NGX Announces 2023 Financial Statements, Makes N5.2B PAT

Nigerian Exchange Group Plc has announced its full-year audited financial statements for 2023, which ended December 31, with a Profit After Tax (PAT) of N5.2 billion and a declaration of a final dividend of N1.5 billion.

In a statement by its Head of marketing & Corporate Communications, Clifford Akpolo, the Group experienced a surge in gross earnings, rising by 57.4 percent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022.

This growth, he explained, was attributed to performances in core revenue and other income segments.

Akpolo said: “Notably, transaction fees rose by 52.6 percent, driven by increased trading activities, while listing fees and rental income increased by 42.2 percent and 41.8 percent, respectively. Strategic investments also contributed to a 5.4 percent boost in treasury investment income.”

The Board approved a final dividend of N1.5 billion at 75 Kobo per share for the year ended 31st December 2023, according to the company’s communications head.

This, he emphasised was in addition to an interim dividend of N495.53 million at 25 Kobo per share paid in August 2023, bringing the total dividend for FY 2023 to N1 per share.

Regarding the dividend, the Group Chairman of NGX Group, Umaru Kwairanga, expressed profound satisfaction and optimism, stating, “Today’s announcement of both the financial results and dividend pay-out is a testament to NGX Group’s unwavering commitment to maximising shareholder value and the resilience of our financial position.

The Group Chief Executive Officer of NGX Group, Temi Popoola, expressed satisfaction with the Company’s operational performance.

He said: “I am pleased with the significant improvement in NGX Group’s operational performance. We have witnessed notable increases in the transaction and listing fees, as well as in rental and treasury investment income.”

Popoola assured of the Group’s commitment to continue its trajectory of growth, innovation, and value creation for its stakeholders in the upcoming fiscal year.

NGX Group’s financial metrics highlight a substantial turnaround and operational success.

Operating profit reversed from a loss to a gain of N433 million, a 130.2 percent improvement, reflecting operational efficiency and profitability transformation.

Profit before income tax skyrocketed by 639 percent, reaching N5.27 billion, driven by strong revenue performance and optimised cost management.

This was capped by a 788 percent surge in after-tax profit to N5.25 billion, with an improved profit after-tax margin of 44.49 percent, showcasing the Group’s financial health and earnings quality.