FirstHoldCo has secured overwhelming shareholder approval for the distribution of a final dividend of 60 kobo per ordinary share, following a vote held during its 13th Annual General Meeting (AGM) on May 22, 2025. A total of 306 shareholders participated in the vote, with 99.37% in favour, and only two shareholders dissenting.
The approved payout, amounting to ₦25.12 billion, marks a significant rise from the ₦14.36 billion declared in the previous financial year, reflecting the firm’s improved financial performance and strong shareholder confidence.
Dividend Details and Market Position
Eligible shareholders will receive the dividend—subject to withholding tax—by close of business on May 23, 2025. At a share price of ₦24.75, the dividend offers a yield of 2.42%, while the company’s payout ratio stands at 3.79%.
With a price-to-earnings ratio of 1.49x, well below the industry average of 2.29x, FirstHoldCo’s stock may currently be undervalued, presenting potential opportunities for investors seeking value plays.
Financial Highlights
During the AGM, shareholders also adopted the audited financial statements for the year ending December 31, 2024, and approved the remuneration for KPMG, the company’s external auditor.
The Group’s first-quarter 2025 earnings revealed strong momentum:
- Interest income surged by 40.15% to ₦625.2 billion, compared to ₦446.1 billion in Q1 2024.
- Loans and advances to customers accounted for the bulk of this, contributing ₦364.1 billion.
- Retained earnings increased to ₦1.2 trillion, up 14.81% year-on-year.
- Fee and commission income reached ₦64.1 billion, while the Group also recorded a foreign exchange gain of ₦80.4 billion, recovering from a loss of ₦98.5 billion in the previous year.
- Operating profit stood at a robust ₦186.6 billion, despite rising expenses.
Outlook
Chairman Olufemi Otedola hinted at even greater returns in the near future. Addressing shareholders at the meeting, he said:
“Considering how much I have invested in this institution, I want you to be patient. A better final dividend—above 60 kobo—is coming.”
As FirstHoldCo approaches its ₦500 billion market capitalization goal, continued earnings growth and shareholder rewards appear to be at the heart of its strategy.
