By Adedapo Adesanya
NASD Plc recorded a profit after tax (PAT) of N24.2 million for the first quarter of 2020, higher by 73 percent than the N14.0 million reported in the same period of 2019.
According to the unaudited statement of the securities exchange company, which has a platform for trading of stocks of unquoted public organisations, its profit before tax (PBT) was also at N24.2 million in Q1 2020 as against N14.0 million in Q1 2019.
The firm, which also trades its stocks on its platform, said it raked N53.5 million from fees and commission income, higher than N38.3 million generated in the corresponding period of last year by 39.7 percent.
In the results, the employment benefits and compensation benefits incurred in the period under review increased to N22.7 million from N20.8 million in the same period last year.
Other operating expenses were flat at N20.3 million over the two comparative periods despite efforts to cut down the trading costs, marketing expenses, consultancy fees, travelling expenses and training costs..
In the first three months of this year, NASD Plc said it recorded an operating profit of N10.5 million compared with an operating loss of N2.8 million in the same time of last year.
However, the company suffered an 18.5 percent decrease in interest income, recording N13.7 million in the first quarter of 2020 in contrast to N16.8 million recorded in the first quarter of 2019.
Business Post observed that NASD Plc did not pay tax in the period under review and the company explained in the financial statements that, “The company’s income tax for 2019 would be determined after the profit figure is verified by the auditors due to its carried forward unrelieved losses situation (2018: nil). Minimum tax would be computed if situation persist for 2019.”
On its balance sheet, the total assets stood at N701.4 million as at March 31, 2020 compared with N660.8 million as at December 31, 2020, while the total liabilities stood at N36.3 million versus N19.9 million in three months earlier.
NASD Plc said its investment in securities stood at N103.1 million in Q1 2020 as against N440.8 million in FY 2019. This is made up of N103.1 million invested in bonds in Q1 2020 versus N159.8 million in FY 2019 and no investment in treasury bills in the period under review in contrast to N281.1 million in December 2019.
Modupe Gbadeyanka