NGX Group grows profits by 606% to N1.22bn

Bisola David
Bisola David
Investors interest in Penny stock leads to N27bn gain

The Nigerian Exchange Group’s earnings after tax increased by 606.2% to N1.22 billion at the end of the third quarter, compared to N172.7 million at the same time in 2022.

The Punch reported that the group, which included Nigerian Exchange Limited, Nigerian Exchange Regulations, and NGX Real Estate, disclosed its unaudited results for the nine months ended September 2023.

The group’s revenue increased by 19.6% to N5.95 billion in the period under review from N4.97 billion as of September 2022. This increase was driven by a decrease of 5.9% in treasury investment income, which accounted for 24.2% of the revenue and resulted in N1.42 billion.

This is less than the N1.53 billion spent in the same time frame in 2022. It was ascribed to a decline in our investment instruments denominated in naira.

Due to increased trading activity on the Nigerian Exchange Limited, the group witnessed a 33.2 percent increase in transaction fees (60.8 percent of revenue) to N3,62 billion during this time, and a 25.5 percent increase in listing fees (11.9 percent of revenue) to N705 million.

NGX Real Estate’s office space rentals increased by 37.4% to N106.9 million, while other fees decreased by 9.8% to N79 million.

The NGX group recorded triple-digit growth of 1489.9% at the end of the third quarter. Its operational profit was N435 million, up from a loss of N890 million in September 2022.

The group recorded a 9.2% growth in cash and cash equivalents on its financial sheet, going from N4.75 billion to N5.19 billion. Its overall liabilities and assets fell to N17.96 billion and N55.40 billion, respectively, by 2.9% and 11.4%, respectively.

The Chief Executive Officer and Managing Director, Oscar Onyema, commented on the results, saying, “NGX Group has demonstrated remarkable resilience by achieving a seven-fold increase in profit after tax, reaching an impressive N1.2bn, despite the diverse economic challenges and opportunities that characterized the year.”

This exceptional performance demonstrates our steadfast dedication to supporting the expansion and stability of the Nigerian capital market. It also represents the ecosystem’s general favourable feeling in light of the new administration’s pro-market policies.

“We keep a close eye on changes in the global and domestic economy, and our flexibility helps us to make sense of the intricate world of financial markets. At NGX Group, we are still dedicated to fostering growth, putting cutting-edge technology into practice, and offering crucial resources for cross-border collaborations that are successful both within and outside of Africa.”

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *