Chapel Hill Denham managed Nigeria Infrastructure Debt Fund saw its Profit after tax surge by 97.99 per cent to N20.380bn at the end of 2023 from N10.293bn in 2022.
This information was disclosed in the Quarterly Investor Report for the quarter ended December 31, 2023, filed with the Nigerian Exchange Limited on Tuesday.
NIDF became the inaugural infrastructure debt fund in Nigeria registered with and regulated by the Securities and Exchange Commission, Nigeria. It was listed on the NGX and the FMDQ Exchange, Lagos in early October.
The fund’s unaudited results for FY2023 showcased N12.689bn from interest income on infrastructure loans, up from N9.328bn, which bolstered its total income to N22.099bn from N11.784bn at the end of the same period in 2022.
The fund’s assets also saw an increase to N108.211bn from N94.608bn at the end of 2022, while liabilities rose to N103,852bn from N91.732bn.
During the fourth quarter of 2023, the Investment Committee of the Fund approved a new infrastructure loan of N3.69bn. The loan has been disbursed subsequent to the execution of definitive documentation and compliance with disbursement conditions by the borrower.
The Fund announced a quarterly distribution of N3.95 per unit on Monday with a qualification date of January 22, 2024. This distribution will be paid to eligible unitholders on 26 January 2024 and is fully funded from the cash inflows generated by the Fund during the quarter.
In December 2023, the Fund announced a special distribution of N6.55 per unit. NIDF stated its intent to continue paying quarterly distributions to unitholders, in line with the actual performance of the Fund and the provisions of the Constitutional Documents.
As of the period ending December 2023, NIDF held a diversified portfolio of 26 Investments.
Telecom towers accounted for the largest share of its investment portfolio at 21 per cent, followed by pipeline networks at 19 per cent, Marine infrastructure at 14 per cent, gas processing plants at 13 per cent, and off-grid solar at 11 per cent across 458 sites.
NIDF has 960,649,354 units in issue.