• Thursday, May 23, 2024
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BusinessDay

NGX Group grows Q1’24 profit by 332%

NGX Group grows Q1’14 profit by 332%

Nigerian Exchange Group Plc (NGX Group) has reported a profit after tax (PAT) of N1.3 billion in the first quarter (Q1) of 2024.

The record profit represents a remarkable 332 percent increase from the N310 million recorded in Q1 2023.

It also recorded N2billion in Profit before Tax, bolstered by robust growth in operating margins and operational efficiencies.

This Q1 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.

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.

Additionally, the group recently 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 has 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 optimize 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 said it remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organization poised for sustainable growth.