NGX Group Records N820.17m Profit in H1 2022

By InstinctBusiness Aug 9, 2022 0

The Nigerian Exchange Group (NGX Group) has announced its unaudited results for the half year (H1) ended June 30, 2022 with N820.17million profit, representing an increase of 82.4 per cent from N million reported in the half year ended June 30, 2021.

The group’s H1 2022 results also revealed that profit before income tax grew by 134.4per cent to N1.22 billion in H1 2022 from N521.9 million in the corresponding period in 2021 due to impressive growth in the top line which was more than sufficient to mitigate the impact of the increases in key expense lines.

The Group financial performance review also showed that gross earnings recorded a significant growth of 138.3per cent to N4.22 billion in H1 2022 from N1.77 billion as of H1 June 2021 benefitting primarily from a 140.4per cent growth in revenue (91per cent of gross earnings), and 119.6 per cent growth in other income (nine per cent of gross earnings).

Total expenses grew by 102.6per cent from N1.9 billion in H1 2021 to N3.9 billion in H1 2022 primarily driven by a 231.6per cent growth in operating expenses (59.1 per cent of total expenses) to N2.3 billion from N702.9 million in June 2021.

This was largely as a result of a finance cost (57 per cent of operating expenses) of N1.3 billion related to a term loan taken during the period. Personnel expenses (34.4 per cent of total expenses) also grew by 27per cent from N1.01 billion in June 2021 to N1.35 billion during the period under review.

Commenting, the Group Managing Director/Chief Executive Officer, NGX Group, Mr. Oscar Onyema in a statement said: “In 2021, we took strategic steps to reorganise our business by laying the foundation for the rebirth of our franchise as we became a fully-fledged for-profit making company with a clear focus on maximizing resources and improving stakeholder returns.

“Our performance in the first half of 2022 is a testament to our ability to deliver long-term value. We recorded impressive growth in our top line to deliver a profit before tax of N1.22 billion despite the peculiar challenges inherent in our operating environment.

He added that, “Our goal remains to sustain our position as a leading integrated market infrastructure group in Africa, by diversifying our revenue streams, and identifying and investing in new businesses.