APA – Lagos (Nigeria)
The Nigerian Exchange Group Plc on Tuesday in Lagos announced gross earnings of N6.86 billion in its unaudited results for nine months ended 30 September 2023.
According to the Group Financial Performance Review released in Lagos by the NGX, the Nigerian bourse recorded a significant 20.2% growth in gross earnings, elevating the value to N6.86 billion from N5.71 billion as of September 2022.
It stated that this uptick is credited to increases in both the revenue and other income categories.
On revenue insights, the NGX said that the revenue surged by 19.6% to reach N5.95 billion, up from N4.97 billion in September 2022, influenced by a decrease of 5.9% in treasury investment income, constituting 24.2% of the revenue, resulted in N1,442.2 million.
This is down from N1,533.1 million during the same period in 2022, attributed to a reduction in our naira-denominated investment instruments.
“A robust 33.2% growth in transaction fees (60.8% of the revenue) to N3,615.3 million, spurred by heightened trading activities in Nigerian Exchange Limited (NGX),” the report said.
Commenting on the performance of the company, Mr. Oscar Onyema, the Group Managing Director/Chief Executive Officer, said: “Amid the diverse economic challenges and opportunities that characterised the year, NGX Group has demonstrated remarkable resilience by achieving a 7-fold increase in profit after tax, reaching an impressive N1.2 billion.
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.” ($1=N799)
GIK/APA
Nigerian bourse announces gross earnings of N6.86 billion in 9 months
