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NGX Group Records N6.8bn Gross Earnings in 2021

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The Nigerian Exchange (NGX) Group Plc says its gross earnings grew to N6.8 billion in its audited financial results for the year ended Dec. 31, 2021.

The group, in a statement on Thursday in Lagos, said the figure represented 13 per cent increase from the N6 billion posted in 2020.

Also, its revenue rose by 14.

9 per cent from N5 billion recorded in 2020 to N5.
8 billion in 2021.

The group’s profit before tax (PBT) increased by 25.

4 per cent to N2.4 billion, while profit after tax (PAT) rose by 22.2 per cent to N2.3 billion from N1.84 billion recorded in the corresponding period of 2020.

According to the group, the  increase was driven by a 24.

8 per cent growth in listing fees, which grew to N757.4 million as against N606.9 million in 2020.

It also attributed the revenue increase to 4.9 per cent growth in its treasury investment income and a 2.1 per cent growth in transaction fee.

This, it said rose to N2.9 billion from N2.8 billion recorded in 2020.

Further analysis of the NGX Group’s result revealed that its return on equity grew by 70 basis points to 6.6 per cent while its return on assets stood at 5.9 per cent from 5.2 per cent recorded in 2020.

Commenting on the results, NGX Group Chairman, Otunba Abimbola Ogunbanjo, said, “We are delighted at the progress reported for financial year 2021 across strategic, operational and financial aspects of the Group’s business.

“The demutualisation and listing by introduction were significant and unprecedented milestones for the group and we would like to thank our stakeholders for their support and trust in the group’s quest to unlock its true value and diversify its operations and product offerings.

“All within one year, we demutualised, restructured, and listed the business with the Holdco being the investment holding company with three operating subsidiaries and other associate companies and equity investments.

“In 2022, the aim is to continue to strengthen the NGX Group brand to make it a globally respected and a regional and national significant economic actor.”

Corroborating him, the group’s Managing Director/Chief Executive Officer, Mr Oscar Onyema, explained that the group refined its business model, with increased focus on expanding into new business areas.

According to Onyema, NGX Group, in 2021, focused on formulating and executing the strategy of the Holding company, which includes building multiple businesses across the entire capital market value chain.

“Gross earnings growth of 13.0 per cent coupled with after tax profit growth of 22.2 per cent is an encouraging start to our journey as an investment holding company.

“Going forward our focus remains: on strengthening our capital structure; being active in every sphere of the capital markets value chain in Nigeria, but also growing our presence across Africa.

“We aim to continue to create value, optimise profitability and build a sustainable business in alignment with stakeholders’ interest,” Onyema said. (NAN) 

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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