NGX Group records 26.5% profit growth to N1.73bn in 9 months

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By Favour Nnabugwu

 

The newly listed NGX Group Plc, the holding company of Nigerian Exchange Limited (NGX), has reported 26.5 percent growth in its Profit Before Tax (PBT) to N1.73 billion for the nine months ended September 30, 2021 as against N1.37 billion posted in the corresponding period in 2020.

The Group’s revenue for the period also grew to N4.39 billion from N3.78 billion, representing 15.9 percent increase.

Highlights of the Group financial statement released on the NGX today showed that total expenses was up 12.23 percent to N4.15 billion driven by 11.1 percent and 20.9 percent increase in staff cost and operating expenses respectively.

Total assets for the period rose by 3.2 percent to N24.32 billion from N23.57 billion.

It would be recalled that following its successful demutualisation on March and restructuring of the former Nigerian Stock Exchange and its related operations within the new NGX Group , the firm, on October 15, 2021, listed two billion ordinary shares by introduction on the Main Board of the Exchange, thereby giving minority shareholders the opportunity to buy into the Group.G

The Group Managing Director/Chief Executive Officer, NGX Group, Mr Oscar Onyema speaking on the listing, said: “The demutualisation of the Nigerian Stock Exchange created the opportunity to restructure and reposition the organisation to achieve our expanded vision to be the preferred and premier exchange hub for Nigerian businesses and the wider African economy.

“The most significant benefit of our listing on the NGX exchange is the ability it gives us to drive inorganic growth as we add new subsidiaries and business lines that complement our business.

“This new era is, indeed,very exciting for us and we look forward to many possibilities achievable from deepening our various partnerships.”

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