Connect with us

Business

NGX Group grows gross earnings by 57.4% to N11.8 bn

Published

on

NGX Group to raise N10bn via Rights Issue

Nigerian Exchange Group Plc (NGX) achieved N11.8 billion gross earnings in 2023, up 57.4% from N7.5 billion in in 2022.

This is according to the group’s 2023 financial statements released on Tuesday.

This growth was attributed to performances in core revenue and other income segments.

News continues after this Advertisement

The group also announced in its full-year audited financial statements for the year ended 31 December 2023, a profit after tax of N5.2 billion and a declaration of a final dividend of N1.5 billion.

Notably, transaction fees rose by 52.6%, driven by increased trading activities, while listing fees and rental income increased by 42.2% and 41.8%, respectively. Strategic investments also contributed to a 5.4% boost in treasury investment income.

Other income, representing 29.7% of gross earnings, witnessed an unprecedented rise of 163.6%, reaching N3.504 billion. Key contributors to this surge were market data income, which increased by 44.1%, and an exceptional 304.8% rise in other operating income.

In light of the robust operational performance, the Board approved a final dividend of N1.5 billion at 75 Kobo per share for the year ended 31st December 2023. This is in addition to an interim dividend of N495.53 million at 25 Kobo per share paid in August 2023, bringing the total dividend for FY 2023 to N1 per share.

Commenting on the dividend, the Group Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga, expressed profound satisfaction and optimism, stating, “Today’s announcement of both the financial results and dividend pay-out is a testament to NGX Group’s unwavering commitment to maximising shareholder value and the resilience of our financial position. We are elated to reward our shareholders, and this underscores our confidence in the sustainable growth of the Company. I would like to reassure all stakeholders that the Board and Management are focused on positioning NGX Group as the premier financial market infrastructure in Africa.”

News continues after this Advertisement
News continues after this Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *