NGX Group Plc has disclosed its financial results for the entire year 2023, indicating a N5.250 billion profit after taxes despite economic challenges.
The information was disclosed in the group’s financial report to the investing public as well as formally released to the Nigerian Exchange Limited.
The profit after tax for the group saw a significant uptick, amounting to an astounding 788% rise over the N591.509 million reported in the preceding year of 2022.
A pre-tax profit of N5.271 billion was also announced by NGX, a notable increase of 636% over the N1716.116 million reported in the fiscal year 2022.
These financial results are set against a backdrop of ongoing economic challenges, particularly those that are marked by rising inflationary pressures that continue to challenge the overall economic landscape.
Nigeria’s inflation rate for January 2024 increased to 29.90% in the most recent inflation data published by the National Bureau of Statistics. This is a notable increase from the 28.92% reported in the previous month.
Comparing January 2024’s headline inflation rate to December 2023’s statistics, the data shows a significant increase of 0.98% points.
When comparing January 2023 to January 2024, the inflation rate was 21.82% in the former year. This is a significant increase of 8.08% points from January 2023 to January 2024, indicating a higher headline inflation rate than the same time in the previous year.
Furthermore, a more in-depth analysis conducted month over month reveals that in January 2024, the headline inflation rate increased to 2.64%, surpassing the 2.29% recorded in December 2023 by 0.35% points.
This increase indicates that the average price level increased more in January 2024 than it did in December 2023, indicating rising inflationary pressures on the country’s economy.
From N7.499 billion reported in FY 2022 to N11.803 billion, the group’s total income increased by 57.39%.
Transaction fees, which accounted for N4.818 billion in revenue in the 2023 fiscal year compared to N3.157 billion in 2022—a increase of 52.6%—were the main source of income for the firm. 58% of the N8.299 billion in total income came from this category.
Additionally, revenue from Treasury bills, bonds, and fixed deposits is included in the N2.141 billion in treasury investment income, which is a 5.47% increase over the N2.030 billion earned the year before, 2022. The income from the investment also contributed 25.79% of the total revenue achieved by the group.
Bonds, fixed deposits with commercial banks, and Treasury bills are the sources of interest revenue for the Group and Company.
