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….as Board approves 0.25k dividend
By Chinwendu Obienyi
Nigerian Exchange Group Plc (NGX Group) has said it remains confident and optimistic of a better outing in the next financial year.
This was even as the Board of Directors consented to an interim dividend of N0.25 Kobo per ordinary share of 50 Kobo. This translates to a total payout of N495,532,893 (Four Hundred and ninety-five million, five hundred and thirty-two thousand, eight hundred and ninety-three Naira).
According to the group’s unaudited results for the half year ended 30 June 2023 which was released recently, its gross earnings dropped to N3.70 billion from N4.22 billion recorded in 2022 while revenue for the period decreased by 16.3 per cent to N3.2 billion from N3.82 billion recorded in the corresponding period of 2022.
The group noted that the decrease was driven by decline in its treasury income, transaction fees which fell by 14.6 per cent and 21.2 per cent respectively while Profit before income tax declined by 40.6 per cent to N726 million in June 2023 from N1.22 billion in 2022. The Group’s profit after income tax also declined by 45.9 per cent to N444.1 million from N820.2 million.
Commenting on the results, the Group Chief Executive Officer, NGX Group, Oscar Onyema, noted that while the group’s half-year financial results for 2023 reflected the impact of economic headwinds, it still demonstrated resilience and is optimistic that with market friendly pronouncements already made by the new government, trading and listing activities will continue the positive impact experienced in June 2023.
He stated that in line with the group’s strategic objective to maximise shareholder value, the Board of Directors has consented to an interim dividend of N0.25 Kobo per ordinary share of 50 Kobo. This translates to a total payout of N495,532,893 (Four Hundred and ninety-five million, five hundred and thirty-two thousand, eight hundred and ninety-three Naira).
Onyema said, “This initiative underscores better flow through of dividend from an associate company and first-time dividend payment from our flagship subsidiary. It also emphasizes our continued commitment to working collaboratively with our shareholders and other stakeholders in creating and distributing value, even in challenging market conditions”.
