NGX group records 22.2% growth in pre-tax profit

The Nigerian Exchange Group (NGX Group) Plc has released its audited results for the full year ended 31 December 2021, recording gross earning of N6.8 billion. The Group’s audited results revealed that its gross earnings grew by 13 per cent compared to N6.0 billion recorded in the preceding year.

The NGX Revenue rose by 14.9 per cent from N5 billion recorded in 2020 to N5.8 billion in 2021. Also, the group’s profit before tax (PBT) increased by 25.4 per cent to N2.4 billion while its profit after tax (PAT) rose by 22.2 per cent to N2.3 billion from N1.84 billion recorded in the corresponding period of 2020.

According to the Group, the jump in its revenue was driven by a 24.8 per cent growth in listing An analysis of the NGX Group’s result revealed that its return on equity grew by 70 basis points to 6.6 per cent while its return on assets stood at 5.9 per cent from 5.2 per cent recorded in 2020.

Commenting on the results, NGX Group Chairman, Otunba Abimbola Ogunbanjo, stated, “We are delighted at the progress reported for financial year 2021 across strategic, operational and financial aspects of the Group’s business. The Demutualisation and Listing by Introduction were significant and unprecedented milestones for the Group and we would like to thank our stakeholders for their support and trust in the Group’s quest to unlock its true value and diversify its operations and product offerings.

Corroborating his view, the Group’s Managing Director/Chief Executive Officer, Oscar N. Onyema, explained that the Group went through a restructuring of its business to refine its business model, with increased focus on expanding into new business areas, which is reflective in the activities of the Group.