Royal Exchange Plc, has reassured its shareholders of its commitment towards delivering sustainable long-term value to its shareholders
Mr. Kenny Ezenwani Odogwu, Chairman of the company gave the assurance during its 56th Annual General Meeting, held in Lagos yesterday.
He said “Royal Exchange remains focused on two key objectives: consolidating our asset management expertise through driving growth and profitability across our investee companies, and leveraging on our diversified portfolio which we have repositioned strategically, ensuring long-term value creation.
On its financial performance he said the group delivered positive earnings performance at the end of financial year ended 31st December, 2024.
This he attributed to the increased revenue to investment income and share of profit in associate companies contributing to the Groups overall top line.
According to him, Net Income of the group rose by 133% from N767m to N1.7bn for FY 2024 and 2023, respectively.
However total expenses reduced by 24% from N969 million to N728 million in FY 2024 while profit Tax position stood at N1.04bn in FY 2024.
Speaking further on its performance he said: “Royal Exchange boasts a robust liquidity position and healthy cash flow, providing flexibility for future investment opportunities.
“We remain dedicated to capitalizing on market opportunities and ultimately generating value for shareholders. This turn around was achieved despite significant global and local economic headwinds, including macroeconomic turbulence, financial market volatility, and domestic challenges-like fuel subsidy removal and foreign exchange fluctuations.
Overall, he said Royal Exchange Plc’s FY 2024 performance demonstrates a successful turnaround strategy and strong fundamentals that position the company for continued growth.
This strategic shift according to him is reflected in the positive trend of our financial performance.
He thanked other members of the board and the entire management team for their unwavering cooperation and contributions in 2024, noting that their dedication has been instrumental in achieving our goals.
“Finally, to our loyal shareholders, I express my deepest appreciation for your continued faith in Royal Exchange. We are committed to delivering long-term value and exceeding your expectations.
