Nigeria Exchange Group reported a revenue growth of 9.35% to N7.50 billion in the full year of 2022 from N6.79 billion recorded in 2021, which was driven by charges from brokers, dealing license fees, and membership fees earned by the Group.
This information was disclosed in its financial statement as of December 2022.
Gross earnings for the group recorded an increase of 8% in 2022, while profit before tax recorded a decrease of 70%. Gross earnings for the group comprise revenue, other income, and the share of profit from equity investments accounted for by the shareholders.
Total expenses grew by 126.17% from N6.5 billion in December 2021 to N8.8 billion in June 2022, which was primarily driven by 11.59% growth in personal expenses to N3.6 billion from N3.2 billion in June 2021. Depreciation of PPE also increased from N394 million in June 2021 to N467 million during the period under review.
Operating profit increased from N281 million in 2021 to N1.32 billion in 2022. Profit before tax dropped by 99.17% to N828 million in December 2022 from N2.40 billion in the corresponding period in 2021.
Profit after income tax dropped by 82.4% to N2 million from N449.7 million recorded in 2021. This resulted in a decline in profit after tax margin to 190% from 25.42% recorded in June 2021.
Total assets rose by 33.63% to N57.06 billion from N37.87 billion in December 2021, driven primarily by growth in investment in associates, which increased to N27.71 billion from N14.8 billion in December 2021, and investment securities, which increased to N16.33 billion from N10.37 billion in December 2021.
Total liabilities recorded an 81.56% increase from N3.73 billion in December 2021 to N20.25 billion as a result of a N14.08 billion term loan used to facilitate the increase in investment in sales associates.
