Nigerian Exchange Group reports 157% surge in 2024 pre-tax profit

By bne IntelliNews March 3, 2025

The Nigerian Exchange Group (NGX Group) reported a 157% year-on-year increase in pre-tax profit to NGN13.6bn ($9mn) in 2024, up from NGN5.3bn ($3.5mn) in 2023.

In response to the strong performance, the bourse's Board of Directors approved a record dividend, with a total payout of NGN4.4bn ($3mn).

According to the group’s audited financial statements for the year ended 31 December 2024, gross earnings more than doubled to NGN24bn ($16mn), representing a 103.24% increase from 2023. The rise was driven by a 64% growth in transaction fees, a 397.1% surge in listing fees, and a 105% increase in technology-related income.

In a statement accompanying the results, NGX Group also highlighted a 45.6% increase in treasury investment income and a 100.5% rise in market data revenue.

Group Chairman Alhaji Dr. Umaru Kwairanga described the results as a "pivotal moment in NGX Group’s post-demutualisation growth journey,” while Group Chief Executive Officer Temi Popoola credited the performance to strategic execution and operational resilience.

“The 157.3% increase in profit before tax underscores the strength of our execution strategy and the dedication of our team” Popoola said. “By leveraging technology, expanding market data solutions, and strengthening our partnerships, we have built a more resilient and diversified business model that positions us for sustained growth.”

#bna #nigeria #ngx #equities #stocks #NGX

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