The NGX Group has reported a 22.2% increase in profit after taxes

The NGX Group has reported a 22.2% increase in profit after taxes

Nigerian Exchange Group (NGX Group) Plc is happy to announce that on Tuesday, March 1, 2022, it disclosed its audited results for the full year ended December 31, 2021.

The Group's audited financial statements revealed that gross earnings increased by 13% to N6.8 billion from N6.0 billion. From N5 billion in 2020 to N5.8 billion in 2021, revenue increased by 14.9%.

In addition, the group's profit before tax (PBT) increased by 25.4 percent to N2.4 billion, while profit after tax (PAT) increased by 22.2 percent to N2.3 billion from N1.84 billion in the prior year.

The increase in revenue was attributed to a 24.8 percent increase in listing fees, which increased to N757.4 million from N606.9 million in 2020, a 4.9 percent increase in treasury investment income, and a 2.1 percent increase in transaction fees, which increased to N2.9 billion from N2.8 billion in 2020.

Further examination of the NGX Group's results revealed that its earnings per share increased by 70 basis points to 6.6 percent, while its return on assets increased by 70 basis points to 5.9 percent, up from 5.2 percent in 2020.

"We are happy by the progress recorded for FY 2021 across strategic, operational, and financial areas of the Group's business," said NGX Group Chairman Otunba Abimbola Ogunbanjo. We would like to thank our stakeholders for their support and faith in the Group's effort to unleash its actual potential and expand its activities and product offerings with the Demutualisation and Listing by Introduction, which was significant and unprecedented milestones for the Group."

"Within a year, we demutualized, restructured, and listed the company, with the Holdco serving as an investment holding company with three operating subsidiaries, as well as additional affiliate companies and equity interests." During the year under review, the Board focused on adapting to the increased corporate governance demands resulting from the organizational change, while also exercising its oversight functions on strategy development and execution, as well as drilling down on emerging value accretive opportunities presented by the demutualization(when a mutual company owned by its members converts into a company owned by shareholders). The goal for 2022 is to "continue to build the NGX Group brand in order to make it an internationally respected and prominent regional and national economic actor."

Oscar N. Onyema, OON, the Group's Managing Director/Chief Executive Officer, echoed him, explaining that the Group went through a restructuring of its business to streamline its business model, with a greater focus on expanding into new business areas, as seen by the Group's operations.

NGX Group, according to Onyema, focused on creating and executing the Holding company's strategy in 2021, which included building various businesses across the full capital market value chain with diverse revenues and strategic and operational flexibility. "An auspicious start to our adventure as an investment holding company with a gross earnings increase of 13.0 percent and after-tax profit growth of 22.2 percent."

"As we move forward, our focus will be on strengthening our capital structure, being active in every sphere of the capital markets value chain in Nigeria, while also expanding our presence across Africa as a leading integrated market infrastructure provider, optimizing our current investments and making new strategic investments, and recruiting top talent to carry out our strategy." We want to continue to add value, improve profitability, and establish a long-term business that serves the interests of all stakeholders," Onyema added.

Nigerian Exchange Group Plc (NGX Group) is Africa's most important integrated market infrastructure. We serve Africa's largest economy and are working to improve African economies' competitiveness in order to reach global prosperity. We play an active role in creating the future of the markets as a prominent player in the continent's financial markets, investing in business innovation and technology.

Through its wholly-owned subsidiaries Nigerian Exchange Limited, NGX Regulation Limited, and NGX Real Estate, the NGX Group offers a wide range of services, including securities listing and trading, licensing, market data solutions, ancillary technology, regulation, real estate, and more.

NG Clearing Limited, Central Securities and Clearing Systems (CSCS), OTC platforms, and three fintech companies are among the Group's investments in financial infrastructure.