NMRC Posts N3.77bn Profit Despite Economic Headwinds
The Nigeria Mortgage Refinance Company (NMRC) posted a pre-tax profit of ₦3.77 billion in 2024, a modest 3.6% rise from ₦3.64 billion recorded in 2023, despite a challenging economic environment.
At its 11th Annual General Meeting held in Lagos, Chairman Yemi Adeola attributed the positive performance to effective cost controls and prudent management strategies.
Though operating expenses rose 12% to ₦2.55 billion due to inflation, earnings per share improved to ₦1.73, up from ₦1.67 in 2023. Gross earnings inched up by 1.19% to ₦10.45 billion, while net interest income increased by 6.8%.
Total assets declined by 3% to ₦85.2 billion, while liabilities dropped 6% to ₦58 billion. As a result, net assets grew by 6% to ₦27.2 billion.
CEO Kehinde Ogundimu highlighted that inflationary pressures remained a key concern in 2024, with consumer prices surging to 34.8% by December.
NMRC’s commitment to social responsibility was also evident in the continuation of its skills development programme, now in its ninth year. The initiative, run in collaboration with the Industrial Training Fund, trains women and youth in plumbing, carpentry, interior design, and other trades crucial to the housing industry.
