Nigerian Exchange Group Plc (NGX Group) reported an 86.5% jump in profit after tax to N14.69 billion for the nine months ended 30 September 2026, driven primarily by a surge in transaction fees.
The unaudited statements show profit after tax climbing from N7.88 billion in the same period of 2025 to N14.69 billion, while total revenue expanded 79.8% to N27.26 billion, up from N15.16 billion. The bulk of the revenue lift came from transaction fees, which more than doubled to N20.68 billion from N9.74 billion a year earlier. Listing fees rose to N3.73 billion and treasury investment income contributed N2.07 billion.
**What drove the earnings growth?**
Transaction fees remain the core income source for the exchange, reflecting higher trading volumes across its capital‑market platforms. Additional earnings were generated from securities listings, market‑data services and investment returns from its infrastructure holdings.
Total income, which includes other operating income and market‑data revenue, reached N29.57 billion during the period. Profit before tax increased to N20.58 billion from N11.23 billion, and operating profit grew to N14.87 billion from N8.57 billion, despite a rise in operating costs.
Personnel expenses rose to N7.40 billion and other operating expenses to N6.68 billion, while depreciation and amortisation amounted to N623.95 million.
The balance sheet showed total assets of N79.11 billion as of 30 September 2026, up from N71.05 billion at the end of December 2025. Shareholders’ equity improved to N61.07 billion, supported by retained earnings of N54.65 billion.
Investments in associates, notably [Central Securities Clearing System Plc (CSCS)](https://en.wikipedia.org/wiki/Central_Securities_Clearing_System_(Nigeria)), stood at N34.26 billion, while investment securities were valued at N35.69 billion.
Operating cash flow also strengthened, with net cash generated from operations rising to N9.55 billion from N3.62 billion in the comparable 2025 period. Dividend income from subsidiaries such as NGX Limited and CSCS Plc added to cash inflows, with the group receiving N12.44 billion in dividend payments.
On the shareholder‑return side, NGX Group paid N8.23 billion in dividends, and cash and cash equivalents were recorded at N1.61 billion at the end of September.
The financial statements were approved by the Board on 20 October 2026 and signed by Group Chief Executive Officer Temi Popoola and Chief Financial Officer Bayo Opatade.
Looking ahead, the nine‑month results demonstrate stronger profitability, but future growth will hinge on trading activity, new listings, demand for market services and the performance of the group’s investment portfolio.