The Nigerian Exchanges Group said the recent general election and the Central Bank of Nigeria’s rebalancing policy had a negative impact on its earnings. This represents a 20.5% decrease to N1.33 billion in Q1 2023 compared to N1.67 billion in Q1 2022.
This was disclosed in its unaudited results for the first quarter ended March 31, 2023.The group said it recorded “A 14.2 per cent year-on-year decline in gross earnings to N1.56bn (Q1 2022: N1.82bn), driven by a 20.5 per cent dip in revenue following a period of high economic and socio-political uncertainty.
In contrast, other income increased by 57.7%, making up for the decline in sales. However, the group recorded his 44.6% increase in listing fees from his N123.9 million in Q1 2022 to his N179.2 million in Q1 2023.