FMDQ group Plc recorded remarkable performance at the end of 2024 financial year posting profit before tax of N23.23 billion.
The amount represents an increase of 65.54 per cent compared with N14.03 billion reported in the corresponding period of 2023.
Speaking on the Group’s financial performance, at the annual general meeting the Chairman FMDQ group, Dr. Jibril Aku, said that, “In the face of global and domestic macroeconomic headwinds in 2024, FMDQ Group delivered a remarkable financial performance, with Revenue growing by 49.93 per cent from N34.29 billion in 2023 to an unprecedented N51.41 billion – the highest in the Group’s history, and Profit before Tax reaching a record N23.23 billion, representing a 65.54 per cent increase from N14.03 billion recorded in 2023.”
He stated that “In recognition of the historical strong financial performance, facilitated by the reinvestment of the Group’s returns into various strategic initiatives to drive organic growth, stability, and resilience, FMDQ Group’s Shareholders have declared the first-ever cash dividend of N0.20 per share, totaling N5.20 billion, as we enter the last year of our 5-year Strategic Horizon.”
In the Depository business, adoption of the Q-ex Depository system, deployed in 2023, advanced significantly with 47 Participants onboarded, and security lodgements rising to 150 securities valued at N1.28 trillion, a 2.40 per cent increase from N1.25 trillion recorded in 2023. Similarly, FMDQ Private Markets delivered strong growth, recording a 44.69 per cent increase in the cumulative value of securities noted, which rose to N1.13 trillion in 2024 from N780.96 billion in the prior year.