The profit after tax of the Nigerian Exchange Group (NGX) in the third quarter of 2023 has risen to N1.22 billion.
Compared to the N172.7 million recorded in the same period of 2022, this profit represents a significant increase of 606.2%.
Oscar Onyema, the Managing Director/Chief Executive Officer of NGX Group, announced these figures while discussing the company’s performance.
Based on the unaudited report, the group’s revenue has grown by 19.6%, reaching N5.95 billion in the reviewed period from N4.97 billion in September 2022. The increase can be attributed to a 5.9% reduction in treasury investment income, which accounted for 24.2% of the revenue, leading to N1.42 billion in earnings.
Onyema credits the revenue growth to the prevailing positive sentiment in the Nigerian capital market ecosystem following the emergence of a new administration.
He states, “Despite the various economic challenges and opportunities throughout the year, NGX Group has demonstrated remarkable resilience with a seven-fold increase in profit after tax, reaching an impressive N1.2 billion. This exceptional performance underscores our unwavering commitment to enhancing the growth and stability of the Nigerian capital market. It also reflects the positive sentiment prevailing within the ecosystem due to the pro-market stance of the new administration.”
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