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Nigerian Exchange Group Posts 332% Profit in Q1 ’24

Following its recently concluded Annual General Meeting, Nigerian Exchange Group Plc (NGX Group) has unveiled the Q1 2024 results, signaling a promising trajectory for the company. The Group reported an impressive N2 billion in Profit before Tax, bolstered by robust growth in operating margins and operational efficiencies.

Profit after Tax soared to N1.3 billion, marking a remarkable 332% increase from the N310 million recorded in Q1 2023. This exceptional performance underscores the group’s unwavering commitment to excellence and strategic growth initiatives.

During the AGM, NGX Group announced its plans to capitalise on digital distribution for the upcoming recapitalisation exercises mandated by the Central Bank of Nigeria. Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board. These decisive moves align with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.

In a bid to secure long-term sustainability and drive growth, NGX Group implemented a strategic optimisation initiative. This comprehensive plan encompasses a strategic reduction in workforce size, accompanied by significant salary increases for retained staff. The initiative aims to streamline operations, enhance efficiency, and optimise resources, fostering a more competitive and agile organisation. The exercise follows a thorough review of the group’s operations, which revealed opportunities for optimisation and improved competitiveness. NGX Group remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organisation poised for sustainable growth.

The recent approval by shareholders of a N10 billion capital raise underscores investor confidence in NGX Group’s strategic direction and its unwavering commitment to driving sustainable growth and value creation.

NGX Group remains dedicated to serving its customers, partners, and stakeholders, confident that these strategic measures will pave the way for future success. The company’s focus remains on innovation, customer satisfaction, and building a resilient organisation poised for growth.

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