Royal Exchange Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Total Interest & Dividend Income	565.93	444.04	365.93	329.19	285.6
Gain (Loss) on Sale of Investments	28.64	7.53	39.88	-	38.3
Other Revenue	1,046	840.26	592.58	240.52	54.66
Total Revenue	1,640	1,292	998.38	569.71	378.56
Revenue Growth (YoY)	26.97%	29.39%	75.24%	50.49%	-96.30%
Amortization of Goodwill & Intangibles	-	-	-	1.62	4.81
Depreciation & Amortization	-	-	0.94	6.5	6.67
Selling, General & Administrative	386.63	405.19	836.01	291.11	121.95
Provision for Bad Debts	-	-	-	-	4.12
Other Operating Expenses	-249.37	-489.05	-40.59	-	-141.34
Total Operating Expenses	519.6	62.04	933.1	397.64	115.32
Operating Income	1,121	1,230	65.28	172.07	263.25
Interest Expense	-259.79	-206.25	-258.75	-229.22	-230.25
Other Non Operating Income (Expenses)	6.67	5.51	-17.05	-91.18	-18.76
EBT Excluding Unusual Items	867.46	1,029	-210.51	-148.33	14.24
Gain (Loss) on Sale of Assets	-	-	-	-	0.59
Asset Writedown	-0	-0	8.53	-	-
Pretax Income	867.45	1,029	-201.99	-148.33	14.83
Income Tax Expense	16.03	23.14	4.23	2.14	3.09
Earnings From Continuing Ops.	851.43	1,006	-206.22	-150.47	11.74
Earnings From Discontinued Ops.	-	-	-	-138	-1,681
Net Income to Company	851.43	1,006	-206.22	-288.47	-1,669
Minority Interest in Earnings	-	-	-	-0.73	-27.94
Net Income	851.43	1,006	-206.22	-289.21	-1,697
Net Income to Common	851.43	1,006	-206.22	-289.21	-1,697
Net Income Growth	-15.36%	-	-	-	-
Shares Outstanding (Basic)	8,267	7,738	5,145	5,145	5,145
Shares Outstanding (Diluted)	8,267	7,738	5,145	5,145	5,145
Shares Change (YoY)	6.84%	50.38%	-	-	-
EPS (Basic)	0.10	0.13	-0.04	-0.06	-0.33
EPS (Diluted)	0.10	0.13	-0.04	-0.06	-0.33
EPS Growth	-20.77%	-	-	-	-
Free Cash Flow	-841.83	-387	-1,160	1,145	-7,689
Free Cash Flow Per Share	-0.10	-0.05	-0.23	0.22	-1.49
Operating Margin	68.32%	95.20%	6.54%	30.20%	69.54%
Profit Margin	51.91%	77.87%	-20.66%	-50.76%	-448.24%
Free Cash Flow Margin	-51.32%	-29.96%	-116.20%	200.96%	-2031.04%
EBITDA	1,135	1,236	71.75	178.61	266.16
EBITDA Margin	69.20%	95.68%	7.19%	31.35%	70.31%
D&A For EBITDA	14.42	6.29	6.47	6.54	2.91
EBIT	1,121	1,230	65.28	172.07	263.25
EBIT Margin	68.32%	95.20%	6.54%	30.20%	69.54%
Effective Tax Rate	1.85%	2.25%	-	-	20.81%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.