NSE posts N8.30bn income, targets improved performance
The Nigerian Stock Exchange recorded a total income of N8.30bn and N3.82bn surplus before tax for the year ended December 31, 2017.
The NSE announced its 2017 full-year financial results at its 57th Annual General Meeting in Lagos on Thursday.
It said its gross earnings increased by 86 per cent when compared to the N4.46bn achieved in 2016, while the surplus before tax grew by 5,629 per cent in the same period.
The NSE comprises four subsidiary companies namely, Naira Properties Limited, Coral Properties Plc, NSE Consult Limited and NSE Nominees Limited. The bourse also has interests in NG Clearing Limited and Central Securities Clearing System Plc as joint venture and associate company, respectively.
The Chief Executive Officer, NSE, Oscar Onyema, 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 for 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.”
The President, National Council of the NSE, Abimbola Ogunbanjo, stated that the bourse had deployed a new four-year corporate strategy that would reposition it 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,” he added.
In 2017, the market capitalisation grew by 41.59 per cent to N22.917tn from N16.185bn in 2016, while the NSE All-Share Index appreciated by 42.30 per cent from 26,874.62 basis points to 38,243.19bps.
The bourse said it achieved new listings across diversified product classes – 41 bonds, 19 equities, five exchange traded funds and 15 memorandum listings.
It noted that it launched FGN Savings Bond, Green Bond and Sukuk to promote financial inclusion in Nigeria, in partnership with the Debt Management Office.
The NSE was rated as the third best-performing stock exchange in 2017 by the CNN, awarded the CSR Company of the Year by the Lagos Chamber of Commerce and Industry, and named Employer of The Year by HR People’s Magazine.
At the AGM, members of the NSE approved the audited financial statement of the bourse for the year ended December 31, 2017, and the reports of the National Council and the auditors.