NGX Records 22% Increase In Annual Profit

The Nigerian Exchange Group’s profit after tax increased by 22% at the end of the fiscal year 2021, according to the company’s audited results released on Friday.

The audited results revealed that gross earnings increased by 13% to N6.8 billion from N6.0 billion, while revenue increased by 14.9% from N5 billion in 2020 to N5.8 billion in 2021.

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It also stated that the group’s profit before tax increased by 25.4 percent to N2.4 billion, while profit after tax increased by 22.2 percent to N2.3 billion, compared to N1.84 billion in the same period of 2020.

The increase in revenue was attributed to a 24.8 percent increase in listing fees, which increased to N757.4 million from N606.9 million in 2020; a 4.9 percent increase in treasury investment income; and a 2.1 percent increase in transaction fees, which increased to N2.9 billion from N2.8 billion in 2020.

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Further examination of the NGX group’s results revealed that its return on equity increased by 70 basis points to 6.6 percent, while its return on assets increased by 70 basis points to 5.9%, up from 5.2 percent in 2020.
“We are delighted at the progress reported for FY 2021 across strategic, operational, and financial aspects of the Group’s business,” said Abimbola Ogunbanjo, Chairman, NGX Group.