Nigerian Exchange Group Plc (NGX Group) has reported an 83.29% year-on-year increase in group profit before tax to N20.58 billion for the nine months ended September 30, 2026, compared with N11.23 billion in the corresponding period of 2025.
According to the unaudited results, profit after tax increased by 86.44% to N14.69 billion from N7.88 billion in 9M 2025, while total revenue rose by 79.79% to N27.26 billion from N15.16 billion.
The Group’s nine-month earnings performance was supported by a substantial increase in transaction fees, stronger listing income and higher contributions from equity-accounted investees, which helped drive profitability despite rising operating expenses.
Key Highlights
- Revenue: N27.26 billion (Up 79.79% YoY from N15.16 billion).
- Transaction fees: N20.68 billion (Up 112.39% YoY from N9.74 billion).
- Listing fees: N3.73 billion (Up 24.44% YoY from N3.00 billion).
- Other income: N2.31 billion (Down 16.95% YoY from N2.78 billion).
- Total income: N29.57 billion (Up 64.78% YoY from N17.95 billion).
- Operating expenses: N14.71 billion (Up 56.80% YoY from N9.38 billion).
- Operating profit: N14.87 billion (Up 73.53% YoY from N8.57 billion).
- Share of profit from equity-accounted investees: N5.72 billion (Up 69.55% YoY from N3.37 billion).
- Total assets: N79.11 billion (Up 11.35% from N71.05 billion in December 2025).
- Cash and cash equivalents: N1.61 billion (Down 36.77% from N2.55 billion).
- Total equity: N61.07 billion (Up 10.62% from N55.20 billion).
Driving the numbers
NGX Group’s nine-month earnings performance was driven primarily by the expansion of transaction-related revenue, higher listing fees and stronger earnings from equity-accounted investees, which helped offset increased personnel and other operating expenses.
A major contributor to the growth was transaction fee income, which more than doubled to N20.68 billion from N9.74 billion in 9M 2025.
- Transaction fees accounted for 75.87% of total revenue in 9M 2026, compared with 64.23% in the corresponding period of 2025.
- Listing fees increased by 24.44% to N3.73 billion from N3.00 billion.
- Other fees, comprising annual charges from brokers, dealing licenses and membership fees, increased to N662.94 million from N194.79 million.
The significant increase in transaction fees was the principal driver of revenue growth, accounting for N10.94 billion of the N12.10 billion increase in total revenue.
This indicates that the Group’s revenue expansion was heavily concentrated in transaction-related activities during the reporting period.
Beyond transaction fees, treasury investment income declined by 3.40% to N2.07 billion from N2.14 billion, while rental income increased to N116.30 million from N90.48 million.
However, other income declined by 16.95% to N2.31 billion from N2.78 billion, reflecting weaker earnings from market data, technology services, and foreign exchange movements.
- Market data income declined by 6.74% to N1.55 billion from N1.66 billion.
- Technology income declined to N452.65 million from N478.86 million.
- Net foreign exchange losses widened to N603.30 million from N29.53 million.
- Other operating income increased to N912.06 million from N641.86 million.
Despite the decline in other income, the substantial increase in transaction fees and listing income lifted total income by 64.78% to N29.57 billion.
Another significant contributor to profitability was the Group’s share of earnings from equity-accounted investees, which increased by 69.55% to N5.72 billion from N3.37 billion.
The improvement was driven predominantly by stronger earnings from Central Securities Clearing System Plc (CSCS).
- NGX Group’s share of CSCS profit increased to N5.71 billion from N3.95 billion.
- NG Clearing contributed a profit of N4.29 million, compared with a loss of N573.60 million in 9M 2025.
According to the financial statements, NGX Group holds a 43.52% ownership interest in CSCS and a 27.7% direct interest in NG Clearing.
The improvement in earnings from both investees provided additional support to pre-tax profit.
On the cost side, total operating expenses increased by 56.80% to N14.71 billion from N9.38 billion.
- Despite the higher cost base, revenue growth outpaced operating expense growth, supporting a 73.53% increase in operating profit to N14.87 billion.
The absence of finance costs also supported profitability. NGX Group recorded no finance costs in 9M 2026, compared with N708.85 million in the corresponding period of 2025.
Income tax expense increased by 75.88% to N5.90 billion from N3.35 billion, although this increase remained below the growth recorded in pre-tax profit. Consequently, profit after tax rose by 86.44% to N14.69 billion.
Balance Sheet
On the balance sheet, total assets increased by N8.06 billion to N79.11 billion from N71.05 billion in December 2025.
Investment securities remained a major component of the Group’s asset base, increasing by 28.38% to N35.70 billion from N27.80 billion.
- Investment in associates increased marginally to N34.26 billion from N33.98 billion.
- Cash and cash equivalents declined by 36.77% to N1.61 billion from N2.55 billion.
Investment securities and investment in associates together accounted for 88.42% of the Group’s total assets at the end of September 2026.
The expansion in investment securities was driven largely by instruments measured at amortized cost, which increased to N27.86 billion from N19.06 billion.
Meanwhile, shareholders’ equity increased to N61.07 billion from N55.20 billion, supported by the growth in retained earnings to N54.65 billion from N48.56 billion.
Overall, NGX Group’s nine-month results reflect stronger transaction-related earnings and increased contributions from investees, which outweighed higher operating expenses and weaker other income
Market performance
Nigerian Exchange Group Plc shares have appreciated by approximately 117.86% year-to-date, rising from N70.00 at the beginning of 2026 to N152.50 as of Friday, October 23, 2026.
The stock has gained N82.50 per share since the beginning of the year, reflecting strong price appreciation.