NGX Group reports N5.2bn profits after tax in 2023

stock NGX

The Nigeria Exchange Group Plc on Friday released its audited financial result for the year ended December 31, 2023, posting a profit after tax of N5.250 billion amidst economic headwinds.

The disclosure was made in the group’s financial report, which was officially released to the Nigerian Exchange Limited and made available to the investing public.

The group’s profit after tax experienced a substantial surge, marking an impressive 788 percent increase from N591.509 million recorded in the previous year of 2022.

Additionally, NGX reported a pre-tax profit of N5.271 billion, indicating a remarkable 636 percent rise compared to the N1716.116 million reported in the fiscal year 2022.

The group’s total income rose to N11.803 billion, representing a 57.39% increase from the N7.499 billion posted in FY 2022.

According to the audited account, the group’s revenue grew by 34.5 percent to N8.299 billion as against N6.170 billion, in 2022. Revenues were driven by an increase in earnings from transaction fees which accounted for N4.818 billion as against N3.157 reported in 2022 representing a growth of 52.6 percent. The segment contributed to 58% of the total revenue of N8.299 billion.

Other sources of revenue include income from investment including Bonds, Treasury bills and fixed deposits which generated a total sum of N2.141 billion an increase of 5.47 percent compared to the N2.030 billion posted in the previous year, 2022. The income from the investment also contributed 25.79 percent of the total revenue achieved by the group.

Similarly, total income for the period rose by 57.99 percent to N11.803 billion from N7.499 billion in the corresponding period.

Interestingly, the group managed to reduce its total expenses as it grew by merely 27.27 percent to N11.370 billion as against N8.934 billion in the similar period of 2022.

The effect of reduction in expenses reflected in profit before tax as the figure grew by 636 percent to N5.271 billion from a mere N716.116 million posted the previous year.

Consequently, profit for the year rose by 788 percent to N5.250 billion compared to N591.509 million in 2022. This resulted in enhanced earnings per share which grew by 594.28 percent to N2.43 raising the prospect of improved dividend payment to shareholders.