AFC records $209.7m profit

Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider has recorded significant growth in its full year earnings, growing profit by 26.6 per cent at the end of 2021 financial year.

The Corporation said that the performance was driven by high impact investments and it’s strong credit profile.

The AFC said that despite the pandemic and commodity-driven headwinds impacting AFC’s operating environment, the Corporation saw its annual profits increase by 26.6 per cent to $209.7 million in 2021, passing the $200 million mark for the first time in its 15-year history, from $165.5 million in 2020 while the total assets grow 16 per cent to $8.56 billion. It stated the dramatic increase can partly be attributed to investments in high impact assets in targeted sectors across Africa.

The Corporation said it leveraged on its investment-grade credit rating and reputation to mobilise finance from international markets to help reduce Africa’s infrastructure deficit.

Addressing Financial Journalists on its performance, the President/ Chief Executive Officer, AFC, Mr Samaila Zubairu, said this has been a year of solid progress in our core objectives of building value to Africa’s economies through instrumental infrastructure driving growth and job creation.