The Nigerian Exchange Group Plc delivered an impressive financial performance in the first quarter of 2026, posting a pre-tax profit of N5.98 billion, a 140.5% jump from N2.49 billion recorded in the same period of 2025. The strong earnings reflect increased market activity and improved investor participation across the Exchange, reinforcing the Group’s growing influence in Nigeria’s capital market.
Revenue more than doubled during the period, rising by 102.5% to N7.22 billion from N3.56 billion in Q1 2025. This surge was largely driven by a sharp increase in transaction fees, which climbed to N5.80 billion as trading volumes picked up significantly. Listing fees also contributed positively, signaling continued confidence among companies seeking to raise capital through the Exchange.
Despite rising costs, the Group maintained strong profitability. Operating profit grew by 84.1% to N3.95 billion, supported by revenue expansion outpacing expenses. However, operating costs increased by 58.7% to N3.85 billion due to higher personnel and administrative expenses. Additionally, profit growth was boosted by a notable rise in income from equity-accounted investees, which contributed N2.03 billion to earnings during the quarter.
On the balance sheet, total assets rose to N76.33 billion, driven by increased investments in securities and stronger contributions from associated companies. While liabilities also climbed by 11.4% due to higher tax obligations, shareholders’ equity expanded to N58.68 billion, reflecting retained earnings growth. The Group also reported a significant increase in operating cash flow, highlighting improved liquidity despite ongoing investments in financial assets.
Market reaction to the results was positive, with NGX Group’s stock gaining momentum in intraday trading on April 30, 2026, rising to around N160 per share. The stock has now gained approximately 121% year-to-date, positioning it among the top-performing equities on the Exchange. While the outlook remains strong, analysts note that rising operating expenses and tax pressures could pose risks if not carefully managed, making cost efficiency and sustained trading activity key to maintaining growth.