Leading pan-African multilateral development finance institution and project developer, Africa Finance Corporation (AFC) has reported robust growth in all key measurement parameters including a 64% rise in total comprehensive income and 51% net profit growth in its 2016 fiscal year.
Commenting on the result, Andrew Alli, President and Chief Executive, described 2016 as “a successful year for AFC, reflected by our income and profit growth and our balance sheet strength.
“Operationally, we’ve had a great year too, with investments including Gabon’s Special Economic Zone, paving the way for greater economic diversification in the country. We’ve also strengthened our relationships with development finance institutions and the private sector – for example by launching a Joint Venture with Harith – merging power assets to create a pioneering African Power Platform Vehicle.
“AFC aims to be a US$5bn corporation by 2019 and despite a challenging economic environment, we are confident that we have built the firm foundations necessary to continue delivering positive socio-economic change across Africa. Ahead of our 10 year anniversary in May, we look forward to the next chapter in AFC’s growth story,” he added.
Other highlights of the year, according to the statement showed total assets rose 13% year-on-year to US$3.4bn, just as total equity rose 6% year-on-year to US1.4bn; and interest income climbed 21% to US$192.8m; just as fees, commissions and other income stood at US$21.9m, a 121% increase.
Operational performance, he said, remained strong noting key milestones such as US$688m of new investments; growth in balance sheet to US$3.4bn;
