Access ARM pensions reports N28.2bn revenue, 187% surge in profit

Access ARM Pensions has announced a strong full-year result for 2024, reporting revenues of N28.2 billion, more than double the N12.3 billion recorded in 2023. Also, the PFA revealed that Pre-tax profit rose by 164 percent to N15.2 billion, while post-tax profit surged by 187 percent to N10.9 billion. Assets Under Management (AUM) also climbed […]

Access ARM Pensions has announced a strong full-year result for 2024, reporting revenues of N28.2 billion, more than double the N12.3 billion recorded in 2023.

Also, the PFA revealed that Pre-tax profit rose by 164 percent to N15.2 billion, while post-tax profit surged by 187 percent to N10.9 billion. Assets Under Management (AUM) also climbed to N3.5 trillion.

Despite macroeconomic headwinds, the company attributed its impressive performance to the disciplined execution of a well-structured post-merger integration plan, stronger investment capabilities, and an expanding service footprint.

Speaking at the Annual General Meeting in Lagos over the weekend, Managing Director and Chief Executive Officer of Access ARM Pensions, Dave Uduanu, said: “Our 2024 performance was the result of a disciplined execution of a post-merger integration plan, deepening our investment capabilities, and leveraging technology to deliver better service at scale as revenue grew to N28.2 billion from N12.3 billion in 2023, and PAT rose to N10.9 billion, a testament to operational synergies and improved efficiency.”

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According to Uduanu, the merger between Access Pensions and ARM Pensions created significant efficiencies that have translated into improved financial outcomes. “We planned carefully for this merger, engaging a world-class consulting firm, and preparing a comprehensive post-merger integration plan. Both the management team and the board have executed this plan flawlessly, and the results speak for themselves,” he said.

He added that the outlook for 2025 is even more promising. “As of now, our assets under management stand at N3.5 trillion, placing us among the top players in the industry. We expect significant growth this year, and the numbers you would see in 2025 will reflect the full benefits of a complete year of post-integration performance. Please note that the merger was consolidated in October, so the 2024 financials reflect only about 3 months of the combined entity’s operations. We are confident that the 2025 results will reflect a full year of synergies and will show significantly better performance.”

Chairman of Access ARM Pensions, Gbenga Oyebode, emphasised the strategic importance of the merger and the board’s focus on long-term value creation.