Quarter 2 - financial statement for 2025

Description

30-Jun-25

Description

30-Jun-24

Units

Percentage

Issued Share Capital

8,266,698,940

100.00%

Issued Share Capital

8,266,698,940

100%

Details of Substantial Shareholdings (5% and above)

[Name(s) of Shareholders]

[Name(s) of Shareholders]

Spennymoor Limited

2,129,405,249 25.76%

Spennymoor Limited

2,129,405,249

25.76%

Nexamont Company Limited

1,577,399,535 19.08% Dantata Investment & Securities Co. Ltd

965,804,337

11.68%

Kacio Global Links Limited

1,597,496,268

19.32%

Kacio Global Links Limited

2,097,496,268

25.37%

Far East Finance & Investment Limited.-Trading

453,067,252

5.48%

Far East Finance & Investment Limited.-Trading

453,067,252

5.48%

Total Substantial Shareholdings

5,757,368,304

69.65%

Total Substantial Shareholdings

5,645,773,106

68.30%

Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests

[Name(s) of Directors]

-

0.00%

[Name(s) of Directors]

Mr. Kenny Ezenwani Odogwu (Indirect_Representin

Mr. Kenny Ezenwani Odogwu (Indirect_Representing Spennymoor Limited)

-

0.00%

Chief Anthony Ikemefuna Idigbe (SAN) (Indirect_Representing Punuka Investment Limited )

103,510,716

1.25%

Chief Anthony Ikemefuna Idigbe (SAN) (Indirect_Rep

103,510,716

1.25%

Alhaji Ahmed Rufa'i Mohammed (Direct)

-

0.00%

Alhaji Ahmed Rufa'i Mohammed (Direct)

-

0.00%

Mr. Adeyinka Ojora (Direct)

7,374,739

0.09%

Mr. Adeyinka Ojora (Direct)

7,374,739

0.09%

Mr. Adeyinka Ojora (Indirect_ Representing Phoenix Holdings Limited)

340,965,679

4.12%

Mr. Adeyinka Ojora (Indirect_ Representing Phoenix

340,965,679

4.12%

Mr. Hewett Benson (Direct)

-

0.00%

Mr. Hewett Benson (Direct)

-

0.00%

Total Directors' Shareholdings

451,851,134

5.47%

Total Directors' Shareholdings

451,851,134

5.47%

Details of Other Influential shareholdings, if any (E.g. Government, Promoters)

[Name(s) of Entities/ Government]

[Name(s) of Entities/ Government]

Gombe State Government

5,637,604

0.07%

Gombe State Government

5,637,604

0.07%

Total of Other Influential Shareholdings

5,637,604

0.07%

Total of Other Influential Shareholdings

5,637,604

0.07%

Free Float in Unit and Percentage

2,051,841,898

24.82%

Free Float in Unit and Percentage

2,163,437,096

26.17%

Free Float in Value

₦ 2,257,026,088

Free Float in Value

₦1,384,599,741.44

30-Jun-25

30-Jun-24

%

EARNED INCOME

1,713,671

996,870

72

(PROFIT)/LOSS BEFORE TAX

1,514,789

781,161

(94)

TAX FOR THE YEAR

-

-

(PROFIT)/LOSS AFTER TAX

1,514,789

781,161

(94)

SHARE CAPITAL

4,133,349

4,133,349

0

SHAREHOLDERS' FUND

8,241,439

6,220,248

32

PROFIT/(LOSS) PER SHARE (NAIRA) - BASIC

0.37

1

45

STOCK EXCHANGE QUOTATION (NAIRA)

1.10

0.64

72

Unaudited

Group

Audited

Unaduited

Company

Audited

June

June

June

June

In thousands of Naira

Note

2025

2024

2025

2024

ASSETS

Cash and cash equivalents

5

1,050,435

470,711

397,787

904,366

Loans and advances to customers

6

1,304,368

1,051,873

-

-

Advances under finance lease

7

43,443

51,510

-

-

Investment securities:

