April 14, 2024

  • Bitcoin(BTC)$24,383.00-1.66%
  • Ethereum(ETH)$1,657.83-2.53%
  • Tether(USDT)$1.000.18%
  • BNB(BNB)$310.23-1.26%
  • USD Coin(USDC)$1.000.10%
  • XRP(XRP)$0.39-0.81%
  • Binance USD(BUSD)$1.000.05%
  • Cardano(ADA)$0.39-2.73%
  • Dogecoin(DOGE)$0.09-2.67%
  • Polygon(MATIC)$1.38-6.66%
parkisgold-zz

Increased Expenses Erodes NGX Revenue, Profit Drops by 68.9%

0 71
market - NGX

CEM REPORT, MARKET | With N6.17 billion in revenue, the Nigerian Exchange Group Plc closed the year 2022 with a 6.8 per cent increase in revenue compared to the previous year.

The increase in revenue according to the Group’s audited result for the year ended December 31, 2022 can be traced to the 51.2 per cent increase recorded in treasury investment income.

The report also reveals an increase in transaction fees to 51.2 per cent year-on-year (YoY) of revenue, which also grew by nine per cent YoY to N3.2 billion.

parkisgold-zz

However, NGX Group closed the year under review with N823 million profit before income tax from N2.4 billion in the corresponding period.

The Group also recorded a 68.9 per cent decline in profit after income tax to N688.5 million in 2022 from N2.2 billion reported in 2021, resulting in a significant decline in profit after tax margin to 9.3 per cent in 2022 from 33.1 per cent recorded in 2021.

The decline can be trace to an increase in expenses by 35.5 per cent to N8.8 billion from N6.5 billion in 2021.

The expenses’ column was driven by borrowings while personnel expenses contributed about 42 per cent of total expenses also grew by 13.1 per cent to N3.7 billion from N3.2 billion in 2021.

However, operational expenses fell by 7.7 per cent. A total of 28.4 per cent was recorded as total expenses, accounting for N2.5 billion in 2022 from N2.7 billion in 2021.

[READ ALSO] Banking Sector Asset Boost by 24% – CBN

The Group closed 2022 with total assets expanding by 50.7 per cent to N57.1 billion. This was driven primarily by 101.4 per cent growth in investment in associates to N29.7 billion from N14.8 billion in 2021 and a 57.4 per cent growth in long-term investment securities to N16.3 billion.

Furthermore, the Group Managing Director/Chief Executive Officer, NGX Group, Oscar Onyema, in a statement, said: “Our top-line expansion drove a 70.6per cent increase in Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2022.”

Share this

Leave a Comment

parkisgold-zz
glo advert
WP Twitter Auto Publish Powered By : XYZScripts.com