NGX Group has reported a significant profit before tax (PBT) of N13.6 billion for the year ending 31 December 2024, marking a remarkable 157.3% increase compared to N5.27 billion in 2023. This growth is attributed to a combination of strategic cost optimisation, increased market participation, and robust revenue growth. The group’s gross earnings surged by 103.2%, reaching N24 billion, driven by strong performance across key revenue streams, particularly transaction fees, listing fees, and technology-related income.
The group’s transaction fees rose by 64%, reflecting heightened market activity, while listing fees increased by a staggering 397.1%, signaling a strong capital market participation. Technology-related income grew by 105%, underscoring the success of NGX Group’s digital transformation efforts. Other fees also saw a substantial growth of 174.8%, further solidifying the Group’s diversified revenue base. This financial success led to the approval of a record N4.4 billion dividend, the highest in the company’s history, demonstrating its commitment to delivering value to shareholders.
Dr. Umaru Kwairanga, the Group Chairman, highlighted that these results mark a significant milestone in NGX Group’s post-demutualisation journey, reinforcing investor confidence in its long-term vision. He emphasized the Group’s commitment to rewarding shareholders and positioning NGX as a key player in capital market development, with a focus on innovation and sustainable value creation. The group’s investments in market infrastructure and strategic initiatives, like NGX Invest and the expansion into the Ethiopian Securities Exchange, further strengthened its regional presence.
The Group’s outstanding performance in 2024 reflects its strategic focus on growth, innovation, and operational efficiency. Group Managing Director Temi Popoola attributed the remarkable profit increase to the effective execution of their strategy and the group’s dedication to technology and market data solutions. Looking forward, NGX Group plans to deepen market participation, broaden investment opportunities, and continue investing in infrastructure and innovation to ensure long-term growth and strengthen its position as a leader in Africa’s financial landscape.
SOURCE: GUARDIAN