NGX Group Declares N5.2bn Profit After Tax, N1.5 Billion Dividend

Kayode Tokede

Nigerian Exchange Group Plc has announced a profit after tax of N5.2 billion and a final dividend of N1.5 billion for the year ended December 31, 2023.

 The NGX in a statement said the group experienced a surge in gross earnings, rising by 57.4 per cent to N11.8 billion from N7.5 billion in 2022. “This growth was attributed to performances in core revenue and other income segments. Notably, transaction fees rose by 52.6 per cent, driven by increased trading activities, while listing fees and rental income increased by 42.2 per cent and 41.8 per cent, respectively. Strategic investments also contributed to a 5.4 per cent boost in treasury investment income.

“Other income, representing 29.7 per cent of gross earnings, witnessed an unprecedented rise of 163.6 per cent, reaching N3.504 billion. Key contributors to this surge were market data income, which increased by 44.1 per cent, and an exceptional 304.8 per cent 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, “it said.

Commenting on the dividend, the Group Chairman, NGX Group, 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.”

The Group Chief Executive Officer, NGX Group, Mr. Temi Popoola expressed satisfaction with the company’s operational performance.

He said, “I am pleased with the significant improvement in NGX Group’s operational performance. We have witnessed notable increases in transaction and listing fees, as well as in rental and treasury investment income. Our strategic focus on technology income and other streams, along with strong capital allocation, has led to a notable increase in return on equity to 13.8%. NGX Group is poised to continue its trajectory of growth, innovation, and value creation for its stakeholders in the upcoming fiscal year.”