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NSIA
NSIA’S ANNUAL PROFIT PLUNGES BY 33% AS REVENUE DWINDLES
TOTAL INCOME FOR 2022 DIMINISHED BY 28.1 PER CENT TO N154.9 BILLION
byRonald Adamolekun
April 2, 2023
Reading Time: 2 mins read
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The Nigerian Sovereign Investment Authority (NSIA) recorded drops in most of its
income sources for last year, its audited financial results have shown.
The drops resulted in a sharply weaker revenue and caused net profit to fall by
one-third.
NSIA, an investment agency of the Nigerian
government, manages funds in excess of budgeted hydrocarbon revenues, investing
them in a range of medium and long-term assets on behalf of the government.
Total income for 2022 diminished by 28.1 per cent to N154.9 billion, taking a
hit from a slide in net gain on financial assets and net foreign exchange gain.
Income streams like investment income as well as the share of profit of
investments accounted for using the equity method also dropped.
NSIA made a provision in the sum of N1.4 billion from its revenue as an
impairment charge on financial assets in contrast to the N544.8 million earned
as write-back on financial assets a year earlier.
In a separate document, the authority linked the slump in its earnings to the
performance of its Future Generations and Stabilization portfolios that are
invested in emerging and developed financial market instruments.
“In 2023, we will be resourcing our various platforms targeted at emerging
sectors – renewable energy, sustainability, innovation, and healthcare – which
will ensure the Authority achieves its dual objectives of delivering financial
returns and impactful social outcomes,” said Aminu Umar-Sadiq, NSIA’s chief
executive.
--------------------------------------------------------------------------------
READ ALSO: BUHARI APPOINTS UMAR-SADIQ AS NEW MD OF NSIA
--------------------------------------------------------------------------------
NSIA recorded increases in costs like investment management and custodian fees,
depreciation and amortization as well as operating and administrative expenses,
further weakening the bottom line.
Profit before tax decreased by 31.1 per cent to N102.4 billion, while profit for
the year stood at N102.4 billion compared to N153.6 billion in the same period
of 2021.
The organization highlighted the key projects it executed under the Presidential
Infrastructure Development Fund during the year as the Second Niger Bridge, the
Lagos-Ibadan Expressway and the Abuja-Kaduna-Kano Highway.
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Total assets for the year fell by 15.9 per cent or N195.1 billion to N1
trillion, the results showed.
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