The Nigerian Exchange Group Plc (NGX Group) has reported profit before tax of N13.6 billion in 2024, a 157.3% year-on-year increase.
As revealed in its 2024 audited financial statements, the financial performance was driven by strategic cost optimisation, revenue growth, and increased market participation.
The Group’s gross earnings surged by 103.2%, reaching N24 billion, up from N11.8 billion in 2023. This resulted from increases across key revenue streams:
- Transaction fees: Up 64% to N7.9 billion (from N4.8 billion)
- Listing fees: Skyrocketed 397.1% to N5.4 billion (from N1.1 billion)
- Technology-related income: Increased by 105%
- Other fees: Rose 174.8% to N273.3 million (from N99.4 million)
- Market data revenue: Grew 100.5%, contributing to a 102.6% rise in other income, now accounting for 29.6% of total earnings
In addition, NGX Group recorded:
- Profit after tax:9 billion, up 88.9% (from N5.2 billion)
- Operating profit:1 billion, surging 1,791% (from N433 million)
- Earnings per share: 50, up from 2.43
- Total assets: N68 billion, reflecting a 13.7% increase (from N59.8 billion)
- Liabilities: Reduced by 4.34% to N19.4 billion (from N20.3 billion)
Dividend Declaration and Shareholder Returns
NGX Group has declared a dividend of N2 per ordinary share (0.50 kobo each), subject to withholding tax and shareholder approval.
The dividend will be paid to shareholders whose names appear in the Register of Members as of Thursday, March 13, 2025.
Speaking on the performance, Alhaji Dr Umaru Kwairanga, group chairman, said:
“These results mark a pivotal moment in NGX Group’s post-demutualisation journey, reinforcing investor confidence in our long-term vision. The approval of a record N4.4 billion dividend underscores our 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.”
Mr Temi Popoola, managing director/CEO, added:
“NGX Group’s remarkable 2024 performance 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.”
NGX Group seeks to scale up its drive for capital market development in Nigeria and across Africa, leveraging a strong capital base, diversified revenue streams, and a focus on innovation.
