The Nigerian Exchange Group (NGX Group) has released its unaudited results for the half year (H1) ended June 30, 2022, with a profit of N820.17 million, an increase of 82.4 percent from the half year ended June 30, 2021.
The group’s H1 2022 figures also indicated that profit before income tax increased by 134.4 percent to N1.22 billion in H1 2022 from N521.9 million in the same period in 2021, owing to remarkable growth in the top line, which was more than enough to offset the impact of important expenditure line increases.
The Group financial performance assessment also revealed that gross earnings increased by 138.3 percent to N4.22 billion in H1 2022 from N1.77 billion in H1 June 2021, owing principally to a 140.4 percent increase in revenue (91 percent of gross earnings) and a 119.6 percent increase in other income (nine per cent of gross earnings).
Total costs increased by 102.6 percent from N1.9 billion in H1 2021 to N3.9 billion in H1 2022, principally due to a 231.6 percent increase in operational expenses (59.1 percent of total expenses) to N2.3 billion in June 2021 from N702.9 million.
This was largely as a result of a finance cost (57 per cent of operating expenses) of N1.3 billion related to a term loan taken during the period. Personnel expenses (34.4 per cent of total expenses) also grew by 27per cent from N1.01 billion in June 2021 to N1.35 billion during the period under review.
Commenting, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar Onyema in a statement said: “In 2021, we took strategic steps to reorganise our business by laying the foundation for the rebirth of our franchise as we became a fully-fledged for-profit making company with a clear focus on maximizing resources and improving stakeholder returns.
“Our performance in the first half of 2022 is a testament to our ability to deliver long-term value. We recorded impressive growth in our top line to deliver a profit before tax of N1.22 billion despite the peculiar challenges inherent in our operating environment.
He added that, “Our goal remains to sustain our position as a leading integrated market infrastructure group in Africa, by diversifying our revenue streams and identifying and investing in new businesses.”
