Africa Finance Corporation assets grow 17% in 2023 – Businessday NG

by MMC
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The total assets of the Africa Finance Corporation (AFC), a multilateral financial institution, increased by 17.3 percent to $12.34 billion last year.

AFC’s net profit also increased by 15.3 percent, from $285.9 million to $329.7 million. Its return on equity for 2023 stood at 11%, according to the company’s latest financial report.

“During the year, AFC increased its profits by 15.3 percent, to $329.7 million, and its total assets by 17.3 percent, to $12.3 billion, surpassing of $2.3 billion the target set in its five-year strategy,” said Emeka Emuwa, president of the AFC, in a statement. .

It said operating profit was $497.5 million and total shareholders’ equity ended the year at $3.4 billion, reflecting increases of 24.2 percent and 26 .7 percent, respectively.

“This strong performance further strengthens AFC’s position as Africa’s leading provider of pragmatic infrastructure investment solutions,” he added.

According to Emuwa, the most successful year for capital raising for AFC was 2023, with six new shareholders joining and 11 existing shareholders increasing their equity contributions, resulting in an injection total equity of more than $500 million.

“With AFC’s strong performance in 2023, I am pleased to announce to shareholders that the Board of Directors is proposing a dividend payment of 5.3158 US cents per share compared to 6.6315 US cents per share in 2022, an amount of approximately 81.74 million dollars against 85.58 US dollars. million in 2022,” he said.

The AFC was established through collaboration between sovereign African states and the African private sector to provide pragmatic solutions to the continent’s infrastructure deficit and challenging operating environment.

The institution announced the closing of a record syndicated amount of $1.16 billion, from various banks in Asia, the Middle East and Europe.

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