Coronation Infrastructure Fund reported an operating profit of N791.50 million for the first half of 2026.

The performance was driven by total income of N889.78 million, largely supported by interest income from infrastructure loans and placements.

The Fund also proposed a semi-annual income distribution of N8.985 per unit for H1 2026, subject to appropriate withholding tax.

This is down 1.37% from the N9.11 per unit distribution for H2 2025. The qualification date is 22 July 2026, while payment is scheduled for 28 July 2026.

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Management commentary

Commenting on the Fund’s performance, Mayowa Ikotun, Head of Coronation Infrastructure Fund, said:

  • “The second quarter reaffirmed the Fund’s focus on disciplined capital allocation and deployment into opportunities capable of delivering resilient returns while addressing critical infrastructure gaps.”
  • “The Fund’s priorities entering the third quarter remained disciplined deployment, rigorous underwriting and prudent stewardship of investor capital.”

Driving the numbers

Interest income was the main earnings driver in H1 2026, reaching N881.77 million and accounting for about 99.1% of total income of N889.78 million.

  • Infrastructure loans generated N576.75 million, representing about 64.8% of total income, while placements contributed N305.02 million, equivalent to about 34.3%. Other income stood at N8.01 million.

Operating expenses came to N98.28 million, equivalent to about 11.0% of total income.

  • Management fees were the largest disclosed cost at N74.31 million, followed by administration and general expenses of N16.65 million.
  • Other costs included trustee fees of N2.67 million.
  • Custodian fees of N2.57 million and auditor remuneration of N0.93 million.

The cost structure left the Fund with an operating profit of N791.50 million, representing about 89.0% of total income.

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Balance sheet

On the balance sheet, total assets edged up to N9.88 billion from N9.80 billion.

  • This was driven by financial assets measured at amortised cost, which increased to N6.37 billion from N5.04 billion at December 2025.
  • However, cash and bank balances declined to N3.51 billion from N4.76 billion.
  • The Fund’s portfolio was allocated 70% to senior project finance loans and 30% to money market instruments.

Management described the money market allocation as a temporary liquidity position pending the satisfaction of conditions precedent and subsequent deployment into Project Abode and Project Titan.

The Fund reported a gross portfolio return of 20.69%, a weighted average yield of 19.18%, and a weighted average tenor of 2.17 years. Its net asset value stood at approximately ₦9.82 billion, with NAV per unit of N111.81 as of 30 June 2026.

Market reaction

Coronation Infrastructure Fund shares as of the close of trading on July 17, 2026, were priced at N116.00 per share on the NGX.

The Fund had recorded a 16.00% YTD return, while its MTD return was 0.00%.