NIDF posts N8.37bn post-tax profit

The Nigeria Infrastructure Debt Fund (NIDF) reported a 15.8% increase in post-tax profit for the first half of 2024, reaching N8.37 billion, up from N7.23 billion in the same period last year.

This information was disclosed in the fund’s first-half financial statement filed with the Nigeria Exchange Limited.

The Chapel Hill Denham Nigeria Infrastructure Debt Fund, the only infrastructure debt fund domiciled in Nigeria, saw its pretax profit grow by 16% year-over-year to N8.37 billion.

Total assets increased by 0.78% to N108.64 billion, driven by higher cash equivalents and financial assets.

Total income rose by 17.6% to N9.49 billion, fueled by increased interest income on infrastructure investments.

Operating expenses climbed by 34.7% to N1.12 billion, reflecting necessary spending to support portfolio growth.

Despite inflation exceeding 30% for the first time since the late 1990s, NIDF’s performance demonstrated its ability to generate substantial returns and hedge against economic volatility.

The fund also announced a quarterly distribution of N4.27 per unit for the second quarter, to be paid on July 25.

(PUNCH)