NIDF reports impressive 26.4% YoY revenue growth in Q3 2023
By Sodiq Adelakun
Nigeria Infrastructure Debt Fund (NIDF) has reported a revenue of N3.81bn ($9.9m) in Q3 2023, marking a YoY increase of 26.4% from the same period in 2022 as reported by Chapel Hill Denham Investment Trust.
The fund’s comprehensive income statement for the period ending 30 September 2023 showed a pre-tax profit of N3.35bn in Q3 2023, representing a YoY growth of 27.3% from the figure recorded in Q3 2022. The NIDF is Nigeria’s first publicly listed infrastructure debt fund.
For the nine months ending September 2023, the fund reported a pre-tax profit of N10.58 billion, which is a year-on-year increase of 48.0% from the corresponding period last year.
In the third quarter of 2023, the Nigeria Infrastructure Debt Fund (NIDF) reported positive financial results compared to the same period in 2022. Total income increased by 26.4% year-on-year to reach N3.81 billion.
Interest income on infrastructure loans also saw a significant increase of 23.7% year-on-year, amounting to N3.44 billion. Total expenses rose by 20.1% year-on-year to N458.48 million.
However, despite the increase in expenses, the fund’s total operating profit and profit before tax both grew by 27.3% year-on-year, reaching N3.35 billion.
The profit after tax also saw the same growth rate, amounting to N3.35 billion.The quarterly distribution per unit for the third quarter of 2023 was N3.81, representing a 13.4% year-on-year increase from the same period in 2022.
The distribution yield also rose by 157 basis points to 14.97%. The net asset value of the fund increased by 1.64% year-on-year to N92.7 billion, while total assets grew by 0.85% year-to-date to N95.41 billion.
In addition to its financial performance, NIDF achieved a significant milestone on October 5, 2023, by becoming the first infrastructure debt fund to list on the main board of the NGX.
The fund listed 853,817,592 units at N108.39 per unit.As of September 30, 2023, NIDF holds a diversified portfolio of 27 investments. Overall, the fund’s positive financial results and listing on the NGX demonstrate its strong performance and commitment to supporting infrastructure development in Nigeria.
