NGX declares N4.4bn dividend

Nigerian Exchange Group Plc has declared a final dividend of N4.4bn for the 2024 financial year, the highest in the company’s history.

In the group’s audited financial statement for the year ended December 31, 2024, the dividend, which translates to N2 per share, is subject to shareholder approval and applicable withholding tax.

The group reported a profit before tax of N13.6bn, reflecting a 157.3 per cent increase from the N5.3bn recorded in 2023.

In the period under review, gross earnings also surged by 103.2 per cent to N24bn, driven by growth across multiple revenue streams, including transaction fees, listing fees, and market data income.

The chairman of NGX Group, Umaru Kwairanga, stated that the dividend payout reflects the company’s commitment to delivering value to shareholders while maintaining a strong capital position.

He noted that NGX Group remains focused on driving capital market development through innovation, market expansion, and strategic investments.

He said, “These results mark a pivotal moment in NGX Group’s post-demutualization growth journey, reinforcing investor confidence in our long-term vision. The approval of a record N4.4 bn dividend demonstrates our unwavering commitment to rewarding shareholders while positioning NGX Group as a key driver of capital market development. As we continue to invest in market infrastructure and innovation, we remain focused on creating sustainable value for all stakeholders.”.

The PUNCH reported that the Nigerian equity market recorded a total of N8.05tn in transactions between January 2023 and October 2024.

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