Measured at Fair Value Through Pro

9(a)

196,291

49,985

26,000

8,385

Amortized Cost

9(c)

0

-

-

-

Investment in subsidiaries

10

-

-

551,048

509,389

Other receivables and prepayments

11

102,762

196,039

57,453

154,416

Investment in associates

10b

8,169,986

5,728,913

8,169,986

6,702,083

Property and equipment

13

26,102

14,531

9,867

1,993

Trustee Assets

8

203,828

485,695

203,828

485,695

Deposit for shares

12(c )

39,000

39,000

39,000

39,000

Total assets

11,136,215

8,088,257

9,454,969

8,805,326

LIABILITIES

Borrowings

18

1,302,385

1,817,226

-

634,420

Other liabilities

15

1,031,773

1,728,144

886,738

1,230,553

Finance Lease Obligation

20(b)

15,728

168

-

16,059

Trustee Liabilities

16

541,966

506,783

541,966

506,783

Current income tax liabilities

19(b)

2,924

237,847

2,924

235,558

Employees benefit liability

14(a)

-

4,515

-

975

Deposit for Shares

-

1,985

- -

Total liabilities

2,894,776

4,296,668

1,431,629

2,624,348

EQUITY

Share capital

21

4,133,349

2,572,685

4,133,349

4,133,349

Share premium

22

2,690,936

2,690,936

2,690,936

2,690,936

Regulatory risk reserves

23

416,481

599,536

-

-

Retained earnings

24

1,046,196

(2,026,044)

1,244,578

(597,787)

Other component of equity

25

(45,524)

(45,524)

(45,524)

(45,524)

Other reserve

-

-

Capital and reserves attributable to owners

8,241,439

3,791,589

8,023,340

6,180,974

Non-controlling interests

35( d )

-

-

Total Equity

8,241,439

3,791,589

8,023,340

6,180,974

Total equity & liabilities

11,136,215

8,088,257

9,454,969

8,805,326

Kenny Odogwu

Korede Akinola

Idu Okeahialam

Chairman

Chief Financial Officer

Managing Director

(FRC/2013/NBA/00000004195)

(FRC/2025/PRO/ICAN/001/233256

FRC/2021/003/00000022487

Group

Company

Unaudited

Audited

Unaudited

Audited

Note

30-Jun-25

30-Jun-24

30-Jun-25

30-Jun-24

₦ '000

₦ '000

₦ '000

₦ '000

Interest Income

26

220,225

168,683

53,302

32,254

Fee and Commission

26

37,191

-

-

-

Interest Expense

26

(96,794)

(86,395)

-

(6,295)

Net Interest Income

160,622

82,288

53,303

25,959

Investment and other income

27

-

-

-

-

Share of profit/loss on investment in associate

12

1,553,048

913,170

1,553,048

913,170

Net fair value gain or loss on financial assets

28

-

(7,905)

-

(5,052)

(Charge)/write-back of impairment allowance

29

-

-

-

-

Other operating income

30

-

9,317

1,027

Net Income

1,713,671

996,870

1,606,351

935,104

Administartive Expenses

32

(198,881)

(215,709)

(88,594)

(135,711)

Total expenses

(198,881)

(215,709)

(88,594)

(135,711)

Profit/(loss) before tax

1,514,789

781,161

1,517,757

799,393

Minimum tax

19(a)

-

-

-

Income taxes

19(a)

-

-

-

-

Profit/(loss) after taxation from continuing operations

1,514,789

781,161

1,517,757

799,393

Discontinued operations:

Profit/(loss) after taxation from discontinued operations

-

-

-

-

Profit/(loss) after taxation for the year

1,514,789

781,161

1,517,757

799,393

Profit/(Loss) is attributable to:

