Lagos, May 2, 2024 – The Nigerian Exchange Group Plc (NGX Group) reported N2 billion in Profit before Tax in its Q1 2024 results.
Its Profit after Tax rose to N1.3 billion, a remarkable 332% increase from the N310 million recorded in Q1 2023.
A statement from the company in Lagos on Thursday said the exceptional performance underscored the group’s unwavering commitment to excellence and strategic growth initiatives.
During the AGM, NGX Group announced its plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central Bank of Nigeria.
The group also disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board.
“These decisive moves align with the group’s overarching strategy to expand its business operations and solidify its position in the regional market,” the company said..
NGX Group said it had implemented a strategic optimization initiative in a bid to secure long-term sustainability and drive growth.
“This comprehensive plan encompasses a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.
“The initiative aims to streamline operations, enhance efficiency, and optimize resources, fostering a more competitive and agile organization.
“The exercise follows a thorough review of the group’s operations, which revealed opportunities for optimization and improved competitiveness.
“NGX Group remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organization poised for sustainable growth.
“The recent approval by shareholders of a N10 billion capital raise underscores investor confidence in NGX Group’s strategic direction and its unwavering commitment to driving sustainable growth and value creation,” it said
The group said it remained dedicated to serving its customers, partners and stakeholders, confident that these strategic measures would pave the way for future success.
“The company’s focus remains on innovation, customer satisfaction, and building a resilient organization poised for growth,” it said. (GBN)
