Nigerian Exchange Group (NGX group) has released its financial result for the year ended December 31,2022, reporting revenue of N6.170 billion.
The amount represents an increase of 6.8 per cent against N5.78 billion reported in the preceding year.
The NGX audited result released on Thursday showed that gross earnings grew by 10.30 per cent to N7.499 billion from N6.79 billion achieved in the comparative period of last year.
Personnel expenses stood at N3.664 billion from N3.239 billion reported in the preceding year while total expenses grew by 35.5 per cent to N8.827 billion from N6.516 billion recorded in the comparative period of 2021.
The NGX recorded profit before tax of N823.0 million, a drop of 65.7 per cent compared with N2.401 billion posted in 2021 while profit for year declined by 68.9 per cent to N698.5 million from N2.248 billion made in the preceding period.
Commenting on the result, the group managing director/Chief Executive Officer, Oscar Onyema said “NGX group continued to bed-down it’s operations post demutualisation and restructuring. Despite the economic headwinds affecting the country, as demonstrated by our year and results, we have continued to create lasting value. Our top line expansion drove a 70.6 per cent increase in earnings before interest, taxes, depreciation and Amortization EBITDA in 2022.
In the same year, the group leveraged it’s strong equity position and strategically increased it’s investment in an associate company in order to drive growth boost efficiency and further maximise overall shareholders value. However, the bottom line operating performance slipped mainly due to the interest expenses resulting from borrowing to fulfil the strategic acquisition mentioned above.
” Our growth will be driven by deepening value creation in subsidiaries and expansion into adjacent business.
“As an organization, we remain committed to becoming Africa preeminent integrated market infrastructure group.”