The management of the Nigerian Stock Exchange (NSE) today announced that its group recorded a total income of N8.30 billion; representing 86 percent growth for the financial year ended December 31, 2017.
Its Chief Executive Officer, Oscar Onyema, while commenting on the financial performance of the NSE during the 57th Annual General Meeting (AGM) in Lagos stressed that the Exchange’s surplus before tax also grew by 5,629 percent when compared to 2016 financial period.
The results, which showed a total income of N8.30 billion for the group and N3.82 billion surplus before tax for the year under review represents an 86 percent increase in gross earnings when compared to the N4.46 billion achieved in 2016.
The Exchange Group comprises four (4) subsidiary companies namely; Naira Properties Limited, Coral Properties Plc., NSE Consult Limited and NSE Nominees Limited. The Exchange also has interests in NG Clearing Limited and Central Securities Clearing System (CSCS) Plc as joint venture and associate company respectively.
According to Oscar: “This positive performance, after the significant headwinds witnessed over the past two years, affirms the resilience of our market and its potential as a catalyst of economic growth in Nigeria and the hub for Africa. Focus on executing our robust strategy of cost efficiency, products and revenue diversification, as well as innovative and improved operational delivery, underpins this strong performance”.
President, National Council of the NSE, Abimbola Ogunbanjo, stated that the Exchange has deployed a new four-year corporate strategy that would reposition it as a more investor-friendly and customer-centric exchange hub in Africa.
“With this new strategy, we are poised to deliver superior performance for our multi-faceted stakeholders especially issuers and investors who continue to access our market to raise and save capital respectively”, Ogunbanjo stressed.
Key achievements for the Exchange in 2017 include market capitalization at N22,917,906,741,966.20 trillion, a growth of 41.59 percent when compared to N16,185,729,639,209.90 trillion recorded in 2016 financial year.
The All Share Index (ASI) also appreciated by 42.30 percent from 26,874.62 to 38,243.19 points, while new listings across diversified product classes of 41 bonds, 19 equities, 5 ETFs and 15 Memorandum Listings.
In partnership with the Debt Management Office (DMO), the NSE launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria.
At the AGM, members of the Exchange approved the audited financial statement of the exchange for the year ended 31 December 2017, and the reports of the National Council and the Auditors thereon.
However, equity trading closed for the day with the benchmark indices of the All-Share Index growing by 606.82 absolute points to close at 39, 042.11 from 38,435.29 points posted the previous trading session.
The market capitalization also inchedby N220 billion to close at N14.142 trillion from N13.922 trillion it commenced trading.