• Saturday, June 15, 2024
businessday logo

BusinessDay

Onyema says NGX Group repositions for growth

SEC, NGX Group, ASHON, other stakeholders laud 13-year of Oscar Onyema contribution to capital market

Oscar N. Onyema, Group Managing Director and Chief Executive Officer, Nigerian Exchange Group Plc (NGX Group) said the Group is repositioned for growth amid the completion of the demutualization of the Nigerian Stock Exchange.

Speaking virtually during the Group’s 2021 financial year investor and analyst presentation, he said the Group is focused on revenue diversification, optimisation of profitability, and building a platform business to drive the increase in recurring income.

He added that the Group is also positioned on investment in new strategic opportunities, support achievement of strategic goals of its subsidiaries, and increase resilience across the Group. He explained that the focus on executing deals and transactions to scale business, raising capital, and optimal corporate governance structures are part of the plans of the non-operating Holdco to optimize growth.

Read also: NGX, CFA Society Nigeria collaborate to build capacity for efficient Derivatives market

According to Onyema, the revenue of NGX Group is made up of dividends and treasury investment income. “Dividend income is generated from dividends paid by the subsidiaries, and associates companies of the group, while the treasury investment income includes income from bonds, treasury bills, and fixed deposits.”

Speaking further, the Group’s Chief Financial Officer, Cyril Eigbobo, said, the NGX Group’s gross earnings grew to N6.78 billion from N6.02 billion, resulting in a 13 percent increase. He added that the group’s profit before tax (PBT) increased by 25.4 percent to N2.39 billion while its profit after tax (PAT) rose by 22.2 percent 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 percent from N5 billion recorded in 2020 to N5.8 billion in 2021, was driven by a 24.8 percent growth in listing fees which grew to N757.4 million as against N606.9 million in 2020, 4.9 percent growth in its treasury investment income and a 2.1 percent growth in the transaction fees which rose to N2.9 billion from N2.8 billion recorded in 2020.