nnpc

We remain equipped to sustain market dominance, says Onyema

Oscar Onyema

Nigerian Exchange Group Plc (NGX Group) says it has well-defined strategies and is equipped to sustain market dominance.

The Group Chief Executive, Oscar N. Onyema, made this known yesterday during the Group’s Full Year (FY) 2021 Investor and Analyst Presentation via Zoom.

Presenting the 2021 highlights of the Group’s performance, 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 NGX Group in 2021, focused on formulating and executing the strategy of the Holding company (HoldCo) by building a multi-exchange business with diversified revenues; raising capital and optimizing corporate governance structure; and eliminating redundancy through shared services that are used by multiple divisions across the group.

NGX, in collaboration with the Group, continues to focus on four pillars of community, marketplace, workplace, and environment to drive sustainability.

Breaking down the group’s income streams, Onyema explained that the revenue of the non-operating HoldCo comprised dividends and treasury investment income, while working with its various subsidiaries and associate companies to optimize their strategy and increase profitability, to support dividends streaming.

He said: “Nigerian Exchange Limited (NGX), in collaboration with the Group, continues to focus on four pillars of community, marketplace, workplace, and environment to drive sustainability.

“Furthermore, NGX has digitized 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”.

Also speaking, 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% increase.

He added that the Group’s profit before tax (PBT) increased by 25.4% to N2.39 billion while its profit after tax (PAT) rose by 22.2% 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% from N5 billion recorded in 2020 to N5.8 billion in 2021 was driven by a 24.8% growth in listing fees, which grew to N757.4 million against N606.9 million in 2020.

There was also a 4.9% growth in its treasury investment income and a 2.1% growth in the transaction fees which rose to N2.9 billion from N2.8 billion recorded in 2020.

Total
0
Shares
Leave a Reply

Your email address will not be published.

Previous Post

Nigeria improves in global competitiveness ranking, says Onu

Next Post

CBN disburses N42bn to support wheat cultivation in 15 states

Related Posts
Total
0
Share