Owners of Royal Exchange Plc

1,514,789

781,161

1,517,757

799,393

Non-controlling interest

-

-

-

-

1,514,789

781,161

1,517,757

799,393

Other comprehensive income, net of tax

Total other comprehensive income, net of tax

-

-

-

-

Total comprehensive income for the period

1,514,789

781,161

1,517,757

799,393

Total comprehensive income attributable to:

Owners of Royal Exchange Plc

1,514,789

781,161

1,517,757

799,393

Non-controlling interest

-

-

-

-

1,514,789

781,161

1,517,757

799,393

Total comprehensive income for the period attributable to owners of Royal Exchange Plc arising from:

Continued operations

1,514,789

781,161

1,517,757

799,393

Loss for the year from Discontinued operations

-

-

-

-

Gains/(Loss) on disposal of Subsidiary

1,514,789

781,161

1,517,757

799,393

Profit/(Loss) per share - Basic and diluted (kobo)

0.37

0.30

0.37

0.25

At 1 January 2025

4,133,349

2,690,936

(939,296)

416,481

(45,524)

6,255,946

6,255,946

-

Prior year adjustment

Additions during the year

-

470,703

-

470,703

-

470,703

-

Other comprehensive income in the year

-

-

-

-

-

-

-

-

Transfers within equity

-

-

-

-

-

-

-

Profit/(Loss) for the year

-

-

1,514,789

-

-

1,514,789

1,514,789

-

-

-

Total Shareholder's Funds

4,133,349

2,690,936

1,046,196

416,481

(45,524)

8,241,438

8,241,438

-

Retained earnings

-

-

-

-

-

-

-

Balance as at June 2025

4,133,349

2,690,936

1,046,196

416,481

(45,524)

8,241,438

8,241,439

-

Statement of Changes in Equity

At 31st June 2024

Group

In thousands of Naira

Other component of equity

At 1 January 2024

2,572,685

2,690,936

(3,612,013)

599,536

(45,524)

554,012

2,205,620

-

-

Profit/(Loss) for the year

-

-

1,585,969

-

-

1,585,969

-

-

Total comprehensive income

2,572,685

2,690,936

(2,026,044)

599,536

(45,524)

554,012

3,791,589

-

Balance as at June 2024

2,572,685

2,690,936

(2,026,044)

599,535

554,013

3,791,589

-

Other Component of Equity

Share Capital Share Premium Retained

Earnings

In thousands of Naira

Actuarial Gain/Loss Reserve

Other Component of Equity (Total)

Equity attributable to Non-controlling Parent's Shareholders Interests

Additions during the year

Prior year adjustment Profit for the period

-

-

-

-

-

93,969

1,517,757

-

-

-

-

-93,969

1,517,757

-

-

Total comprehensive income

4,133,349

2,690,936

1,244,580

(45,524)

(45,524)

8,023,341

-

Transactions within equity:

Balance as at June 2025

4,133,349

2,690,936

1,244,580

(45,524)

(45,524)

8,023,340

-

Other Component of Equity

Share Capital Share Premium Retained

Earnings

In thousands of Naira

Actuarial Gain/Loss Reserve

Other Component of Equity (Total)

Equity attributable to Non-controlling Parent's Shareholders Interests

Transfer from right issue

Profit for the period

1,560,664

-

-

-

11,792

799,393

-

-

-

-

-

1,560,664

11,792

799,393

-

-

Total comprehensive income

4,133,349

2,690,936

(597,787)

(45,524)

(45,524)

6,180,974

-

Transactions within equity:

Dividend paid

-

-

-

-

-

-

-

Balance as at June 2024

4,133,349

2,690,936

(597,783)

(45,524)

(45,524)

6,180,974

-

Consolidated and Separate Statements of Cash Flows

Unaudited

Audited

Unaduited

Notes

Group

C

Jun-25

Jun-24

Jun-25

₦ '000

₦ '000

₦ '000

Profit/(loss) for the year

1,514,789

(206,218)

1,517,757

Add: Minimum tax

-

2,963

-

Add: Income tax

28(a)

