NIDF records 26.4% year-on-year revenue growth in Q3, 2023 

Nigeria’s first publicly listed infrastructure debt fund, the Nigeria Infrastructure Debt Fund (NIDF), issued by Chapel Hill Denham Investment Trust recorded a revenue of N3.81 billion in Q3 2023, marking a year-on-year increase of 26.4% from the corresponding quarter in 2022.

According to the comprehensive income statement for the period ending September 30, 2023, the fund reported a pre-tax profit of N3.35 billion in Q3 2023, representing a year-on-year growth of 27.3% from the figure recorded in Q3 2022.

For the nine months ending September 2023, the fund reported a pre-tax profit of N10.58 billion, which is a year-on-year increase of 48.0% from the corresponding period last year.

Key Highlights Q3 2023 vs Q3 2022 

• Total income: N3.81 billion, +26.4% YoY
• Interest income on infrastructure loans: N3.44 billion, +23.7% YoY
• Total expenses: N458.48 million, +20.1% YoY
• Total operating profit: N3.35 billion, +27.3% YoY
• Profit before tax: N3.35 billion, +27.3% YoY
• Profit after tax: N3.35 billion, +27.3% YoY
• Quarterly distribution per unit: N3.81, +13.4% YoY
• Distribution yield: 14.97%, +157 bps
• Net asset value: N92.7 billion, +1.64% YoY
• Total assets: N95.41 billion, +0.85% YTD

More Insights  

• On October 5, 2023, NIDF listed 853,817,592 units at N108.39 per unit on the main board of the NGX, thus becoming the first infrastructure debt fund to list on the NGX.
• As of the period ending 30 September 2023, NIDF holds a diversified portfolio of 27 investments.
• For Q3 2023, the quarterly distribution per unit is at N3.81, representing a 13.4% year-on-year increase from Q3 2022.