The Nigerian Exchange Group (NGX) Plc increased its total assets to 35.1 billion naira in its fiscal year 2020.
Specifically, the group’s financial performance for the fiscal year ended December 31, 2020 showed that total assets increased by 9%, from 32.1 billion naira in 2019 to 35.1 billion naira in the past year. the year under review.
However, the year 2020 ended with a 23 percent drop in the group’s revenue to N6.02 billion, while spending rose 13 percent to N6.11 billion in 2020. L The after-tax surplus stood at 1.84 billion naira, a year after annual decline of 19%, compared to 2.27 billion naira recorded in 2019.
These were made public at the group’s 60th Annual General Meeting (AGM) held yesterday in Abuja, as shareholders backed the resolutions proposed at the meeting.
The meeting, which is the group’s first annual general meeting as a demutualized, shareholder-owned, for-profit entity, following previous approvals from shareholders and regulatory authorities, marked a historic moment.
Shareholders approved the group’s proposals to introduce stock incentives into employee compensation, including an employee shareholding plan and a long-term incentive plan, aligning the interests of internal stakeholders with those of shareholders in long-term value creation.
Speaking, Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo, said: “This meeting is also historic in that it marks the first time in the history of the NGX Group that its AGM will be held outside of sacred boundaries of the Lagos Stock Exchange. and we have chosen the Federal Capital Territory, Abuja, in recognition of the critical role that the Federal Government of Nigeria has played in achieving the demutualization of NSE and supporting the creation of the NGX Group.
He noted that “Remaining firmly afloat during the stormy fiscal year, the group recorded an operating surplus of N1.84 billion for the year, which is a decrease of 18.56% from to 2019. Our registration fee income reflects the headwinds faced by COVID. -19 pandemic, down 62.66% from the previous year due to the uncertainty of potential issuers following the pandemic. As a result of management’s cost containment efforts, total expenses decreased by 12.86% year over year without affecting the high operating standards and service delivery of the Exchange.
He added that “our net assets increased by 10.03% to reach 31.28 billion naira, giving us greater financial flexibility to execute our strategic agenda and respond to changes in our operating environment. “
Regarding the outlook for 2021, Oscar Onyema, Managing Director / CEO of NGX Group, said: “We will continue to execute our 2018 to 2021 corporate strategic plan, with an even greater focus on the execution of our development initiatives. long-term market.
“Following the completion of our demutualization process, we welcome the new opportunities that have opened up for us and will prioritize those that allow us to deliver greater value to our community of global investors and issuers. . “