NGX Group grows profit by 606% to N 1.22bn

NGX Group grows profit by 606% to N 1.22bn

The profit after tax of the Nigerian Exchange Group surged by 606.2 per cent to N1.22bn at the end of the third quarter compared to N172.7m in the same period of 2022.

In the unaudited results for nine months ended September 2023, the group which included Nigerian Exchange Limited, Nigerian Exchange Regulations and NGX Real Estate revealed that its revenue increased by 19.6 per cent to N5.95bn in the period under review from N4.97bn as of September 2022 driven by a decrease of 5.9 per cent in treasury investment income which constituted 24.2 per cent of the revenue, resulting in N1.42bn. This is down from N1.53bn during the same period in 2022. It was attributed to a reduction in our naira-denominated investment instruments.

Read:  Naira depreciation will worsen Nigeria’s food, energy crisis

During this period, the group saw a  33.2 per cent growth in transaction fees (60.8 per cent of the revenue) to N3,62bn, spurred by heightened trading activities on the Nigerian Exchange Limited and a 25.5 per cent boost in listing fees (11.9 per cent of revenue) to N705m. Rental income from NGX Real Estate’s office spaces rose by 37.4 per cent to N106.9m and other fees, however, saw a 9.8 per cent decrease, tallying up to N79m.

At the end of the third quarter, the NGX group reported triple-digit growth of 148.9 per cent as its operating profit stood at N435m from a loss of N890m in September 2022.

Read:  Ketron investment limited acquires Shoprite Nigeria

On its balance sheet, the group reported a 9.2 per cent increase in its cash and cash equivalent as it moved from N4.75bn to N5.19bn. Both its total assets and total liabilities decreased by 2.9 per cent and 11.4 per cent to N55.40bn and N17.96bn respectively.

Commenting on the results, the Managing Director/Chief Executive Officer, Oscar Onyema, said, “Amid the diverse economic challenges and opportunities that characterised the year, NGX Group has demonstrated remarkable resilience by achieving a seven-fold increase in profit after tax, reaching an impressive N1.2bn. This outstanding performance is a testament to our unwavering commitment to bolstering the growth and stability of the Nigerian capital market. It also reflects the positive sentiment prevailing within the ecosystem, in light of the pro-market stance of the new administration.

Read:  Titan Trust seeks mandatory takeover offer to Union Bank shareholders

“As we diligently monitor both global and domestic economic shifts, our adaptability equips us to effectively navigate the complex financial markets landscape. At NGX Group, we remain committed to driving growth, implementing cutting-edge technological solutions, and providing essential resources for successful cross-border engagements, not only within Africa but also on a global scale.”


Related posts

Banks risk losing time deposits over higher savings interest rates


Groups partner CBN to raise awareness on cyber fraud


Q3 2021: Fidelity Bank’s profit up 31.4% as deposits hit N1.973trn


Leadway Health pays over N800m bills for customers


Nigeria records $760m crypto trade in 2021 – Paxful


Lafarge Africa’s profit rises by 18%


Leave a Comment