NGX Group Plc has released its full-year 2023 financial results, revealing a profit after tax of N5.250 billion despite economic challenges.
The profit after tax witnessed a significant surge, marking an impressive 788% increase from N591.509 million recorded in the previous year of 2022. Additionally, NGX reported a pre-tax profit of N5.271 billion, indicating a remarkable 636% rise compared to the N1716.116 million reported in the fiscal year 2022.
These positive financial outcomes come against the backdrop of persistent economic challenges, notably characterized by escalating inflationary pressures that continue to impact the overall economic landscape.
In January 2024, Nigeria’s inflation rate surged to 29.90%, a significant increase from the 28.92% recorded in the preceding month, highlighting the inflationary pressures within the nation’s economy.
The group’s total income rose to N11.803 billion, representing a 57.39% increase from the N7.499 billion posted in FY 2022. Transaction fees were a key driver of revenue in the 2023 financial year, accounting for N4.818 billion, a growth of 52.6% compared to the previous year.
Treasury investment income, including income from Bonds, Treasury bills, and fixed deposits, contributed N2.141 billion, representing a 5.47% increase from the previous year.
Key Financial Highlights:
– Revenue: N8.299 billion (N6.170 billion, +34.5%)
– Total Income: N11.803 billion (N7.499 billion, +57.39%)
– Total Expenses: N11.370 billion (N8.934 billion, +27.27%)
– Profit Before Tax: N5.271 billion (N716.116 million, +636%)
– Profit for the Period: N5.250 billion (N591.509 million, +788%)
– Earnings per Share: N2.43 (N0.35, +594.28%)
The group remains resilient amid economic challenges, showcasing substantial growth in key financial metrics and maintaining a positive trajectory in the face of inflationary pressures.
