Business a.m.
The Nigerian Exchange Group (NGX) has announced that it will pay a N1.5 billion dividend to its shareholders for the financial year ending December 2023. This follows a robust profit after tax of N5.2 billion, which represents a 21 per cent increase over the previous year’s profit of N4.3 billion.
According to the company’s audited financial statements, its gross earnings increased by 57.4 per cent to N11.8 billion in 2023. The growth, it stated,was driven by strong performances in its core revenue streams, including trading and clearing fees, and other income segments
NGX’s trading and clearing fees grew by 52.6 per cent, largely due to the increase in trading activities and the introduction of new fees. Meanwhile, listing fees and rental income rose by 42.2 per cent and 41.8 per cent, respectively, due to an increase in the number of listings and the rental income generated from leasing space in the company’s facilities.
The company’s strategic investments had a significant impact on its bottom line, contributing 5.4 per cent of its gross earnings. This was attributed to the company’s strategic investments in Nigerian capital market assets and its subsidiaries. The investments delivered a 163.6 per cent surge in the company’s revenue, which helped to drive its overall growth in 2023.
Meanwhile, the board of directors of the NGX has proposed a final dividend of 75 Kobo per share for the financial year ended December 31, 2023. This is in addition to the interim dividend of 25 Kobo per share that was paid out in August 2023.
Umaru Kwairanga, Chairman of the NGX Group, expressed his commitment to maximizing shareholder value and delivering value to the company’s stakeholders. Temi Popoola, the CEO of NGX, also stated that he was satisfied with the company’s operational performance and expressed confidence in its trajectory of growth and innovation in the upcoming fiscal year.
