Consolidated Hallmark reports 404% profit growth

Consolidated Hallmark Holdings Plc (CHH) has posted a remarkable 404% leap in Profit Before Tax (PBT), rising from ₦4.7bn in 2023 to ₦23.2bn in 2024. Profit attributable to stakeholders also soared to ₦22.58bn, up from ₦3.8bn in the previous year.

The company disclosed the results during its second Annual General Meeting (AGM), highlighting a strong performance despite navigating Nigeria’s challenging economic environment.

In 2024, CHH achieved a 117% growth in total assets, increasing from ₦26.2bn in 2023 to ₦56.9bn. Insurance revenue nearly doubled, climbing from ₦15.7bn in 2023 to ₦29.42bn in 2024.

Chairman’s Remarks

Addressing shareholders, Group Chairman, Shuaibu Idris, acknowledged the tough macroeconomic backdrop, describing the year as one “mixed with both aspirations and apprehension” due to government reforms, oil and gas sector volatility, and foreign exchange liberalisation policies.

Despite these challenges, Idris said the group’s forward-looking investments paid off:

“Our good fortune in the year arose from previous strategic investments made in the oil and gas sector, which became a game changer after many years of waiting and nurturing. This lends a fillip to our belief in long-term positioning and resilience.”

Looking ahead, Idris highlighted opportunities for expansion in Nigeria’s financial services industry:

• The group has secured a life insurance licence, opening up access to long-term investment funds to be deployed into critical sectors of the economy.

• The HoldCo restructuring and business diversification are already yielding results.

• With relative stability in exchange rates and slowing inflation, the company anticipates stronger consumer spending across insurance and financial services sub-sectors in 2025.

CEO’s Perspective

Group Chief Executive Officer, Eddie Efekoha, described 2024 as a year of “significant strides and progress on multiple fronts,” modestly summing up the company’s first year of operations under the HoldCo structure as “very good.”

Efekoha noted that the company has already begun executing its three-year strategic plan, designed in partnership with PwC, aimed at:

• Accelerating innovation and deepening market penetration

• Maximising portfolio value and pursuing diversification

• Strengthening investor relations and driving efficient strategy execution

• Embedding technology to future-proof competitiveness

He added:

“We have also accelerated our digital transformation journey in recognition of the industry’s technology-driven future. From core system upgrades to customer-facing innovations, we have continued to embed technology at the heart of our operations, improving agility, expanding digital access, and strengthening the group’s competitive edge.”