SUN OCT 25 2026-theGBJournal| Nigerian Exchange Group Plc’s profit after tax rose 86.4% in the nine months through September, as stronger revenue and higher contributions from associated companies lifted earnings, despite a decline in third-quarter profit.
The group’s profit for the period climbed to ₦14.69 billion from ₦7.88 billion a year earlier, according to its financial statement for the nine months ended Sept. 30, 2026.
Revenue increased 79.8% to ₦27.26 billion from ₦15.16 billion in the corresponding period of 2025, while total income rose 64.8% to ₦29.57 billion from ₦17.95 billion.
Operating profit advanced 73.5% to ₦14.87 billion, reflecting the stronger income base, while profit before tax surged 83.3% to ₦20.58 billion from ₦11.23 billion.
The group also recorded a 69.5% increase in its share of profit from equity-accounted investees to ₦5.72 billion, further supporting earnings growth.
Third-Quarter Profit Declines
The nine-month performance masked a weaker third quarter, with NGX Group’s profit after tax falling 7.1% to ₦4.33 billion from ₦4.66 billion a year earlier.
Revenue for the three months ended September rose 36.4% to ₦9.66 billion from ₦7.08 billion, while total income increased 26.6% to ₦10.23 billion from ₦8.09 billion.
Operating profit declined 3.9% to ₦4.25 billion from ₦4.41 billion, as operating expenses increased faster than revenue during the quarter.
Total operating expenses climbed 62.6% to ₦5.99 billion from ₦3.68 billion, driven by higher personnel costs, operating expenses, and depreciation and amortisation.
Personnel expenses more than doubled to ₦3.38 billion from ₦1.63 billion, while other operating expenses rose 25.9% to ₦2.40 billion.
Profit before tax increased slightly to ₦5.83 billion from ₦5.77 billion. A higher income-tax charge, which rose to ₦1.50 billion from ₦1.11 billion, contributed to the decline in net profit.
Earnings Growth Extends to Parent Company
At the parent-company level, revenue for the nine-month period increased 24.5% to ₦13.44 billion from ₦10.79 billion.
Profit after tax rose 72.0% to ₦11.17 billion from ₦6.50 billion, while operating profit climbed 58.4% to ₦11.17 billion from ₦7.20 billion.
However, the parent company’s third-quarter earnings weakened considerably. Profit after tax fell 57.1% to ₦1.38 billion from ₦3.21 billion a year earlier, while revenue declined 49.4% to ₦2.34 billion from ₦4.63 billion.
The company reported a net other loss of ₦144.16 million for the quarter, compared with other income of ₦16.79 million in the prior-year period.
Key Takeaways
NGX Group’s nine-month results show substantial earnings growth, supported by higher revenue, improved operating profit and increased contributions from equity-accounted investees.
The third-quarter figures, however, point to mounting cost pressures at group level and weaker standalone earnings at the parent company.
The contrasting quarterly and year-to-date results highlight the importance of distinguishing between the group’s consolidated performance and the parent company’s standalone financial position.
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