NMRC Annual General Meeting 2020

Nigeria Mortgage Refinance Company Plc (NMRC) published its Annual Reports and Accounts for 2019 at its Annual General Meeting held at the Eko Hotel, Victoria Island, Lagos.

The Chairman, Mr. Charles Adeyemi Candide-Johnson (SAN), in his remarks stated that the company’s accomplishments in 2019 were commendable given that the year started with the anticipation of some headwinds to the business.

Mr Candide-Johnson noted that even though progress is being made, the company remains committed to its mandate of making housing finance more accessible and affordable for Nigerians particularly in an era where housing availability has come to play a critical role in successfully mitigating the spread and impact of Covid-19.

The Chairman in his address and announcement of the company’s 2019 financial results, stated that NMRC’s gross earnings increased by 36% from ₦7.09 billion in 2018 to ₦9.62 billion in 2019 while total Assets increased from ₦69.29 billion as at December 31, 2018 to ₦72.87 billion as at December 31, 2019.

NMRC’s Managing Director, Mr Kehinde Ogundimu in his comments stated that 2019 was a good year for the company with record earnings as well as commendable improvements in NMRC’s financial metrics. Mr Ogundimu further noted that Profit before tax stood at ₦3.09 billion, an increase of 60% over the ₦1.94 billion recorded in 2018.

In terms of operational efficiency, the Managing Director also noted that the company’s cost optimization measures continue to yield results as evidenced by the significant reduction in all its expense heads.

Earnings per share increased from ₦0.93 in 2018 to ₦1.43 in 2019 and shareholders approved a dividend of ₦0.43 for every ordinary share.

More details can be found on the Company’s Investor Relations page of its website at https://nmrc.com.ng/investor-relations/.