The Nigerian Stock Exchange (NSE) on Thursday declared gross earnings of N8.1 billion for the financial year ended December 31, 2014.
Mr Oscar Onyema, Chief Executive Officer revealed at the Exchange’s 54th Annual General Meeting (AGM) in Lagos, that this was against the N5.4 billion posted in 2013.
Onyema said that the earnings represented a growth of 47 per cent when compared with figure for 2013.
He said that transaction fees contributed largely to the revenue growth accounting for 52 per cent of its total revenue.
Onyema said that the company’s business was impacted by domestic and global shocks, international price of crude oil and significant pressure on the Naira.
He added that the 2015 elections, festering insurgency in some parts of the nation and tight monetary policy contributed to the ‘flight to quality’ strategy adopted by foreign investors.
According to him, the ‘flight for quality’ manifested in a sell-down of securities and repatriation of funds during the period.
On 2015 outlook, Onyema said that the company was well-positioned to take advantage of emerging market trends, economic and market cycles.
“With some hard work and perseverance, I have no doubt that we can be the vibrant exchange that connects Nigeria, Africa and the world,” Onyema said.
He said that the company’s 2015 outlook would be influenced by a number of Nigerian macroeconomic variables such as crude oil prices, foreign exchange movements and national security.
Onyema said that the exchange would continue to deliver on its strategic commitments, drive operational excellence, and create value to all various stakeholders.
“Our businesses are healthy as demonstrated by our results, and to that end, we will continue to deliver several initiatives to support the execution of our growth strategy,” he added.
The company’s operating surplus before tax stood at N3.95 billion compared with N3.26 billion achieved in the corresponding period of 2013.
Operating surplus after tax rose to N3.89 billion in contrast with N3.26 billion posted in 2013.
Total assets stood at N20.67 billion against the N15.69 billion declared in the comparative period of 2013.
