We remain equipped to sustain market dominance – NGX Group
Nigerian Exchange Group (NGX) Plc said it has well-defined strategies and is equipped to sustain market dominance.
The Group Chief Executive, Oscar N. Onyema, made this known during the Group’s Full Year (FY) 2021 Investor and Analyst Presentation via Zoom on Thursday.
Presenting the 2021 highlights of the Group’s performance, Onyema explained that the NGX Group went through a restructuring of its business to refine its business model and become active along the entire capital market value chain.
He said that NGX Group in 2021, focused on formulating and executing the strategy of the Holding company by building a multi-exchange business with diversified revenues, raising capital and optimizing corporate governance structure, and eliminating redundancy through shared services that are used by multiple divisions across the group. While breaking down the group’s income streams, Onyema explained that the revenue of the non-operating Holdco is made up of dividends and treasury investment income while adding that the Holding company is working with its various subsidiaries and associate companies to optimize their strategy and increase profitability, which will support the upstreaming of dividends.
He said, “Nigerian Exchange Limited (NGX), in collaboration with the Group, continues to focus on four pillars of community, marketplace, workplace, and environment to drive sustainability. Furthermore, NGX has digitized its ecosystem to promote more retail participation, and it is leveraging and investing in global market-driven technology, improving the listing universe, and working closely with regulators to enhance ease of doing transactions for issuers. At NGX Group, we have clear and well-defined strategies and are equipped to sustain market dominance”.
Speaking further, the Group’s Chief Financial Officer, Cyril Eigbobo, said, the NGX Group’s gross earnings grew to N6.78 billion from N6.02 billion, resulting in a 13 percent increase. He added that the group’s profit before tax (PBT) increased by 25.4 percent to N2.39 billion while its profit after tax (PAT) rose by 22.2 percent to N2.25 billion from N1.84 billion recorded in the corresponding period of 2020.
According to him, the jump in the Group’s revenue which rose by 14.9 percent from N5 billion recorded in 2020 to N5.8 billion in 2021, was driven by a 24.8 percent growth in listing fees which grew to N757.4 million as against N606.9 million in 2020, 4.9 percent growth in its treasury investment income and a 2.1 percent growth in the transaction fees which rose to N2.9 billion from N2.8 billion recorded in 2020.
