The Nigerian Stock Exchange (NSE) Thursday said it recorded an operating surplus after tax of N3.79 billion in 2017, representing a 13.712 per cent increase over 2016’s modest operating surplus after tax of N27.45 million.
The NSE’s result which was announced at its 57th Annual General Meeting (AGM) in Lagos 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 86per cent increase in gross earnings when compared to the N4.46 billion achieved in 2016. Surplus before tax grew by 5,629per cent 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, Chief Executive Officer of NSE, Oscar Onyema, “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.
“More telling is the fact that market services income has continued to grow despite the market down cycle which significantly impacted our core trading and listing businesses in 2015 and 2016. In recognition of this, we will continue to invest heavily in developing our market services portfolio and providing innovative products and services that are less correlated with market cycles and more importantly, global oil price.
“I am. pleased to report that the group recorded an operating surplus after tax of N3.79 billion in 2017 representing a 13.712 percent increase over 2016’s modest operating surplus after tax of N27.45 million. Accordingly, this has had a positive translation effect on the group’s financial position evidenced by the 19.30 per cent appreciation in its net assets to N23.13 billion as at December 31, 2017.
According to 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 include but are not limited to: Market capitalization at N22,917,906,741,966.20 grew by 41.59 per cent when compared to N16,185,729,639,209.90 in Full Year 2016,
All Share Index appreciated by 42.30per cent from 26,874.62 to 38,243.19, 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, Commissioned Tier 3 designed data centre with cloud computing capabilities
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. Also, the following were re-elected to the National Council, Mr. Abubakar B. Mahmoud, SAN, OON; Erelu Angela Adebayo; Chartwell Securities Limited (Represented by Mr. Oluwole Adeosun) and Equity Capital Solutions Limited (Represented by Mr. Kamarudeen Oladosu).
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