The Nigerian Stock Exchange (NSE)has declared a profit after tax of N3.8bn in 2017 as against N27.5Mn posted in 2016 representing a 13,712 per cent increase;inspite of being a non profit making organisation.
This all came out during its 57th Annual General Meeting on Thursday, June 7, 2018 at the NSE Event Centre in Lagos, where its 2017 Full Year Financial Results were announced. The results show a total income of N8.30billion for the Group and N3.82 billion surplus before tax for the year ended 31 December 2017. This represents an 86% increase in gross earnings when compared to the N4.46 billion achieved in 2016. Surplus before tax grew by 5,629% in the same period.
The Exchange Group comprises four 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.
Commenting on the results, Oscar N. Onyema, OON, CEO, NSE, said “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”.
In the views of Abimbola Ogunbanjo, President, National Council of NSE “ We have deployed a new four year corporate strategy that will reposition us 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”.
Key achievements for the Exchange in 2017 includes :its Market capitalization moved to N22,917,906,741,966.20 grew by 41.59% when compared to N16,185,729,639,209.90 in FY 2016,all Share Index appreciated by 42.30% from 26,874.62 to 38,243.19,
It Achieved new listings across diversified product classes – 41 Bonds, 19 equities, 5 ETFs and 15 Memorandum Listings,rated 3rd best performing stock exchange in 2017 by CNN, awarded CSR Company of the Year by Lagos Chamber of Commerce & Industry, named Employer of The Year by HR People’s Magazine,in partnership with the Debt Management Office, launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria and Commissioned Tier 3 designed data centre with cloud computing capabilities.
Members of the Exchange during the AGM approved the audited financial statement for the year ended 31 December 2017, and the reports of the National Council and the Auditors thereon. Also, the following were re-elected to the National Council, Mr. Abubakar B. Mahmoud, Erelu Angela Adebayo; Chartwell Securities Limited (Represented by Mr. Oluwole Adeosun) and Equity Capital Solutions Limited (Represented by Mr. Kamarudeen Oladosu).