NIDF declares N4.40 per-unit distribution as H1 2026 profit drops 9.81%
By Aboki Forex —
Chapel Hill Denham Nigeria Infrastructure Debt Fund has reported a pre-tax profit of N10.63 billion for the first half of 2026, down 9.81% year-on-year from N11.79 billion in H1 2025. Despite the decline, the Fund announced a quarterly distribution of N4.40 per unit for the second quarter ended 30 June 2026, payable on 27 July 2026.
Distribution and key income figures
The distribution was declared on 6 July 2026 with a qualification date of 17 July 2026. It will be paid to eligible unitholders on 27 July 2026 and is fully funded from cash inflows generated by the Fund during the quarter. Total income for H1 2026 stood at N11.80 billion, down 8.08% from N12.84 billion in H1 2025. Interest income on infrastructure loans, the Fund's largest income line contributing 71.27% of total income, fell 23.16% to N8.41 billion from N10.94 billion. Interest income on bank deposits rose sharply by 154.47% to N3.28 billion from N1.29 billion, contributing 27.76% of total income.
Profit drivers and cost pressures
The Fund's earnings were weighed down by weaker income from infrastructure loans and a negative fair value movement. Net fair value on infrastructure loans shifted to a loss of N66.10 million in H1 2026, compared with a profit of N379.72 million in H1 2025. Operating expenses increased 11.40% to N1.17 billion from N1.05 billion. Consequently, pre-tax profit and profit after tax both fell 9.81% year-on-year to N10.63 billion. Distribution paid and payable declined 4.58% to N10.69 billion from N11.20 billion.
Balance sheet and portfolio update
Total assets slipped slightly to N137.32 billion from N137.67 billion as of FY 2025. Cash and cash equivalents rose 13.89% to N45.77 billion from N40.19 billion. Net assets attributable to unitholders stood at N130.56 billion, up 0.01%, while NAV per unit edged down 0.04% to N109.08. The Fund disclosed outstanding commitments of N6.2 billion and an additional investment of N25.7 billion in the conditions precedent fulfilment phase, with disbursements expected to start in July 2026. As of H1 2026, NIDF held a diversified portfolio of 15 investments. The infrastructure loan portfolio had a weighted average annualised yield of 18.23%, a weighted average tenor at disbursement of 10.33 years, and a weighted average remaining life of 7.74 years.
Market performance
Nigeria Infrastructure Debt Fund last traded at N135.00 per unit on the NGX. The Fund began the year at N115.00 per unit and has gained 17.4% year-to-date, while its month-to-date return was flat at 0%.
For Nigerian investors, the lower distribution and profit decline reflect rising costs and weaker loan income, though the Fund's cash position and diversified portfolio offer some stability. The N4.40 per-unit payout still provides a steady income stream in a challenging interest rate environment.