Royal Exchange Plc has announced a 133 per cent increase in net income, rising to ₦1.7 billion for the 2024 financial year, compared to ₦767 million recorded in 2023.
The company disclosed this impressive performance at its 56th Annual General Meeting (AGM) held recently in Lagos, where it reaffirmed its commitment to delivering long-term sustainable value to shareholders.
The Royal Exchange Group comprises Royal Exchange Plc (the parent company), Royal Exchange General Insurance Limited, Royal Exchange Microfinance Bank, Royal Exchange Finance Company Limited, and Royal Exchange Healthcare Limited (now DOTHMO). The group’s operations span general insurance, health insurance, and credit financing.
Speaking at the AGM, the Chairman of the Group, Mr. Kenny Odogwu, said the company remained focused on consolidating its asset management expertise and driving profitability across its subsidiaries.
“Royal Exchange remains focused on two key objectives: consolidating our asset management expertise by driving growth and profitability across our investee companies, and leveraging our diversified portfolio, which we have strategically repositioned to ensure long-term value creation,” Odogwu said.
He attributed the strong performance to increased investment income and profits from associate companies, which boosted the group’s overall earnings.
According to him, total expenses dropped by 24 per cent, from ₦969 million in 2023 to ₦728 million in 2024, while the profit-before-tax position stood at ₦1.04 billion for the year under review.
“Royal Exchange boasts a robust liquidity position and healthy cash flow, providing flexibility for future investment opportunities,” he added. “We remain dedicated to capitalising on market opportunities and generating value for shareholders despite macroeconomic turbulence, market volatility, and domestic challenges such as fuel subsidy removal and foreign exchange fluctuations.”
Odogwu described the 2024 results as evidence of the company’s successful turnaround strategy, underpinned by strengthened operations and sound financial management.
“Our FY 2024 performance demonstrates a successful turnaround strategy and strong fundamentals that position the company for continued growth,” he said.
The chairman also expressed gratitude to shareholders for their continued trust and support, pledging that the group would remain committed to sustained value creation.
“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,” Odogwu stated.
He further commended the board and management for their contributions toward achieving the group’s goals, noting that their dedication was instrumental to the year’s success.
