In the third quarter of 2023, the Nigerian Exchange Group reported a profit after tax of N1.22 billion. This figure represents a remarkable 606.2% increase when compared to the N172.7 million recorded in the same period in 2022.
Oscar Onyema, the Managing Director/Chief Executive Officer of NGX Group, recently shared this information while discussing the company’s performance.
According to the unaudited report, the group’s revenue also saw a significant 19.6% rise, reaching N5.95 billion during the period under review, compared to N4.97 billion in September 2022. This growth was primarily driven by a 5.9% reduction in treasury investment income, which constituted 24.2% of the revenue and amounted to N1.42 billion.
Onyema attributed the growth in revenue to the positive sentiment prevailing in the Nigerian capital market ecosystem, particularly 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”.
