Royal Exchange Plc has posted a 133 per cent appreciation in its net income for the 2024 financial statement to N1.7bn from N767m in the previous year.
This is as the firm reaffirmed its commitment to delivering sustainable long-term value to its shareholders at the 56th Annual General Meeting held in Lagos recently.
Royal Exchange Group currently comprises Royal Exchange Plc (parent entity), Royal Exchange General Insurance Limited, Royal Exchange Microfinance Bank, Royal Exchange Finance Company Ltd and Royal Exchange Healthcare Limited, now DOTHMO. The principal activities of the Group are general insurance, health insurance and credit financing.
The chairman of the group, Mr. Kenny Odogwu, in his speech at the AGM, said, “Royal Exchange remains focused on two key objectives: consolidating our asset management expertise through driving growth and profitability across our investee companies and leveraging our diversified portfolio, which we have repositioned strategically, ensuring long-term value creation.”
On its financial performance, he said the group delivered positive earnings performance at the end of the financial year ending December 31, 2024.
This, he attributed to the increased revenue from investment income and the share of profit in associate companies contributing to the group’s overall top line.
“Net income of the group rose 133 per cent from N767m to N1.7bn for FY 2024 and 2023, respectively. Total expenses reduced 24 per cent from N969m to N728m in FY 2024, while the profit tax position stood at N1.04bn in FY 2024.”
Speaking further on the company’s performance, Odogwu said, “Royal Exchange boasts a robust liquidity position and healthy cash flow, providing flexibility for future investment opportunities. We remain dedicated to capitalising on market opportunities and ultimately generating value for shareholders. This turnaround was achieved despite significant global and local economic headwinds, including macroeconomic turbulence, financial market volatility, and domestic challenges, like fuel subsidy removal and foreign exchange fluctuations.”
He noted that the company’s 2024 results reflected its renewed operational strength and turnaround strategy. “Overall, Royal Exchange Plc’s FY 2024 performance demonstrates a successful turnaround strategy and strong fundamentals that position the company for continued growth. This strategic shift, according to him, is reflected in the positive trend of our financial performance.”
The chairman appreciated the shareholders and reassured them of continued value creation. “Finally, to our loyal shareholders, I express my deepest appreciation for your continued faith in Royal Exchange. We are committed to delivering long-term value and exceeding your expectations,” he said.
To the board and management, Odogwu said, “I thank other members of the board and the entire management team for their unwavering cooperation and contributions in 2024, noting that their dedication has been instrumental in achieving our goals.”
