APA – Lagos (Nigeria)
The Nigerian Exchange Group Plc has announced a profit after tax of ₦688.5 million in 2022, down from ₦2.2 billion in 2021 resulting in a significant decline in profit after tax margin to 9.3% from 33.1% recorded in FY 2021
The Group Managing Director/Chief Executive Officer of NGX Group, Mr Oscar Onyema, in a statement said that “NGX Group continued to bed-down its operations post demutualization and restructuring.
The Group reported 68.9 per cent profit after income tax decline to N688.5 million in 2022 from N2.2 billion reported in 2021, resulting in a significant decline in profit after tax margin to 9.3 per cent in 2022 from 33.1 per cent recorded in 2021.
“Despite the economic headwinds affecting the country, as demonstrated by our year end results, we have continued to create lasting value.
“Our top-line expansion drove a 70.6 per cent increase in earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2022.
“In the same year, the Group leveraged its strong equity position and strategically increased its investment in an associate company in order to drive growth, boost efficiency and further maximize overall shareholder value.
“However, the bottom-line operating performance slipped mainly due to the interest expenses resulting from borrowing to fulfil the strategic acquisition.
“Our growth will be driven by deepening value creation in subsidiaries and expansion into adjacent businesses.
“As an organisation, we remain committed to becoming Africa’s preeminent integrated market infrastructure group,” he said.
The Group also closed 2022 with total assets that expanded by 50.7 per cent to N57.1 billion from N37.9 billion as at year end 202.
According to the statement, this was driven primarily by 101.4 per cent growth in investment in associates to N29.7 billion from N14.8 billion in 2021 and a 57.4 per cent growth in long-term investment securities to N16.3 billion from N10.4 billion in 2021.
Total liabilities recorded a 439.5 per cent increase from N3.8 billion as at 2021 to N20.3 billion as a result of N14.1 billion increased borrowings used to facilitate the increase in investment in select associates
GIK/APA