Nigeria Mortgage Refinance Company Plc. (NMRC) has announced a very positive 2019 report with appreciable gains in comparison to the previous year.
The company published its Annual Reports and Accounts for 2019 at its Annual General Meeting held at the Eko Hotel, Victoria Island, Lagos on Wednesday.
While announcing the company’s 2019 Financial Results, the Chairman, Mr. Charles Adeyemi Candide-Johnson (SAN) stated that NMRC’s gross earnings increased by 36% from ₦7.09 billion in 2018 to ₦9.62 billion in 2019 while total Assets increased from ₦69.29 billion as at December 31, 2018 to ₦72.87 billion as at December 31, 2019.
The Chairman remarked accordingly that the company’s accomplishments in 2019 were commendable given that the year started with the anticipation of some headwinds to the business.
Mr Candide-Johnson noted that even in the face of such progress, the company remains committed to its mandate of making housing finance more accessible and affordable for Nigerians particularly in an era where housing availability has come to play a critical role in successfully mitigating the spread and impact of Covid-19.
The company’s 2019 success story didn’t end there as NMRC’s Managing Director, Mr Kehinde Ogundimu added that Profit before tax stood at ₦3.09 billion, an increase of 60% over the ₦1.94 billion recorded in 2018.
He further revealed that earnings per share increased from ₦0.93 in 2018 to ₦1.43 in 2019 and shareholders approved a dividend of ₦0.43 for every ordinary share.
“We can indeed say that 2019 was a good year for the company with record earnings as well as commendable improvements in NMRC’s financial metrics.
“Even in terms of operational efficiency, the company’s cost optimization measures continue to yield results as evidenced by the significant reduction in all its expense heads,” he said.
NMRC is a CBN-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets. NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria. NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.
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