BusinessNigerian Exchange Group Posts 138.3% Growth in Gross Earnings to N4.2bn

Nigerian Exchange Group Posts 138.3% Growth in Gross Earnings to N4.2bn

August 07, (THEWILL) – The Nigerian Exchange Group Plc has released its unaudited results for the half year ended 30 June 2022

Gross earnings recorded a significant growth of 138.3 per cent to N4.22 billion from N1.77 billion as of June 2021 benefitting primarily from a 140.4 per cent growth in revenue (91 per cent of gross earnings), and 119.6 per cent growth in other income (9 per cent of gross earnings).

For instance, revenue growth of 140.4 per cent (N2.23 billion) to N3.82 billion in June 2022 from N1.58 billion recorded in June 2021 was driven by: 165.1 per cent growth in treasury investment income (26.6 per cent of revenue) to N1,017.4 million in June 2022 relative to N383.7 million in the comparative period in 2021 driven largely by relatively higher yields on the Group’s treasury bills, bonds and fixed deposit investments. Commenting, Mr. Oscar N. Onyema OON, the Group Managing Director/Chief Executive Officer, said: “In 2021, we took strategic steps to reorganise our business by laying the foundation for the rebirth of our franchise as we became a fully-fledged for-profit making company with a clear focus on maximizing resources and improving stakeholder returns. Our performance in the first half of 2022 is a testament to our ability to deliver long-term value.

Glo

“We recorded impressive growth in our top line to deliver a profit before tax of N1.22 billion despite the peculiar challenges inherent in our operating environment. Our goal remains to sustain our position as a leading integrated market infrastructure group in Africa, by diversifying our revenue streams, and identifying and investing in new businesses. We remain focused on building formidable businesses through broader and deeper involvement in every sphere of the capital market value chain through informed investments in profitable verticals and enhanced risk management practices, without losing sight of emerging opportunities in unrelated businesses within the Sub-Saharan African region.

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