FMDQ OTC Securities Exchange posted revenue of N2.09 billion for the financial year ended December 31, 2015, the company’s annual report has indicated.
The report, obtained on Sunday, showed that the figure represented 19.28 percent growth from the N1.75 billion achieved in 2014.
The company attributed the growth to the objective of the exchange to diversify its revenue sources by introducing other value-adding services.
The company’s new focus includes repos, short-term and Islamic (Sukuk) bonds and quotation of private company bonds, among others.
The report showed that the strategy saw a reduction in the transaction fees to 78.89 percent of the total revenue as against 91.29 percent in 2014.
The company’s interest income grew by 173.71 percent to N197.39 million in contrast to N72.12 million achieved in the preceding year.
Its total operating expenses increased to N1.62 billion during the year under review compared with the N1.04 billion in 2014.
The company’s turnover stood at N137.40 trillion as against N103.60 trillion in 2014, an increase of 33 percent year-on-year.
According to the report, the increase is due to expanded operations to support the implementation of the strategic initiatives to further develop the company’s franchise in 2015.
It stated that the management invested resources on market development initiatives, membership activities and, among others, to complement the positioning of FMDQ as a securities exchange.
The report quoted the company’s managing director, Bola Onadele, as saying, “We expect these investments to continue to contribute to our revenues in ensuing years.
“In the first half of 2015, the FMDQ markets achieved an overall market turnover of N58.60 trillion and by December, this rose by 134 per cent to close at N137.40 trillion.”
Onadele said the company would continue to work with its stakeholders to establish initiatives that would enhance the development of the nation’s capital market.
