• Sunday, May 19, 2024
businessday logo

BusinessDay

NSE links N3.9bn 2012 revenue to sound business model

businessday-icon

The Nigerian Stock Exchange (NSE) has attributed its revenue of N3.9 billion in 2012 financial year against N3.54 billion in 2011 to sound business model.

The annual report as at December 31, 2012 presented to members of the NSE at its 52nd annual general meeting (AGM) held Friday in Lagos showed that its surplus before tax rose from 2011 level of N262.8 million to N1.18 billion in 2012; while surplus after taxation increased from N258.29 million in 2011 to N1.153 billion in 2012.

The financial statement showed transfer to retained earnings reserve from N258.29 million to N1.153 billion.

The Exchange attributed the growth in its operating surplus to several factors including an increase in revenues and other incomes; continued efforts to cut costs and improve upon their operational efficiency; and its share of profit from an associated company.

Speaking at the meeting, Aliko Dangote, president, Nigerian Stock Exchange, said, “Despite unfavourable effects of the global financial crisis which lingered throughout the year, the Nigerian Stock Exchange delivered a solid financial performance in 2012, reflecting the execution of our corporate strategy, and our continued focus on providing service excellence to our customers, driven by the dedication of the management and staff of the Exchange.”

IHEANYI NWACHUKWU