Compared to N172.7 million during the same time in 2022, the Nigerian Exchange Group’s earnings after taxes increased by 606.2 percent to N1.22 billion at the end of the third quarter.
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. Compared to N1.53 billion over the same time in 2022, this is less. It was ascribed to a decline in our investment instruments denominated in naira.
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.
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.
“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.”
