Nigeria Infrastructure Debt Fund declares N20.38bn profit in 2023

THE profit after tax of Nigeria Infrastructure Debt Fund, managed by Chapel Hill Denham grew by 97.99 percent to N20.380 billion at the end of 2023 from N10.293 billion in 2022.

This was according to the Quarterly Investor Report for the quarter ended December 31, 2023, which was filed with the Nigerian Exchange Limited.

NIDF became the first infrastructure debt fund in Nigeria registered with and regulated by the Securities and Exchange Commission, Nigeria, which was listed on the NGX and the FMDQ Ex-change, Lagos. It was listed in early October.

In its statement of comprehensive income for the financial year 2023 (unaudited), the fund reported N12.689 billion from interest income on infrastructure loans from N9.328 billion, which boosted its total income to N22.099 billion from N11.784 billion at the end of the same period in 2022. Its unaudited results for FY’23 revealed that its assets also increased to N108.211 billion from N94.608 billion at the end of 2022. Similarly, liabilities also rose to N103.852 billion from N91.732 billion. In the fourth quarter of 2023, it was revealed that one new infrastructure loan of N3.69 billion was approved by the Investment Committee of the Fund.

The loan has now been disbursed after the execution of definitive documentation and compliance with disbursement conditions by the borrower. For the reporting period, the Fund announced a quarterly distribution of N3.95 per unit on Monday with a qualification date of January 22, 2024. This distribution will be paid to eligible unitholders on January 26, 2024 and is fully funded from the cash inflows generated by the Fund during the quarter. In December 2023, the Fund announced a special distribution of the sum of N6.55 per unit.

NIDF said that going forward, it intended to continue paying quarterly distributions to unitholders, in line with the actual performance of the Fund and the provisions of the constitutional documents. As of the period ending December 2023, NIDF had a diversified portfolio of 26 Investments. Of its investment portfolio as of the end of 2023, telecoms towers had the largest share at 21 percent, followed by pipeline networks at 19 percent, Marine infrastructure at 14 percent, gas processing plants at 13 percent and off-grid solar at 11 percent across 458 sites. NIDF has 960,649,354 units in issue.

The Nigeria Infrastructure Debt Fund (NIDF), a Chapel Hill Denham Investment Trust is the first listed infrastructure debt fund in Nigeria registered with and regulated by the Securities and Exchange Commission, Nigeria, and listed on the NGX and the FMDQ Exchange, Lagos.

NIDF offers the most attractive yield on the NGX and is renowned for paying quarterly distributions. Its objective is to provide investors with regular, sustained, long-term distributions and to preserve capital over the long-term by generating exposure to Naira-denominated infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows.

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