N1.5bn in dividends would be paid to Nigerian Exchange Group stockholders. The business reported N5.2 billion in profit after taxes in a statement on the results that was signed by Clifford Akpolo, Head of Marketing & Corporate Communications, on Monday.
The group’s full-year audited financial accounts showed that gross earnings increased by 57.4% to N11.8 billion from N7.5 billion in FY 2022. Performances in other income groups and core revenue were cited as the reasons for this rise.
Due to an increase in trading activity, transaction fees climbed by 52.6%, while listing fees and rental revenue increased by 42.2% and 41.8%, respectively.
Strategic investments also contributed to a 5.4 per cent boost in treasury investment income.Other income, representing 29.7 per cent of gross earnings, went up by 163.6 per cent N3.504bn. Key contributors to the surge were market data income, which increased by 44.1 per cent, and a 304.8 per cent rise in other operating income.
The board of the NGX Group proposed a final dividend of N1.5bn at 75 Kobo per share for the year ended December 2023. This was in addition to an interim dividend of N495.53m at 25 Kobo per share paid in August 2023, bringing the total dividend for 2023 to N1 per share.
Commenting on the dividend, the Group Chairman of NGX Group, Dr Umaru Kwairanga, said, “Today’s announcement of both the financial results and dividend pay-out is a testament to NGX Group’s unwavering commitment to maximising shareholder value and the resilience of our financial position.”
We are elated to reward our shareholders, and this underscores our confidence in the sustainable growth of the Company. I would like to reassure all stakeholders that the Board and Management are focused on positioning NGX Group as the premier financial market infrastructure in Africa.”
The Group Chief Executive Officer of NGX Group, Mr Temi Popoola, expressed satisfaction with the company’s operational performance.
“I am pleased with the significant improvement in NGX Group’s operational performance. We have witnessed notable increases in transaction and listing fees, as well as in rental and treasury investment income.
“Our strategic focus on technology income and other streams, along with strong capital allocation, has led to a notable increase in return on equity to 13.8 per cent. NGX Group is poised to continue its trajectory of growth, innovation, and value creation for its stakeholders in the upcoming fiscal year,” he stated. The NGX has recorded a 68 per cent decline in its 2022 profit after tax.
