Rise in treasury investment lifts NGX full-year revenue by N6.17b
The Nigerian Exchange Group Plc has achieved N6.17 billion revenue in its 2022 operations, 6.8 per cent higher than N5.78 billion recorded in the comparative period.
The Group’s audited result for the year ended December 31, 2022 showed close to seven per cent rise in revenue from N5.78 billion to N6.17 billion.
According to the Group, the increase was due to 51.2 per cent appreciation recorded in treasury investment income, which rose to N2 billion in 2022 from N1.3 billion posted in 2021.
The Group also noted that transaction fees increased to 51.2 per cent year-on-year (YoY) of revenue, which also grew by nine per cent YoY to N3.2 billion.
Total expenses grew by 35.5 per cent to N8.8 billion from N6.5 billion in 2021, driven by interest expense on borrowings while personnel expenses that contributed about 42 per cent of total expenses also grew by 13.1 per cent to N3.7 billion from N3.2 billion in 2021.
Its operating expenses, which accounted for 28.4 per cent of total expenses, fell by 7.7 per cent to N2.5 billion in 2022 from N2.7 billion in 2021.
NGX Group closed the year under review with N823 million profit before income tax from N2.4 billion in the corresponding period.
The Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema, in a statement, said: “NGX Group continued to bed-down its operations post demutualisation and restructuring.
“Despite the economic headwinds affecting the country, as demonstrated by our year-end results, we have continued to create lasting value.
“Our top-line expansion drove a 70.6per cent increase in Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2022.
“In the same year, the Group leveraged its strong equity position and strategically increased its investment in an associate company in order to drive growth, boost efficiency and further maximize overall shareholder value.
“However, the bottom-line operating performance slipped mainly due to the interest expenses resulting from borrowing to fulfil the strategic acquisition.
“Deepening value creation in subsidiaries and expansion into adjacent businesses will drive our growth.
As an organisation, we remain committed to becoming Africa’s preeminent integrated market infrastructure group.”
The Group closed 2022 with total assets expanding by 50.7 per cent to N57.1 billion. This was driven primarily by 101.4 per cent growth in investment in associates to N29.7 billion from N14.8 billion in 2021 and a 57.4 per cent growth in long-term investment securities to N16.3 billion.