NIDF posts N8.37bn post-tax profit

The Nigeria Infrastructure Debt FunNIDF posts N8.37bn post-tax profitd grew profit after tax by 15.8 per cent to N8.37bn in the first half of 2024 from N7.23bn in the corresponding period of last year.

This was disclosed in the fund’s first-half financial statement for 2024 filed with the Nigeria Exchange Limited on Thursday.

The Chapel Hill Denham Nigeria Infrastructure Debt Fund is the first and only infrastructure debt fund dedicated to and domiciled in Nigeria.

It is classified as an infrastructure fund under the relevant rules and regulations of the Securities and Exchange Commission of Nigeria and the National Pension Commission of Nigeria.

The company’s pretax profit stood at N8.37bn, improving by 16.0 per cent year-over-year.

Also, total assets rose to N108.64bn, marking a 0.78 per cent increase from N107.80bn in 2023, driven by increased cash equivalents and financial assets, reflecting asset management strategies despite market volatility.

Total income surged to N9.49bn, up 17.6 per cent from N8.06bn in 2023, buoyed by higher interest income on infrastructure.

Meanwhile, operating expenses increased by 34.7 per cent to N1.12bn, reflecting necessary expenditures to support portfolio growth and investor returns.

The net asset value and unit performance for NIDF increased slightly to N107.69, a 0.16 per cent rise from N107.54 in 2023.

Despite inflation exceeding 30 per cent for the first time since the late 1990s, NIDF has managed to stay ahead of the Consumer Price Index.

It stated that the performance highlighted the fund’s capability to generate substantial returns even in a high-inflation environment, providing a hedge against economic volatility.

NIDF also announced a quarterly distribution of N4.27 per unit for the second quarter ended June 30.

It noted that the distribution, set to be paid to eligible unit holders on July 25, was fully funded from the cash inflows generated by the fund during the quarter.