Nigerian Exchange Group Plc (NGX Group) has reported an 83.29% year-on-year enhance in group profit earlier than tax to N20.58 billion for the 9 months ended September 30, 2026, in contrast with N11.23 billion in the corresponding interval of 2025.
According to the unaudited outcomes, profit after tax elevated by 86.44% to N14.69 billion from N7.88 billion in 9M 2025, whereas complete income rose by 79.79% to N27.26 billion from N15.16 billion.
The Group’s nine-month earnings efficiency was supported by a considerable enhance in transaction charges, stronger itemizing revenue and better contributions from equity-accounted investees, which helped drive profitability regardless of rising working bills.
Key Highlights
- Revenue: N27.26 billion (Up 79.79% YoY from N15.16 billion).
- Transaction charges: N20.68 billion (Up 112.39% YoY from N9.74 billion).
- Listing charges: N3.73 billion (Up 24.44% YoY from N3.00 billion).
- Other revenue: N2.31 billion (Down 16.95% YoY from N2.78 billion).
- Total revenue: N29.57 billion (Up 64.78% YoY from N17.95 billion).
- Operating bills: 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 belongings: N79.11 billion (Up 11.35% from N71.05 billion in December 2025).
- Cash and money equivalents: N1.61 billion (Down 36.77% from N2.55 billion).
- Total fairness: N61.07 billion (Up 10.62% from N55.20 billion).
Driving the numbers
NGX Group’s nine-month earnings efficiency was pushed primarily by the growth of transaction-related income, larger itemizing charges and stronger earnings from equity-accounted investees, which helped offset elevated personnel and different working bills.
A serious contributor to the expansion was transaction price revenue, which greater than doubled to N20.68 billion from N9.74 billion in 9M 2025.
- Transaction charges accounted for 75.87% of complete income in 9M 2026, in contrast with 64.23% in the corresponding interval of 2025.
- Listing charges elevated by 24.44% to N3.73 billion from N3.00 billion.
- Other charges, comprising annual costs from brokers, dealing licenses and membership charges, elevated to N662.94 million from N194.79 million.
The important enhance in transaction charges was the principal driver of income progress, accounting for N10.94 billion of the N12.10 billion enhance in complete income.
This signifies that the Group’s income growth was closely concentrated in transaction-related actions in the course of the reporting interval.
Beyond transaction charges, treasury funding revenue declined by 3.40% to N2.07 billion from N2.14 billion, whereas rental revenue elevated to N116.30 million from N90.48 million.
However, different revenue declined by 16.95% to N2.31 billion from N2.78 billion, reflecting weaker earnings from market knowledge, expertise companies, and overseas trade actions.
- Market knowledge revenue declined by 6.74% to N1.55 billion from N1.66 billion.
- Technology revenue declined to N452.65 million from N478.86 million.
- Net overseas trade losses widened to N603.30 million from N29.53 million.
- Other working revenue elevated to N912.06 million from N641.86 million.
Despite the decline in different revenue, the substantial enhance in transaction charges and itemizing revenue lifted complete revenue by 64.78% to N29.57 billion.
Another important contributor to profitability was the Group’s share of earnings from equity-accounted investees, which elevated by 69.55% to N5.72 billion from N3.37 billion.
The enchancment was pushed predominantly by stronger earnings from Central Securities Clearing System Plc (CSCS).
- NGX Group’s share of CSCS profit elevated to N5.71 billion from N3.95 billion.
- NG Clearing contributed a profit of N4.29 million, in contrast with a lack of N573.60 million in 9M 2025.
According to the monetary statements, NGX Group holds a 43.52% possession curiosity in CSCS and a 27.7% direct curiosity in NG Clearing.
The enchancment in earnings from each investees supplied extra help to pre-tax profit.
On the associated fee facet, complete working bills elevated by 56.80% to N14.71 billion from N9.38 billion.
- Despite the upper price base, income progress outpaced working expense progress, supporting a 73.53% enhance in working profit to N14.87 billion.
The absence of finance prices additionally supported profitability. NGX Group recorded no finance prices in 9M 2026, in contrast with N708.85 million in the corresponding interval of 2025.
Income tax expense elevated by 75.88% to N5.90 billion from N3.35 billion, though this enhance remained under the expansion recorded in pre-tax profit. Consequently, profit after tax rose by 86.44% to N14.69 billion.
Balance Sheet
On the steadiness sheet, complete belongings elevated by N8.06 billion to N79.11 billion from N71.05 billion in December 2025.
Investment securities remained a serious part of the Group’s asset base, growing by 28.38% to N35.70 billion from N27.80 billion.
- Investment in associates elevated marginally to N34.26 billion from N33.98 billion.
- Cash and money equivalents declined by 36.77% to N1.61 billion from N2.55 billion.
Investment securities and funding in associates collectively accounted for 88.42% of the Group’s complete belongings on the finish of September 2026.
The growth in funding securities was pushed largely by devices measured at amortized price, which elevated to N27.86 billion from N19.06 billion.
Meanwhile, shareholders’ fairness elevated to N61.07 billion from N55.20 billion, supported by the expansion in retained earnings to N54.65 billion from N48.56 billion.
Overall, NGX Group’s nine-month outcomes replicate stronger transaction-related earnings and elevated contributions from investees, which outweighed larger working bills and weaker different revenue
Market efficiency
Nigerian Exchange Group Plc shares have appreciated by roughly 117.86% year-to-date, rising from N70.00 at first of 2026 to N152.50 as of Friday, October 23, 2026.
The inventory has gained N82.50 per share for the reason that starting of the yr, reflecting sturdy worth appreciation.
