- Declares N3.82bn Surplus Before Tax.
The Nigerian Stocks Exchange (NSE) group recorded a total income of N8.30 billion and N3.82 billion surplus before tax for the year ended 31 December 2017.
This was revealed Thursday via the twitter handle of the exchange, which also announced its 57th Annual General Meeting (AGM) scheduled for June 7, 2018.
The NSE’s 2017 full year financial results were announced at the annual general meeting, the NSE Event Centre in Lagos.
The results show a total income of N8.30 billion for the group and N3.82 billion surplus before tax for the year ended 31 December 2017, representing an 86 percent increase in gross earnings when compared to the N4.46 billion achieved in 2016. Surplus before tax grew by 5,629 percent in the same period.
The Exchange Group comprises four (4) subsidiary companies namely; Naira Properties Limited, Coral Properties Plc., NSE Consult Limited and NSE Nominees Limited. The Exchange also has interests in NG Clearing Limited and Central Securities Clearing System (CSCS) Plc as joint venture and associate company respectively.
Oscar Onyema, the Chief Executive Officer of the Exchange while commenting on the results, said; “this positive performance, after the significant headwinds witnessed over the past two years, affirms the resilience of our market and its potential as a catalyst of economic growth in Nigeria and the hub for Africa. Focus on executing our robust strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance”.
According to Abimbola Ogunbanjo, President, National Council of NSE, “We have deployed a new four-year corporate strategy that will reposition us as a more investor-friendly and customer-centric exchange hub in Africa. With this new strategy, we are poised to deliver superior performance for our multi-faceted stakeholders especially issuers and investors who continue to access our market to raise and save capital respectively”.
The Exchange’s achievement for the year 2017, according to a statement on its website, include but are not limited to:
- Market capitalization at N22,917,906,741,966.20 grew by 41.59% when compared to N16,185,729,639,209.90 in FY 2016
- All Share Index appreciated by 42.30% from 26,874.62 to 38,243.19
- Achieved new listings across diversified product classes – 41 Bonds, 19 equities, 5 ETFs and 15 Memorandum Listings
- Rated 3rd best performing stock exchange in 2017 by CNN, awarded CSR Company of the Year by Lagos Chamber of Commerce &
- Industry, named Employer of The Year by HR People’s Magazine
- In partnership with the Debt Management Office (DMO), launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria
- Commissioned Tier 3 designed data centre with cloud computing capabilities
At the AGM, Members of the Exchange approved the Audited Financial Statement of the exchange for the year ended 31 December 2017, and the reports of the National Council and the Auditors thereon. Also, the following were re-elected to the National Council, Mr. Abubakar B. Mahmoud, SAN, OON; Erelu Angela Adebayo; Chartwell Securities Limited (Represented by Mr. Oluwole Adeosun) and Equity Capital Solutions Limited (Represented by Mr. Kamarudeen Oladosu).
Click here to download the Nigerian Stock Exchange 2017 Annual Report.
 group recorded a total income of N8.30 billion and N3.82 billion surplus before tax for the year ended 31 December 2017.){kind=link}