The Nigerian Exchange Group (NGX Group) has reported Gross Earnings of N4.2 billion for the half-year ended June 30.
According to its unaudited results for the period, the gross earnings, which represented a growth of 138.3% from N1.77 billion recorded as of June 2021, benefitted primarily from a 140.4% growth in revenue and a 119.6% growth in other incomes.
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The group noted that the revenue growth of 140.4% from N1.58bn recorded in June 2021 to N3.82 billion in June 2022 was driven by 165.1% growth in treasury investment income (26.6% of revenue) to N1,017.4 million in June 2022 relative to N383.7 million in the comparative period in 2021 as a result of the relatively higher yields on the group’s treasury bills, bonds and fixed deposit investments.
It also reported an operating profit of N273.2 million from an operating loss of N177.2 million in June 2021, as a result of the growth in gross earnings.
Profit before income tax grew by 134.4% to N1.22 billion in June 2022 from N521.9 million in the corresponding period in 2021, while profit after income tax grew by 82.4% to N820.2 million from N449.7 million.
While its total assets rose by 59.9% to N39.8 billion from N24.9 billion in December 2021, total expenses grew by 102.6% from N1.9 billion in June 2021 to N3.9 billion in June 2022 primarily driven by a 231.6% growth in operating expenses to N2.3 billion from N702.9 million in June 2021.
Commenting, Mr Oscar N. Onyema OON, the Group Managing Director/Chief Executive Officer, said: “In 2021, we took strategic steps to reorganise our business by laying the foundation for the rebirth of our franchise as we became a fully-fledged for-profit making company with a clear focus on maximising resources and improving stakeholder returns.
“Our performance in the first half of 2022 is a testament to our ability to deliver long-term value. We recorded impressive growth in our top line to deliver a profit before tax of N1.22 billion despite the peculiar challenges inherent in our operating environment,” he said.
He noted that the goal of the group is to sustain its position as a leading integrated market infrastructure group in Africa by diversifying its revenue streams, and identifying and investing in new businesses.
“We remain focused on building formidable businesses through broader and deeper involvement in every sphere of the capital market value chain through informed investments in profitable verticals and enhanced risk management practices, without losing sight of emerging opportunities in unrelated businesses within the sub-Saharan African region,” he said.
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