KEY POINTS

• Nigerian Exchange Group’s revenue rose 79.79% to ₦27.26 billion in the nine months ended September 2026.
• Profit before tax increased 83.29% to ₦20.58 billion.
• Profit after tax climbed 86.44% to ₦14.69 billion from ₦7.88 billion a year earlier.
• The company’s share price stood at ₦167.50, with investors advised to monitor trading activity and new listings.

MAIN STORY

Nigerian Exchange Group (NGX Group) reported an 86.44% increase in profit after tax to ₦14.69 billion for the nine months ended September 2026, supported by higher revenue and stronger profitability.

The unaudited results showed revenue rose 79.79% to ₦27.26 billion from ₦15.16 billion in the corresponding period of 2025.

Profit before tax increased by 83.29% to ₦20.58 billion, compared with ₦11.23 billion a year earlier. Profit after tax also rose substantially, climbing from ₦7.88 billion to ₦14.69 billion.

The results indicate that the group generated more revenue and retained higher earnings after accounting for expenses and taxes during the period.

NGX Group operates within Nigeria’s capital market, where exchanges and related businesses provide platforms and services for trading securities, raising capital and supporting market transactions. Its financial performance is therefore relevant to investors assessing the businesses that support activity in the Nigerian stock market.

The company’s share price stood at ₦167.50, according to market reports.

THE ISSUES

The increase in profit after tax outpaced revenue growth, indicating an improvement in the company’s reported profitability. However, the available figures do not include a detailed breakdown of operating expenses, income sources or cash flows, making it difficult to determine precisely what drove the improvement.

The durability of the performance will also matter. Revenue growth linked to stronger market transactions may be affected if trading activity weakens. New listings can provide additional opportunities for capital raising and market activity, although their contribution depends on the number, size and completion of listings.

For investors, the distinction is between strong results for the period and the company’s ability to sustain that performance. A rising profit figure alone does not establish whether the share price is cheap or expensive.

WHAT’S NEXT

Investors will be watching whether NGX Group can maintain revenue and profit growth in subsequent reporting periods. Trading volumes, transaction values and the pace of new listings will be important indicators to monitor.

Further assessment would also require details of the group’s expenses, cash generation and earnings composition, alongside its share price and valuation measures.

BOTTOM LINE

NGX Group recorded substantial growth in revenue and profit in the nine months to September 2026. The next question is whether the group can sustain its earnings growth as market activity and new listings develop.

Source: Proshare