By Aduragbemi Omiyale
In the first quarter of 2024, the Nigerian Exchange (NGX) Group Plc recorded an impressive performance, with the post-tax profit surging by 332 per cent to N1.3 billion from the N310 million achieved in the same period of last year.
In its Q1 2024 numbers filed to NGX Limited, the firm stated that its pre-tax profit rose N2 billion as a result of robust growth in operating margins and operational efficiencies, signalling a promising trajectory for the company and underscoring its unwavering commitment to excellence and strategic growth initiatives.
Recall that at the last Annual General Meeting (AGM) of the NGX Group, the board announced its plans to capitalise on digital distribution for the forthcoming recapitalisation exercises mandated by the Central Bank of Nigeria (CBN).
Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board. These decisive moves align with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.
In a bid to secure long-term sustainability and drive growth, NGX Group implemented a strategic optimization initiative. This comprehensive plan encompasses a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.
The initiative aims to streamline operations, enhance efficiency, and optimize resources, fostering a more competitive and agile organization. The exercise follows a thorough review of the group’s operations, which revealed opportunities for optimization and improved competitiveness.
NGX Group remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organization poised for sustainable growth.
The recent approval by shareholders of a N10 billion capital raise underscores investor confidence in NGX Group’s strategic direction and its unwavering commitment to driving sustainable growth and value creation.
Adedapo Adesanya