almost 70% before and after taxes, showing a positive trend. In view of that, Shareholders praised the dividend distribution, which rose from N1.10 kobo per share in 2022 to N2.20 kobo per share.

Access Pensions' managing director and chief executive officer, Dave Uduanu, spoke at the Annual General Meeting (AGM) and acknowledged the company's growth initiatives with this outstanding performance. 

He stated, "The Company recorded a turnover of N12.3 billion, up from N7 billion in 2022. This represents a 70% increase, and the profit before and after tax increased by about 70 percent. But more importantly, the dividend doubled from N1.10  kobo in 2022 to N2.20k, showcasing the company's strong performance."

He acknowledged Dr. Herbert Wigwe, the late chairman, for his inspirational guidance in directing the consolidation that gave rise to Access Pensions. Uduanu vowed that the business would stay on its successful path.

Uduanu thanked Access Bank, the business's holding company partner, for their steadfast support. He emphasised how Access Bank and Access Pensions work well together and the convenience this provides to pension holders, who can easily access their accounts through Access Bank's wide branch network.

Afolabi Folayan, the executive director of technical affairs, spoke on the sidelines about the company's growth and market share. He highlighted the company's strong performance in the market, pointing to a notable rise in Assets Under Management (AUM) to N1.2 trillion, representing a 25% growth over the previous year.

He stated, "In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in Assets Under Management (AUM). Our current AUM stands at approximately N1.2 trillion, reflecting a remarkable 25% growth compared to the previous year. 

Notably, our growth outpaced the market, which saw a growth rate of about 20%."

He added, "Our profits after tax reached about N3.8 billion, marking a remarkable growth of about 70% compared to the previous year. This exceptional performance instills confidence in us and reinforces our commitment to delivering value and growth to our shareholders."

An independent shareholder, Obinna Anyanwu, expressed his satisfaction with the company's performance at the AGM. He complimented the AGM's smooth running and the financial statements for 2023, which he described as positive and showing promise.

Anyanwu stated, "I am quite excited; it was a great moment. We had a smooth AGM with almost all shareholders in agreement, supporting all motions and receiving the financial statements for 2023. I studied it page by page and word for word. The performance is encouraging, showing us what will come in the future."

Access Pensions remains dedicated to delivering value to its shareholders, clients, and stakeholders and looks forward to continued growth and success.