Nigerian Exchange Group Plc (NGX) posted its strongest first-half performance yet, more than doubling revenue and nearly tripling pre-tax profit on a wave of heavy trading activity, according to unaudited results filed with the exchange over the weekend.
For the six months ended June 30, 2026, NGX Group reported revenue of ₦17.60 billion, a 118 percent jump from N8.08 billion in the same period last year. Total income climbed 96 percent to ₦19.34 billion, while profit before tax surged 170 percent to ₦14.76 billion. Profit after tax came in at ₦10.36 billion, up 146 percent from ₦4.22 billion a year earlier.
On the back of those numbers, the group’s board approved an interim dividend of ₦1.30 per ordinary share of 50 kobo each, payable subject to withholding tax. The Register of Members closes on July 30, with only shareholders on record as of July 29, 2026, qualifying for the payout, due to hit accounts on August 5.
The engine behind the surge was transaction fees, which rose 169 percent to ₦13.34 billion from ₦4.96 billion, a figure that alone made up roughly three-quarters of total revenue for the period.
That concentration underscores just how tightly NGX Group’s fortunes remain bound to the volume and pace of trading on the Exchange, which has been buoyed this year by a sustained market rally.
Listing fees also contributed meaningfully, climbing 59 percent to ₦2.38 billion on the back of new listings and fresh capital-raising activity. Technology income, by contrast, grew a comparatively modest 19 percent to ₦447.86 million, suggesting that while trading-linked revenue streams have scaled sharply, the Group’s technology and data offerings are growing at a steadier, more incremental pace.
Operating profit rose 155 percent to N10.62 billion, with income growth significantly outpacing the rise in expenses; evidence, analysts would likely note, of strong operating leverage as the business scales without a proportional increase in its cost base.
Beyond the exchange’s core trading business, NGX Group also benefited from a 130 percent increase in its share of profit from equity-accounted investees, which rose to N4.14 billion.
That gain was driven chiefly by a strong showing from Central Securities Clearing System Plc (CSCS), highlighting how the group’s stakes in adjacent market infrastructure businesses are becoming an increasingly significant contributor to overall earnings, not just a side note to the trading business.
The half-year also brought a firmer balance sheet. Total assets grew to ₦75.87 billion as of June 30, up from ₦71.05 billion at the end of 2025, with the increase driven largely by ₦34.64 billion in investments in associates and ₦24.42 billion in long-term investment securities.
Liquidity remained moderate, with ₦9.34 billion in cash and short-term investment securities set against ₦13.07 billion in current liabilities. Total liabilities stood at ₦15.38 billion, dominated by current obligations payable, deferred income, and tax liabilities, while non-current liabilities stayed thin at ₦2.31 billion.
Shareholders’ equity rose to ₦60.49 billion from ₦55.20 billion at the start of the year, now accounting for roughly 80 percent of total assets, a ratio that points to a lightly leveraged balance sheet and a comfortable capital buffer.
Group Chairman Alhaji (Dr.) Umaru Kwairanga framed the dividend as a signal of confidence, telling shareholders the payout reflects both the strength of the half-year performance and the board’s outlook for the group’s future.
Group Managing Director and CEO Temi Popoola struck a similar note, saying the results speak to “the strength and scalability of NGX Group’s business model.”
He pointed to ongoing priorities that include deepening liquidity in the market, widening investor participation, pushing forward technology-driven products, and building out a broader, more diversified financial-market infrastructure group.
Taken together, the results paint a picture of an exchange operator whose fortunes have been transformed by a buoyant trading environment but one that is also visibly working to diversify its earnings base through its investee holdings and technology arm, even as transaction fees remain, for now, the dominant driver of its growth story.
WHAT YOU SHOULD KNOW
NGX Group’s H1 2026 results boil down to one thing: trading volume, not diversification, is driving the boom. Transaction fees alone accounted for roughly 76% of revenue, fueling an 118% revenue jump and 146% profit growth.
The N1.30 interim dividend and strengthened balance sheet are real wins, but the group’s earnings remain heavily tied to market trading activity, meaning this record performance is as much a bet on a hot market continuing as it is a sign of structural business transformation.
