Royal Exchange Achieves Positive Earnings, Announces N1.04bn Profit

Ebere Nwoji

The Chairman Royal  Exchange Group  Plc, Mr. Kenny Ezenwani Odogwu, has said that  the Royal Exchange group in its business outing for the year ended 2024  delivered positive earnings performance achieving a profit  After Tax of  N1.04 billion

He attributed the positive performance to  increased revenue and share of profit in associate companies which has contributed to the Groups overall top line.

According to him, Net Income of the group rose by 133 percent from N767m to N1.7bn for FY 2024 and 2023, respectively. 

He said  total expenses reduced by 24 percent from N969 million to N728 million in FY 2024 while profit After Tax position stood at N1.04bn in FY 2024.

Speaking further on the group’s  performance, Odogwu  said Royal Exchange boasted  a robust liquidity position and healthy cash flow, providing flexibility for future investment opportunities. 

“We remain dedicated to capitalising 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 demonstrated a successful turnaround strategy and strong fundamentals that positioned the company for continued growth.