Nigerian Exchange Group’s pre-tax profit declined by 63% YoY to N319 million in Q2 according to the information contained in its Q2 2023 results for the period ended June 2023
Furthermore, the company’s profit after tax also experienced a significant drop of 66% YoY to N225 million during the same period.
Key highlights:
- Total income down 11.14% YoY to N2.125 billion
- Transaction Fee: 53.83% of total Income
- Listing Fee: 9.83% of total income
- Total Operating expenses went up 3.81% YoY to N1.5 billion.
- Operating profit at N625 million; down by 33.98% YoY
- Finance cost down 1.8% YoY to N642 million
- Loss before investee income –N16.86 million; -105.5% YoY
- Share of profit-equity accounted investees down 41.56% YoY to N336 million
- Investment in Associates; N27.832; -6.33%
- Investment in securities; N16.503 billion; +1.06%
- Total Assets down 3.72%% to N54.94 billion
Insights:
NGX’s financial performance during Q2 2023 was impacted by both its core operations’ loss and the positive contributions from its investees.
NGX sustained a loss in Q2 2023 when considering the “loss before investee income” figure. The loss before investee income was -N16.86 million, which means the company’s operations resulted in a negative net income of N16.86 million before accounting for any income from its investees. The loss was offset by its share of profit from its subsidiaries.
