Nigeria Mortgage Refinance Company Profits Grow by 164%

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This week, shareholders of Nigeria Mortgage Refinance Company (NMRC) PLC received the Report of the Directors on the Company’s performance in the 2016 business year at the 3rd Annual General Meeting of the Company.

NMRC achieved strong financial performance despite the harsh economic operating conditions in the year.  Gross earnings for the period grew 65% to ₦5.2 billion (previously ₦3.13 billion), while Profits before Tax increased 164% to ₦1.29 billion (previously ₦487 million).

NMRC has transformed the Nigerian mortgage market system, by introducing a technology infrastructure that provides an end-to-end solution for the housing finance market. Directors have reiterated commitment to the Company’s long term growth strategy of putting structures in place to make home ownership a reality for all Nigerians.

Key performance metrics include:

Earnings per share: ₦0.72 (2015: ₦0.27)

Return on Equity: 15%

Market Capitalisation: ₦8.02 billion

Enterprise Value: ₦38.57 billion

Current Price on NASD OTC Market: ₦4.55

The Week in Review

NASD closed its trading day on Friday 4 August  2017 lower compared to last Friday. The Market Capitalisation closed the week 2% lower at 407.75 billionagainst 416.34 billion previously. The NASD USI shed 2%  this week, closing at602.53 points, as against 615.23 points last Friday.

Trade Summary 
NASD OTC Securities Exchange currently trades Equity and Bonds. Of the 34 securities admitted to trade on the OTC Market,  Vital Products Plc led the market this week by Volume and Value respectively.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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