By Aduragbemi Omiyale
A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year.
This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year.
In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and other income segments improved in the period under review.
Notably, transaction fees rose by 52.6 per cent, driven by increased trading activities, while listing fees and rental income increased by 42.2 per cent and 41.8 per cent, respectively. Strategic investments also contributed to a 5.4 per cent boost in treasury investment income.
Other income, representing 29.7 per cent of gross earnings, witnessed an unprecedented rise of 163.6 per cent, reaching N3.504 billion.
It stated that key contributors to this surge were market data income, which increased by 44.1 per cent, and an exceptional 304.8 per cent rise in other operating income.
Also, operating profit reversed from a loss to a gain of N433 million, a 130.2 per cent improvement, reflecting operational efficiency and profitability transformation.
Profit before income tax skyrocketed by 639 per cent, reaching N5.27 billion, driven by strong revenue performance and optimised cost management.
This was capped by a 788 per cent surge in after-tax profit to N5.25 billion, with an improved profit after-tax margin of 44.49 per cent, showcasing the group’s financial health and earnings quality.
“Today’s announcement of both the financial results and dividend pay-out is a testament to NGX Group’s unwavering commitment to maximising shareholder value and the resilience of our financial position.
“We are elated to reward our shareholders, and this underscores our confidence in the sustainable growth of the company. I would like to reassure all stakeholders that the board and management are focused on positioning NGX Group as the premier financial market infrastructure in Africa,” the chairman of the firm, Mr Umaru Kwairanga, enthused.
On his part, the chief executive, Mr Temi Popoola, said, “I am pleased with the significant improvement in NGX Group’s operational performance.
“We have witnessed notable increases in transaction and listing fees, as well as in rental and treasury investment income.
“Our strategic focus on technology income and other streams, along with strong capital allocation, has led to a notable increase in return on equity to 13.8 per cent.
“NGX Group is poised to continue its trajectory of growth, innovation, and value creation for its stakeholders in the upcoming fiscal year.”
