{"id":76942,"date":"2023-10-31T21:25:06","date_gmt":"2023-10-31T20:25:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=76942"},"modified":"2023-10-31T21:25:06","modified_gmt":"2023-10-31T20:25:06","slug":"ngx-group-pat-soares-606-to-n1-22-billion-in-q3","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ngx-group-pat-soares-606-to-n1-22-billion-in-q3\/","title":{"rendered":"NGX Group PAT Soares 606% To N1.22 Billion In Q3"},"content":{"rendered":"

Nigerian Exchange Group Plc (NGX ) has announced its unaudited results for nine months ended 30 September 2023, with after profit rising 606% to close the period under review at N1.22 billion..<\/p>\n

Gross Earnings in the first nine months also recorded a significant 20.2% growth in gross earnings, elevating the value to N6.86 billion from N5.71 billion as of September 2022.<\/p>\n

\"\"According to the NGX group, the uptick is credited to increases in both the revenue and other income categories.<\/p>\n

A further x-ray of the groups statement of health, showed that revenue surged by 19.6% to reach N5.95 billion, up from N4.97 billion in September 2022.<\/p>\n

The result is also influenced by
\na decrease of 5.9% in treasury investment income, constituting 24.2% of the revenue, resulting in N1,442.2 million. This is down from N1,533.1 million during the same period in 2022, attributed to a reduction in the organization naira-denominated investment instruments.<\/p>\n

Other major highlights in the result showed, “a robust 33.2% growth in transaction fees (60.8% of the revenue) to N3,615.3 million, spurred by heightened trading activities in Nigerian Exchange Limited (NGX).<\/p>\n

“A 25.5% boost in listing fees (11.9% of revenue) to N705.8 million, reflecting the superior listing services provided to domestic corporates.<\/p>\n

“Rental income from NGX Real Estates office spaces rose by 37.4% to N106.9 million.<\/p>\n

“Other fees, however, saw a 9.8% decrease, tallying up to N79 million.<\/p>\n

Other Income Breakdown:<\/p>

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Other income, representing 13.3% of gross earnings, expanded by
\n24.5%. This growth was fueled by:
\nA 28.8% enhancement in Market data income (54.6% of other income) at N499.2 million.
\n.A 22.4% increment in other operating income (36.3% of other income) which amounted to N331.8 million.<\/p>\n

\u2022Expense Analysis:Total expenses for the period saw a marginal 2.6% reduction to N6.43 billon.
\nThis change was primarily driven by:
\nA rise of 13.2% in operating expenses to N1.86 billion.
\nA spike in finance costs associated with a term loan facility.
\n.A notable 21% downturn in personnel expenses, leading to a figure of N2.27 billion.<\/p>\n

\u2022Profit Metrics:<\/p>\n

The operating profit showcased a striking turnaround with an increase of 148.9%, registering N435.3 million. This contrasts with the loss of N890.8 million noted in September 2022.<\/p>\n

Profit before income tax experienced a 313% increase, culminating inN1.92 billion of profit. This was propelled by the improved revenue and contained personnel expenses.
\n.After-tax profit soared by 606% to N1.22 billion, with the after-tax margin now standing at an impressive 17.77%.<\/p>\n

\u2022Balance Sheet Highlights:
\n.Total assets for the period underwent a 2.9% reduction to N55.40 billion, primarily due to a 34.6% decrease in trade and other receivables. However, this was moderated by a 9.24% uplift in cash and cash equivalents.<\/p>\n

.Total liabilities receded by 11.4% to N17.96 billion, largely driven by significant drops in other liabilities and deferred tax liabilities.<\/p>\n

“These results for the nine months ending September 2023 underscore our steadfast commitment to progress, operational acumen, and derivering enhanced value to our stakeholders”, it added<\/p>\n

Commenting, Mr. Oscar Onyema, the Group Managing Director\/Chief Executive Officer, said: \u201cAmid the diverse economic challenges and opportunities that characterised the year, NGX Group has demonstrated remarkable resilience by achieving a 7-fold increase in profit after tax, reaching an impressive N1.2 billion. This
\noutstanding performance is a testament to our unwavering commitment to bolstering the growth and stability of the
\nNigerian capital market. It also reflects the positive sentiment prevailing within the ecosystem, in light of the pro-market
\nstance of the new administration.As we diligently monitor both global and domestic economic shifts, our adaptability equips us to effectively navigate the complex financial markets landscape. At NGX Group, we remain committed to driving growth, implementing cutting-edge technological solutions, and providing essential resources for successful cross-border engagements, not only within Africa but also on a global scale\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerian Exchange Group Plc (NGX ) has announced its unaudited results for nine months ended 30 September 2023, with after profit rising 606% to close the period under review at N1.22 billion..<\/p>\n","protected":false},"author":6,"featured_media":48181,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8397],"coauthors":[2391],"class_list":["post-76942","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ngx-group"],"yoast_head":"\nNGX Group PAT Soares 606% To N1.22 Billion In Q3 - National Wire<\/title>\n<meta name=\"description\" content=\"Nigerian Exchange Group Plc (NGX ) has announced its unaudited results for nine months ended 30 September 2023, with aft\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/ngx-group-pat-soares-606-to-n1-22-billion-in-q3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NGX Group PAT Soares 606% To N1.22 Billion In Q3 - 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