The Nigerian Exchange Group’s earnings increased by 606.2% to N1.22 billion at the end of the third quarter, compared to N172.7 million in the same time in 2022. The group, which included Nigerian Exchange Limited, Nigerian Exchange Regulations, and NGX Real Estate, revealed in its unaudited results for the nine months ended September 2023.

NGX revenue increased by 19.6 percent to N5.95 billion in the period under review from N4.97 billion in September 2022, driven by a 5.9 percent decrease in treasury investment income, which constituted 24.2 percent of the revenue, resulting in N1.42 billion. This is a decrease from N1.53 billion in the same period in 2022. During this time, the group saw a 33.2 percent increase in transaction fees (60.8 percent of revenue) to N3,62 billion, owing to increased trading activity on the Nigerian Exchange Limited, and a 25.5 percent increase in listing fees (11.9 percent of revenue) to N705 million.

Rental income from NGX Real Estate’s office premises increased by 37.3 percent to N106.9 million, while other fees decreased by 9.8 percent to N79 million. At the end of the third quarter, the NGX group reported a 148.9% increase in operational profit to N435m, up from a loss of N890m in September 2022.

The group reported a 9.2 percent growth in cash and cash equivalents on its financial sheet, moving from N4.75 billion to N5.19 billion. Total assets and total liabilities declined by 2.9 percent and 11.4 percent, respectively, to N55.40 billion and N17.96 billion.

“Amid the diverse economic challenges and opportunities that characterised the year, NGX Group has demonstrated remarkable resilience by achieving a seven-fold increase in profit after tax, reaching an impressive N1.2bn,” said Managing Director/Chief Executive Officer Oscar Onyema.

This remarkable achievement demonstrated continuous commitment to strengthening the Nigerian capital market’s growth and stability. It also represents the ecosystem’s favorable feeling in light of the pro-market stance of the new administration.

Gabriel Eleojo Umoru
Gabriel Eleojo Umoru
I'm Gabriel Eleojo Umoru, a graduate of Mass Communication from Prince Abubakar Audu University (formerly Kogi State University Anyigba, Kogi State). My hobbies include writing, surfing the internet and listening to music. I'm into voice editing and project management. I also help people out in their research projects.

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