Sunday, September 28, 2025
24.2 C
Lagos

NGX Group Reports 157.3% Surge in Profit Before Tax to N13.6bn in 2024

The Nigerian Exchange Group Plc (NGX Group) has announced its audited financial results for the year ended 31 December 2024, delivering a record-breaking profit before tax (PBT) of N13.6 billion, marking an impressive 157.3% year-on-year growth.

This strong performance was driven by robust revenue expansion, strategic cost optimization, and increased market participation, reflecting the Group’s resilience and financial strength.

The Group’s gross earnings surged by 103.2% to N24.0 billion in FY 2024, up from N11.8 billion in the previous year, propelled by significant growth across key revenue streams:

  • Transaction fees rose 64.0%, driven by heightened market activity.
  • Listing fees increased by 397.1%, reflecting stronger capital market participation.
  • Technology related income grew by 105%, reflecting the success of the group’s digital transformation efforts
  • Other fees recorded a 174.8% growth, reinforcing the Group’s diversified revenue base.
  • Treasury investment income climbed 45.6%, highlighting NGX Group’s effective asset management.
  • Market data revenue grew by 100.5%, contributing to a 102.6% rise in other income, which now accounts for 29.6% of gross earnings. 

NGX Group Declares Highest Dividend in its History

In recognition of this exceptional performance, the Board of Directors has approved a final dividend of N4.4 billion, translating to N2.00 per share, 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.

Speaking on the results, Group Chairman, NGX Group, Alhaji Dr. Umaru Kwairanga stated: “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.” 

Strategic Milestones Driving Growth

NGX Group’s outstanding financial performance in 2024 reflects the success of its strategic expansion and innovation agenda, including:

  • The launch of NGX Invest, which has facilitated N1.845 trillion in capital raises for the banking sector, enhancing liquidity and investor participation.
  • Expansion into new markets, marked by a strategic investment in the Ethiopian Securities Exchange (ESX), reinforcing the Group’s regional footprint.
  • Workforce optimisation and operational efficiency initiatives, leading to improved cost management and productivity.

Group Managing Director/Chief Executive Officer, Mr. Temi Popoola, commented: “NGX Group’s remarkable performance in 2024 reflects our strategic focus on execution, operational excellence, and innovation. The 157.3% increase in profit before tax underscores the strength of our execution strategy and the dedication of our team. 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, we remain 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.”

Positioned for Sustainable Growth

With a solid capital base, strong revenue diversification, and a commitment to innovation, NGX Group remains well-positioned to drive capital market development in Nigeria and across Africa. By continuously enhancing market infrastructure, expanding investment opportunities, and fostering financial inclusion, NGX Group is reinforcing its role as a key enabler of economic growth and prosperity.

 

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

FOR THE RECORD

Address by Prince Julius Adelusi-Adeluyi, OFR, mni, Chairman, MTN...

Heirs Insurance Floats ₦5m Grant to Empower Retirees, Pre-Retirees

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has launched...

CIBN Accredits Ecobank Academy, Lauds State-Of-The-Art Equipment

The Chartered Institute of Bankers of Nigeria (CIBN) has...

TOTAL Reiterates Commitment to Providing Clean Energy

Total Exploration and Production Nigeria Limited has reiterated its...

RMB Nigeria Concludes ₦40bn Multi-Instrument Issuance Programme with SEC

RMB Nigeria Issuance SPV Plc, a funding vehicle incorporated...

Nigeria Seeks World Bank Support to Recover $320m Abacha Loot

President of Nigeria, Muhamadu Buhari, asked World Bank’s help...

Samsung Launches QLED TV 2018 Edition into Nigerian Market

Samsung Electronics West Africa has launched its newest and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img