Nigerian Exchange Group’s Q2 2023 results for the period ending June 2023, pre-tax earnings decreased by 63% YoY to N319 million in Q2.
Additionally, during the same time period, the company’s earnings after taxes fell significantly by 66% YoY to N225 million.
Key highlights:
Total income down 11.14% YoY to N2.125 billion
Transaction Fee: 53.83% of total Income
Listing Fee: 9.83% of total income
Total Operating expenses went up 3.81% YoY to N1.5 billion.
Operating profit at N625 million; down by 33.98% YoY
Finance cost down 1.8% YoY to N642 million
Loss before investee income –N16.86 million; -105.5% YoY
Share of profit-equity accounted investees down 41.56% YoY to N336 million
Investment in Associates; N27.832; -6.33%
Investment in securities; N16.503 billion; +1.06%
Total Assets down 3.72%% to N54.94 billion
The loss in NGX’s core activities and the gains from its investees both had an impact on the company’s financial performance during the second quarter of 2023.
When looking at the “loss before investee income” number, NGX experienced a loss in the second quarter of 2023.
The company’s operations produced a negative net income of N16.86 million before taking into account any revenue from its investees, or “loss before investee income” of -N16.86 million. Its portion of the profit from its subsidiaries offset the loss.
