NGX Group records 13.6bn profit before tax in 2024

The Nigerian Exchange Group (NGX Group) says it recorded a profit before tax of N13.6 billion, marking 157.3 per cent year-on-year growth.

The group said this in its 2024 audited financial results sent to the Exchange as corporate disclosure and signed by the Acting Company Secretary, NGX, Mr Izuchukwu Akpa, on Saturday in Lagos.

Akpa said that the performance was driven by robust revenue expansion, strategic cost optimisation, and increased market participation, reflecting the group’s resilience and financial strength.

According to him, the group’s gross earnings surged by 103.2 per cent to N24.0 billion in the 2024 financial year, up from N11.8 billion in the previous year.

He said this was propelled by significant growth across key revenue streams as transaction fees rose 64.0 per cent, driven by heightened market activity.

“Listing fees increased by 397.1 per cent, reflecting stronger capital market participation. Technology-related income grew by 105 per cent reflecting the success of the group’s digital transformation efforts.

“Other fees recorded a 174.8 per cent growth, reinforcing the group’s diversified revenue base. Treasury investment income climbed 45.6 per cent, highlighting NGX Group’s effective asset management.

“Market data revenue grew by 100.5 per cent, contributing to a 102.6 per cent rise in other income, which now accounts for 29.6 per cent of gross earnings,” he said.

Akpan noted that the group also recorded the highest dividend in its history.

He said that in recognition of the exceptional performance, the Board of Directors had approved a final dividend of N4.4 billion, translating to N2.00 per share which was the highest dividend payout in the group’s history.

“This decision reaffirms NGX Group’s commitment to delivering value to shareholders while maintaining a strong capital position,” he added.

Commenting on the results, its Group Chairman, Dr Umaru Kwairanga, said, “These results mark a pivotal moment in NGX group’s post-demutualisation growth journey, reinforcing investor confidence in our long-term vision.

“The approval of a record N4.4 billion dividend demonstrates our unwavering commitment to rewarding shareholders while positioning NGX Group as a key driver of capital market development.

“As we continue to invest in market infrastructure and innovation, we remain focused on creating sustainable value for all stakeholders.

“The NGX Group under my leadership is focused on harnessing the entrepreneurial and innovative spirit of Nigeria’s private sector to drive the economy to greater heights.”

Kwairanga noted that the NGX’s outstanding financial performance in 2024 reflected the success of its strategic expansion and innovation agenda.

He said this included the launch of NGX Invest, which had facilitated N1.845 trillion in capital raises for the banking sector, enhancing liquidity and investor participation.

He said another strategy was the expansion into new markets, marked by a strategic investment in the Ethiopian Securities Exchange (ESX), reinforcing the group’s regional footprint.

“Also, workforce optimisation and operational efficiency initiatives, leading to improved cost management and productivity is also one of the strategic milestones that drove growth in 2024,” he said.

Also, Mr Temi Popoola, NGX’s Group Managing Director and Chief Executive Officer, said, “NGX Group’s remarkable performance in 2024 reflects our strategic focus on execution, operational excellence, and innovation.

“The 157.3 per cent increase in profit before tax underscores the strength of our execution strategy and the dedication of our team.

“This is by leveraging technology, expanding market data solutions, and strengthening our partnerships, we have built a more resilient and diversified business model that positions us for sustained growth.”

Looking ahead, Popoola said that the group remained committed to deepening market participation, broadening investment opportunities, and driving efficiency across the capital market ecosystem.

“We will continue investing in innovation, enhancing market infrastructure, and developing new platforms that improve accessibility and attract a wider range of investors.

“Through these efforts, we are shaping NGX Group into a leading force in Africa’s financial landscape, delivering sustainable value for all stakeholders.”

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