The Nigerian Exchange Group Plc (NGX Group) reported a robust 58% increase in profit after tax, reaching ₦2.11 billion for the first quarter ended March 31, 2025, up from ₦1.34 billion recorded in the same period of 2024.
The performance was revealed in the group’s unaudited Q1 financial statements filed with the Nigerian Exchange Limited, showing that the growth was primarily driven by stronger income and significantly lower finance costs.
Key Financial Highlights:
Total income rose to ₦4.58 billion from ₦3.94 billion in Q1 2024.
Revenue edged up to ₦3.56 billion, compared to ₦3.49 billion in the prior year.
Other income more than doubled, rising by 126% to ₦1.01 billion from ₦450.6 million, boosting overall earnings.
Operating performance was also healthy, with operating profit climbing to ₦2.15 billion, a 27% year-on-year increase from ₦1.69 billion. However, operating costs ticked up slightly, with personnel expenses at ₦1.22 billion and other operating costs at ₦1.08 billion, culminating in ₦2.43 billion in total operating expenses.
A major factor behind the profit surge was the sharp drop in finance costs, which fell over 55% to ₦254.4 million, from ₦571.7 million in Q1 2024 reflecting more efficient cost management or reduced interest obligations.
Associate Earnings & Tax Impact
Despite a 34% drop in income from associates to ₦593.6 million (down from ₦899.7 million), profit before tax rose to ₦2.49 billion, up from ₦2.01 billion last year.
A reduction in income tax expense, from ₦675.74 million to ₦372.95 million, also contributed to the bottom-line growth.
Balance Sheet Snapshot
NGX Group’s total assets stood at ₦69.9 billion as of March 31, 2025, up from ₦68 billion in December 2024. Retained earnings rose to ₦46.98 billion, while total equity improved to ₦50.66 billion.
The group continues to maintain a strong financial footing with over ₦28.8 billion in investment securities, and a modest decline in total liabilities to ₦19.24 billion, from ₦19.49 billion at year-end 2024.
