APA – Lagos (Nigeria)
Nigerian Exchange Group Plc (NGX Group) has announced 109% increase in net profit for its unaudited results for the period ended 31 March 2023.
In a statement released in Lagos on Tuesday, the NGX Group said that Profit before income tax expense increased by 21.5% YoY to ₦412.2 million in Q1 2023 from ₦339.2 million in the corresponding period in 2022 due to an improved share of profit-equity accounted investees and a fall in finance cost.
It stated that Profit for the period recorded a 109.0% increase to ₦310.0 million in Q1 2023 from ₦148.3 billion in Q1 2022, resulting in significant growth in profit after tax margin to 23.3% in Q1 2023 from 8.9% recorded in Q1 2022.
According to the statement, total assets fell marginally by 4.2% year-to-date (YTD) to ₦54.7 billion from ₦57.1 billion as of FY 2022, while Investment in associates, which accounted for 55.3% of the Group’s total assets, grew by 1.7% to ₦30.2 billion at the end of Q1 2023 (Q1 2022: ₦29.7 billion)
“Total liabilities recorded a 12.8% YTD drop to ₦17.7 billion at the end of Q1 2023 from ₦20.3 billion as of FY 2022 due to a 53.6% and 74.7% fall in other liabilities and deferred tax liabilities, respectively.
“Net assets increased marginally by 0.5%, driven by the 1.0% YTD increase in retained earnings (86.6% of Total Equity) to ₦37.0 billion at the end of Q1 2023 (Q1 2022: 36.8 billion),” it said.
Commenting on the result, Mr. Oscar Onyema, the Group Managing Director/Chief Executive Officer, said: “Despite the challenging macroeconomic environment during the quarter amidst cash and energy scarcity, and political tension from the 2023 elections, the Group remained resilient.
“We are pleased to announce a 109% increase in net profit, achieved through the implementation of cost-saving measures that minimised the impact of revenue reduction, just as we are exploring new and innovative ways to capture more market share and appeal to a broader demographic.
“The Group will continue investing in innovative marketing strategies to appeal to the changing consumer preferences, as well as explore opportunities to expand product line, portfolio mix, and penetrate new markets. We stay committed to our long-term growth strategy and are confident in our ability to navigate the current challenging environment and create value for our stakeholders.”
GIK/APA
