Nigerian Exchange Group (NGX Group) Plc has assured that it has well-defined strategies to sustain market dominance.
Group Chief Executive, Nigerian Exchange Group (NGX Group) Plc, Oscar Onyema, made this known during the virtual presentation of the company’s 2021 results to investors and analysts.
Onyema explained that the NGX Group went through a restructuring of its business to refine its business model and become active along the entire capital market value chain.
He said the group focused on formulating and executing the strategy of the holding company by building a multi-exchange business with diversified revenue, raising capital and optimising corporate governance structure, and eliminating redundancy through shared services that are used by multiple divisions across the group.
According to him, the revenue of the non-operating holdco is made up of dividends and treasury investment income adding that the holding company is working with its various subsidiaries and associate companies to optimise their strategy and increase profitability, which will support the upstreaming of dividends.
“Nigerian Exchange (NGX) Limited in collaboration with the Group, continues to focus on four pillars of community, marketplace, workplace, and environment to drive sustainability. Furthermore, NGX has digitised its ecosystem to promote more retail participation, and it is leveraging and investing in global market-driven technology, improving the listing universe, and working closely with regulators to enhance ease of doing transactions for issuers. At NGX Group, we have clear and well-defined strategies and are equipped to sustain market dominance,” Onyema said.
Chief Financial Officer, NGX Group, Cyril Eigbobo, said the company’s gross earnings grew to N6.78 billion from N6.02 billion, resulting in a 13 per cent increase.
He added that the group’s profit before tax increased by 25.4 per cent to N2.39 billion while its profit after tax rose by 22.2 per cent to N2.25 billion from N1.84 billion recorded in the corresponding period of 2020.
According to him, the jump in the group’s revenue which rose by 14.9 per cent from N5 billion recorded in 2020 to N5.8 billion in 2021, was driven by a 24.8 per cent growth in listing fees which grew to N757.4 million as against N606.9 million in 2020, 4.9 per cent growth in its treasury investment income and a 2.1 per cent growth in the transaction fees which rose to N2.9 billion from N2.8 billion recorded in 2020.