NGX made N1.22bn Profit showing 606%  Growth

NIGERIA, Nov. 1 – The Nigerian Exchange Group made excessive profit after tax worth N1.22bn representing 606.2%  at the end of the third quarter relative to N172.7m in the same period the previous year.

In the group unaudited results for 9 months ended September 2023, which included Nigerian Exchange Limited, Nigerian Exchange Regulations and NGX Real Estate showed increased in revenue by 19.6 % to N5.95bn in the period under review from N4.97bn as of September 2022 driven by a drop of 5.9% in treasury investment income which constituted 24.2 % of the revenue, resulting in N1.42bn. This is down from N1.53bn during the same period in 2022. This according to the report was as a result of reduction in our naira-denominated investment instruments.

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

According to The PUNCH, “At the end of the third quarter, the NGX group reported triple-digit growth of 148.9 % as its operating profit stood at N435m from a loss of N890m in September 2022.

“On its balance sheet, the group reported a 9.2 % 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 % and 11.4 % 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.

“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.”