The Nigerian Exchange Group Plc recorded a 58 per cent rise in profit after tax to N2.11bn in the first quarter ended March 31, 2025, compared to N1.34bn reported in the corresponding period of 2024.
The group’s unaudited financial statements, filed with the Nigerian Exchange Limited, showed that the growth in profit was largely driven by improved income performance and a sharp decline in finance costs.
Total income rose to N4.58bn in the period under review from N3.94bn in the same quarter of 2024, supported by a 126 per cent jump in other income to N1.01bn, up from N450.6m. Revenue also saw a slight growth to N3.56bn, compared to N3.49bn in the prior period.
Personnel expenses and other operating costs stood at N1.22bn and N1.08bn respectively, resulting in total operating expenses of N2.43bn, up from N2.25bn in the corresponding quarter.
Operating profit rose to N2.15bn, representing a 27 per cent increase from N1.69bn in the first quarter of 2024.
A major driver of the bottom-line improvement was the steep drop in finance costs, which fell by over 55 per cent to N254.4m from N571.7m in the prior year, reflecting better cost efficiency or reduced debt service obligations.
The group also earned N593.6m from its associates, although this marked a 34 per cent decline from N899.7m recorded in Q1 2024.
Profit before tax rose to N2.49bn from N2.01bn, while income tax expenses fell to N372.95m from N675.74m, further supporting the growth in profit after tax.
On the balance sheet, NGX Group’s total assets rose to N69.9bn as of March 31, 2025, compared to N68bn in December 2024. The group also increased retained earnings to N46.98bn, up from N44.86bn, while total equity improved to N50.66bn.