Nigerian Exchange Group (NGX) has recorded a 25 percent surge in other income to N490.25 million despite a marginal decline in revenue during the first half of 2023.
Data sourced by BusinessDay showed the firm’s other income increased from N490.25 million in H1 2023 to N392.48 million in the same period of 2022.
NGX’s surge in other income was driven mainly by market data income which accounted for N287.98 million, other operating income (N149.89 million), technology income(N51.85 million), and net gain on disposal of property and equipment(N540,000).
On a quarterly basis, other income grew to N256.82 million in Q2 2023 from N244.49 million in Q2 2022.
Revenue dropped 16 percent to N3.2 billion in H1 2023 from N3.82 billion in the same period of 2022.
On a quarterly basis, NGX revenue also dipped to N1.87 billion in Q2 2023 from N2.15 billion in Q2 2022.
Profit for the year dipped to N444.08 million in H1 2023 from N820.17 million in the same period of 2022.
Nigerian Exchange Group declared an interim dividend of 25 kobo per ordinary share of N0.50 kobo each which will be paid to shareholders whose names appear in the Register of Members as at the close of business on August 10, 2023.
Personnel expenses rose to N1.41 billion in H1 2023 from N1.35 billion in the same period of 2022.
Income tax expense increased to N281.9 billion in H1 2023 from N72.23 billion in the same period of 2022.
Operating expenses grew to N1.03 billion in H1 2023 from N991.16 million in the same period of 2022.
Total operating expenses grew to N2.61 billion in H1 2023 from N2.6 billion in the same period of 2022.
Total assets dropped to N54.94 billion in June 2023 from N57.06 billion in December 2022 while total liabilities increased to N17.76 billion from N20.26 billion.
NGX’s total equity increased to N37.18 billion in June 2023 from N36.81 billion in December 2022.
Net cash from operating activities to a negative flow of N4.19 billion in June 2023 from a positive of N2.16 billion in December 2022.
Net cash flow from investing activities amounted to N5.45 billion positive cash flow in June 2023 from a negative of N11.42 billion in December 2022.
Net cash used in financing activities amounted to N947.67 million in June 2023 from a positive cash flow of N11.78 billion in December 2022.
General expenses amounted to N91.44 million in H1 2023 from N103.21 million in the same period of 2022.
Finance cost dropped to N1.21 billion in H1 2023 from N1.34 billion in the same period of 2022.
Prepayment amounted to N554.35 million in June 2023 from N592.46 million in December 2022.
NGX which now has an ownership stake in CSCS after increasing its equity stake with total investments of N27.8 billion in the securities clearing firm, received N857.2 million as dividends from it in the period, helping to push its gross profit into a positive position of N725.9 million.
CSCS is Nigeria’s Central Securities Depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the Nigerian Capital Market.
Net Income for NGX in the period fell 46 percent to N444 million.