NGX records N1.22bn profit after tax in Q3 2023

The Nigerian Exchange Group (NGX) reported a significant increase in its profit after tax for the third quarter of 2023. 

The company’s profit reached N1.22 billion, representing a remarkable 606.2 percent growth compared to the N172.7 million recorded in the same period of 2022.

The Managing Director and Chief Executive Officer of NGX Group, Oscar Onyema recently commented on the company’s performance, highlighting this impressive financial achievement.

According to the unaudited report, the group’s revenue increased by 19.6 percent to N5.95 billion in the period under review from N4.97 billion as of September 2022, driven by a decrease of 5.9 percent in treasury investment income, which constituted 24.2 percent of the revenue, resulting in N1.42 billion.

Onyema attributed the revenue growth to the prevailing positive sentiment within the Nigerian capital market ecosystem following the emergence of a new administration.

He said, “Amid the diverse economic challenges and opportunities that characterised the year, NGX Group has demonstrated remarkable resilience by achieving a seven-fold increase in profit after tax, reaching an impressive N1.2 billion.

“This outstanding performance is a testament to our unwavering commitment to bolstering the growth and stability of the Nigerian capital market. It also reflects the positive sentiment prevailing within the ecosystem in light of the pro-market stance of the new administration.”