…Total assets for the period fell 2.9% to N55.40 billion, primarily due to 34.6% decrease in trade and other receivables.
…Total liabilities receded by 11.4% to N17.96 billion
…Revenue surged by 19.6% to N5.95 billion, up from N4.97 billion in September 2022
WED, NOV 01 2023-theGBJournal|Nigerian Exchange Group Plc (NGX Group) published its unaudited results for nine months ended 30 September 2023 on Tuesday, reporting a significant 20.2% growth in gross earnings, from N5.71 billion as of September 2022 to N6.86 billion.
This uptick is credited to increases in both the revenue and other income categories. Revenue surged by 19.6% to 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,” the NGX said.
Transaction fees in the period under review grew by 33.2% (60.8% of the revenue) to N3,615.3 million, spurred by heightened trading activities in Nigerian Exchange Limited (NGX).
The Exchange recorded a 25.5% boost in listing fees (11.9% of revenue) to N705.8 million, reflecting the superior listing services provided to domestic corporates. Rental income from NGX Real Estate’s office spaces rose by 37.4% to N106.9 million while other fees, however, saw a 9.8% decrease, tallying up to N79 million.
Other income, representing 13.3% of gross earnings, expanded by 24.5%. This growth was driven by A 28.8% enhancement in Market data income (54.6% of other income) at N499.2 million and a 22.4% increment in other operating income (36.3% of other income) which amounted to N331.8 million.
Total expenses for the period saw a marginal 2.6% reduction to N6.43 billion.
This change was primarily driven by a rise of 13.2% in operating expenses to N1.86 billion a spike in finance costs associated with a term loan facility and a notable 21% downturn in personnel expenses, leading to a figure of N2.27 billion.
Meanwhile, the Group’s operating profit rose by 148.9% to N435.3 million. This contrasts with the loss of N890.8 million noted in September 2022.
The operating profit showcased a striking turnaround with an increase of 148.9%, registering N435.3 million. This contrasts with the loss of N890.8 million noted in
September 2022.
Profit before income tax experienced a 313% increase, culminating in N1.92 billion of profit. This was propelled by the improved revenue and contained personnel expenses.
After-tax profit soared by 606% to N1.22 billion, with the after-tax margin now standing at an impressive 17.77%.
Total assets for the period fell 2.9% to N55.40 billion, primarily due to 34.6% decrease in trade and other receivables. However, this was moderated by a 9.24% uplift in cash and cash equivalents.
Total liabilities receded by 11.4% to N17.96 billion, largely driven by significant drops in other liabilities and deferred tax liabilities.
”These results for the nine months ending September 2023 underscore our steadfast commitment to progress, operational acumen, and delivering enhanced value to our stakeholders,” the management noted.
Mr. Oscar N. Onyema (OON), the Group Managing Director/Chief Executive Officer, commenting on the performance said, ”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”.
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