The Nigerian Exchange Group (NGX Group) has reported a profit before tax of N13.6 billion for the 2024 financial year, marking an impressive 157.3% year-on-year growth, according to its audited financial statements released on Saturday.
Thank you for reading this post, don't forget to subscribe!The results, disclosed in a corporate filing signed by the Acting Company Secretary, Izuchukwu Akpa, highlighted robust revenue expansion, strategic cost optimisation, and increased market participation as key drivers of growth.
Revenue Surge Across Key Segments
NGX Group’s gross earnings skyrocketed by 103.2% to N24.0 billion in 2024, compared to N11.8 billion in the previous year. The performance was bolstered by substantial increases across major revenue streams:
• Transaction fees surged 64.0%, reflecting heightened trading activity.
• Listing fees soared 397.1%, driven by stronger capital market participation.
•.Technology-related income jumped 105%, showcasing the success of NGX’s digital transformation.
• Other fees rose 174.8%, reinforcing revenue diversification.
• Treasury investment income climbed 45.6%, highlighting effective asset management.
• Market data revenue doubled (100.5%), boosting other income by 102.6% to account for 29.6% of gross earnings.
NGX Declares Highest Dividend in History
NGX Group also recorded its highest-ever dividend payout, with the Board of Directors approving a final dividend of N4.4 billion (N2.00 per share).
“This decision reaffirms NGX Group’s commitment to delivering value to shareholders while maintaining a strong capital position,” said Akpa.
Leadership Hails Milestone Performance
Group Chairman Dr. Umaru Kwairanga described the results as a “pivotal moment” in NGX’s post-demutualisation growth journey, reinforcing investor confidence.
“The approval of a record N4.4 billion dividend demonstrates our unwavering commitment to rewarding shareholders while positioning NGX Group as a key driver of capital market development,” he stated.
Kwairanga also highlighted the success of strategic initiatives such as:
• NGX Invest, which facilitated N1.845 trillion in capital raises for the banking sector.
• Expansion into new markets, including an investment in the Ethiopian Securities Exchange (ESX).
• Operational efficiency programs, leading to improved cost management and workforce productivity.
CEO: NGX Poised for Long-Term Growth
NGX Group’s Managing Director/CEO, Mr. Temi Popoola, credited the 157.3% profit surge to strong execution, innovation, and operational excellence.
“By leveraging technology, expanding market data solutions, and strengthening partnerships, we have built a resilient and diversified business model that positions us for sustained growth,” Popoola said.
He reaffirmed NGX’s commitment to:
• Deepening market participation and broadening investment opportunities.
• Enhancing market infrastructure and developing new platforms for wider investor access.
• Driving innovation, positioning NGX Group as a leading force in Africa’s financial landscape.
With record-breaking financial results, aggressive expansion, and digital transformation, NGX Group is solidifying its status as a key player in Africa’s evolving capital market ecosystem.
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