CHD Announces NIDF Management Changes
March 28, 2024The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF”) records N13.7 billion PBT for 9M 2024 – a 24% Year-on-Year Growth
October 16, 2024LAGOS, NIGERIA – 11th July 2024 - Chapel Hill Denham Nigeria Infrastructure Debt Fund (NGX: NIDF) (“NIDF”) announces its Unaudited Results for the Half Year (HY) ended 30 June 2024.
Performance Summary
The NIDF remains stable, with no share price volatility, and over the past seven years - since its first listing in June 2017 - the Fund has achieved a 209% return on every naira invested and currently offers a dividend yield of 18%, which surpasses all stocks on the NGX30 Index. Notwithstanding inflation exceeding 30% for the first time since the late 1990s, the NIDF is marginally ahead of the Consumer Price Index (CPI). The NIDF continues to consistently outperform its benchmark: the 10-Year FGN bond.
We believe that long-term, naira-denominated, project finance debt is an essential ingredient to Nigeria's development and NIDF has seen greater demand for its services with every passing year. We continue to position ourselves as the leading Infrastructure Fund in Nigeria and Sub-Saharan Africa aimed at impacting lives through investing in sectors accretive to Nigeria and Africa’s’ economic development.
Financial Performance Highlights:
Earnings Analysis
- Total Income of ₦9.5 billion for HY 2024, an 18% Year-on-Year growth from ₦8.1 billion for the same period prior year.
- Interest income grew by 44% Year-on-Year to ₦8.0 billion from ₦5.6 billion in the prior year.
- Profit Before Tax grew by 16% Year-on-Year to ₦ 8.4 billion, majorly due to an increase in the 10-Year FGN Bond yield driven by the Central Bank of Nigeria’s efforts to curb the significant rise in inflation experienced during the year.
Financial Position:
- Infrastructure Loans Value grew by 11% Year-on-Year from ₦77.3 billion to ₦85.5 billion as at H1 2024.
- Total assets increased by 14% Year-on-Year from ₦95.2 billion to ₦108.6 billion as at the end of June 2024.
- Total liabilities grew by 95% Year-on-Year, from ₦2.6 billion to ₦5.2 billion as at H1 2024. A significant portion of this increase was due to a higher amount allocated for quarterly distribution during the period.
- Net Asset Value increased by 12% Year-on-Year from ₦92.5 billion to ₦ 103.5 billion as at the end of June 2024.
Other Key Highlights:
- During the half-year period ended 30 June 2024, the Fund continued its progress in building a more diversified portfolio of infrastructure loans, by financing commercially viable infrastructure projects on attractive terms. The infrastructure loan portfolio currently manages twenty-five infrastructure loans across 10 sub-sectors.
For further information, please contact:
Chinedu Ademiju: Chapel Hill Denham Nigeria Infrastructure Debt Fund
Tel: +234 802 242 7717
Email: cademiju@chapelhilldenham.com
Stella Uwaechue: Investor Relations Associate
Email: suwaechue@chapelhilldenham.com
or ir-nidf@chapelhilldenham.com
About NIDF
The Nigeria Infrastructure Debt Fund (NIDF) is Nigeria’s largest and Africa’s first-ever listed infrastructure investment trust, providing long-term, Naira-denominated financing for infrastructure projects in Nigeria. It is a closed-ended investment trust which operates in the form of a company, registered and regulated by the Nigerian Securities and Exchange Commission and listed on FMDQ and the Nigerian Exchange (NGX).
NIDF provides investors with regular, sustained, long-term distributions and preserves capital over the long-term by generating exposure to Naira-denominated infrastructure debt in Nigeria, which generates regular and predictable long-term cash flows. It offers the most attractive yield on the NGX and has continuously paid quarterly distributions.
With its current capital base of over N103.5 billion, NIDF has a diversified and growing portfolio of infrastructure loans in a broad range of sectors including power generation, energy infrastructure, transportation, telecom, and social infrastructure (education and healthcare). By mobilising domestic capital for financing Nigeria’s infrastructure, NIDF has established a template that can bridge the infrastructure deficit facing not just Nigeria but countries across Africa.
More information can be found at www.nidf.ng
Chapel Hill Denham, 10 Bankole Oki, Ikoyi, Lagos, Nigeria.
Tel: 0700 242 735 4455.