-

1,267

-

Profit before taxes

1,514,789

(201,988)

1,517,757

Adjustments for:

Charge/(write-back) of impairment allowance

-

17,108

-

Depreciation on property and equipment

(3,281)

6,466

399

Depreciation on Right of Use Asset

-

(942)

-

Amortization of intangible assets

-

-

Profit/(Loss) on disposal of property and equipment

-

-

-

Fair value gain/(loss) on FVTPL Investment securities

-

-

-

Share of loss/(profit) of associate

(1,553,048)

(591,546)

(1,553,048)

Non-cash movement in current tax liabilities

-

-

Adjustment to contingency reserve

Adjustment to retained earnings

-470,703

-

-93,969

429,163

(770,901)

59,078

Changes in working capital:

Loans and advances to customers

5(ix)

252,495

(355,927)

-

Advance under finance lease

6(ix)

8,067

16,921

-

Trade receivables

-

-

Other assets

-

44,526

Changes in Trustee Assets

8a

-

-

-

Deferred acquisition cost

-

Other receivables and prepayment

93,277

16,931

96,962

Other liabilities

15

(696,371)

(66,916)

(343,814)

Tax Expense

-

(438)

-

Changes in unearned premium

-

-

-

Changes in provision for outstanding claims

Changes in employee retirement benefits

-

-

(41,181)

-

86,631

(1,156,987)

(187,774)

Income tax paid

19(b)

(9,359)

-

(9,359)

Employee benefits paid

Interest expense paid

-

-

-

-

-

Net cash used by operating activities

77,272

(1,156,987)

(197,133)

Cash flows from investing activities:

Jun-25

Jun-24

Jun-25

₦ '000

₦ '000

₦ '000

Purchases of property and equipment

13

(9,037)

(3,134)

(9,322)

Investment in Associate

-

9,088

-

Additional investment in associates

12a

-

-

-

Additional investment in subsidiary

-

56,815

Dividend received

-

(113,987)

-

Trustee Assets

15

(281,867)

(281,867)

Rent received

-

-

Net interest received

26

22,089

-

Share of loss/(profit) of associate

Fair value gain/(loss) on FVTPL investment securities

-

-

-12,583

-

Net cash generated by/(used by) investing activities

(290,904)

(16,546)

(291,189)

Cash flows from financing activities:

Repayment of borrowings

(738,391)

1,975,588

(645,069)

Proceeds from new borrowings

-

63,839

-

Repayment of finace lease

15,560

1,530

-

interest paid on borrowings

-

(922,431)

Right issues

1,560,664

1,560,664

Trustee liabilities

35,183

35,183

Unclaimed dividend paid

(79,662)

(82,854)

(79,662)

Net generated from financing activities

793,355

1,035,671

871,116

Cash and cash equivalent at beginning of year

470,711

608,573

904,366

Adjustment on disposal of subsidiaries

Effect of exchange rate flunctuations on cash and cash equivalents

-

-

-

Net increase in cash and cash equivalent

579,724

(137,862)

382,794

Cash and cash equivalent at end of the year

5

1,050,435

470,711

1,287,159

5 Cash and cash equivalents

In thousands of Naira

Group

Comp

June

June

June

2025

2024

2025

Cash

1,790

-

Bank balances

49,277

740,820

10,034

Short-term deposits (including demand and time deposits)

579,108

759,954

296,000

Commercial Papers

422,049

295,581

Write back/(charge) of impairment allowance on Short term deposits

-

-

At 30th June 2025

1,050,435

1,502,564

601,615

In thousands of Naira

Group

Comp

June

June

June

2025

2024

2025

At 1 January

Additions

541,966

-

485,695

-

541,966

-

Impairment allowance provision

(338,138)

-

(338,138)

At 30th June 2025

203,828

485,695

203,828

Within one year

-

-

-

More than one year

203,828

485,695

203,828

203,828

485,695

203,828