Nigerian Exchange Group reported its 2023 second-quarter results showing pre-tax profits fell 63% to N319 million.
This took the half-year pre-tax profits to N726 million versus N1.223 billion in the same period last year.
NGX also reported a loss before investee income of N16.86 million in the year’s second quarter due to a drop in total income and an increase in operating expenses.
Key highlights 2023 02:
- Total income to N2.125 billion -11.14% YoY
- Total Operating expenses N1.5 billion +3.81%. YoY
- Operating profit N625 million -33.98% YoY
- Finance cost N642 million -1.8% YoY
- Loss before investee income (N16.86) million -105.5% YoY
- Share of profit-equity accounted investees N336 million -41.56% YoY.
- Investment in Associates N27.832 billion -6.33% YoY.
- Investment in securities N16.503 billion; +1.06% YoY
- Total Assets N54.94 billion -3.72% YoY
- Net cash flow from operating activities (N4.193) billion YoY
Insights
NGX earnings were impacted by a reduction in transaction fees and were a major reason for the decline in pre-tax profits before the Share of profit-equity accounted investee.
- Share of profit-equity accounted investee contributed N335.5 million to the bottom line helping boost profits.
- The company earnings were also impacted by higher personnel cost
- NGX also generated negative operating cash flow during the quarter.
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