The Nigerian Exchange Group Plc recorded a 58 per cent rise in profit after tax to N2.11billion in the first quarter ended March 31, 2025, compared to N1.34 billion reported in the corresponding period of 2024.
The group’s unaudited financial statements, filed with the Nigerian Exchange Limited, showed that the growth in profit was largely driven by improved income performance and a sharp decline in finance costs.
Total income rose to N4.58 billion in the period under review from N3.94 billion in the same quarter of 2024, supported by a 126 per cent jump in other income to N1.01billion, up from N450.6 million. Revenue also saw a slight growth to N3.56 billion, compared to N3.49 billion in the prior period.
Personnel expenses and other operating costs stood at N1.22 billion and N1.08 billion respectively, resulting in total operating expenses of N2.43 billion, up from N2.25 billion in the corresponding quarter.
A major driver of the bottom-line improvement was the steep drop in finance costs, which fell by over 55 per cent to N254.4 million from N571.7 million in the prior year, reflecting better cost efficiency or reduced debt service obligations.
The group also earned N593.6 million from its associates, although this marked a 34 per cent decline from N899.7 million recorded in Q1 2024.
Profit before tax rose to N2.49 billion from N2.01 billion, while income tax expenses fell to N372.95 million from N675.74 million, further supporting the growth in profit after tax.
On the balance sheet, NGX Group’s total assets rose to N69.9 billion as of March 31, 2025, compared to N68 billion in December 2024. The group also increased retained earnings to N46.98 billion, up from N44.86 billion, while total equity improved to N50.66 billion.
The group continues to maintain a strong financial position with investment securities of over N28.8 billion and a reduction in total liabilities to N19.24 billion from N19.49 billion in December.