Nigeria’s stock exchange operator just delivered half-year earnings that it took the entire previous calendar year to accumulate.
Nigerian Exchange Group Plc reported profit after tax of ₦10.36 billion for the six months ended June 30, 2026. That figure sits just ₦120 million below the ₦10.48 billion the group earned across the full twelve months of 2025, the company’s unaudited financial statements showed.
The board responded by declaring an interim dividend of ₦1.30 per share, the group confirmed in a separate announcement reported by The Nation. A 169% surge in transaction fees powered the result.
Transaction fees drove NGX Group’s ₦17.6 billion revenue haul
Group revenue more than doubled to ₦17.60 billion during the period, climbing 118% from ₦8.08 billion in the first half of 2025.
Transaction fees alone accounted for ₦13.34 billion of that total, representing roughly 76% of all revenue the exchange operator generated. The surge tracked a broader wave of activity on the Nigerian Exchange, where weekly equity turnover regularly topped ₦200 billion, The Whistler reported.
Listing fees also contributed, rising 59% to ₦2.38 billion as more companies tapped the capital market for fresh funding during the period.
NGX Group’s operating leverage turned revenue into outsized profit
Operating profit jumped 155% to ₦10.62 billion, significantly outpacing the 118% revenue growth and demonstrating that expenses stayed under control.
Total operating expenses rose 53% to ₦8.72 billion, with personnel costs climbing 51% to ₦4.03 billion as the group expanded headcount.
The group’s share of profit from equity-accounted associates climbed 130% to ₦4.14 billion, with the Central Securities Clearing System Plc driving most of that gain. CSCS posted its own record first-half results and declared a maiden interim dividend of ₦1.00 per share, Nairametrics reported. Finance costs dropped to zero from ₦502 million a year earlier, confirming that NGX Group has fully cleared all outstanding borrowings.
NGX Group declares ₦1.30 interim dividend as balance sheet strengthens
Total assets expanded to ₦75.87 billion at the end of June 2026, up from ₦71.05 billion at the close of 2025. Shareholders’ equity grew to ₦60.49 billion from ₦55.20 billion, supported by retained earnings that jumped to ₦54.51 billion during the period.
“Revenue growth was supported by significantly higher transaction activity, increased listing income and stronger contributions from our investee companies, while disciplined execution enabled us to translate this growth into substantially improved profitability.” — Temi Popoola, Group Managing Director/CEO, NGX Group, via The Nation
The ₦1.30 interim dividend is a substantial payout when measured against the ₦3.00 total dividend the group distributed for the full year 2025. Chairman Alhaji Umaru Kwairanga noted that the dividend decision reflected confidence in the company’s long-term prospects, Daily Nigerian reported. A proposed 1-for-3 bonus share issue approved by shareholders in April 2026 also remains pending regulatory clearance.
What NGX Group’s trading boom signals for earnings sustainability
Transaction fees generated 76% of the group’s total revenue in the first half, up sharply from 61% during the same period of 2025. Analyst Qudus Adebara of DLM Capital Group flagged this concentration risk after the first quarter, noting that earnings sustainability would depend heavily on trading volumes and further revenue diversification, his analysis on Simply Wall St indicated.
Key takeaways from NGX Group’s H1 2026 results
- Revenue doubled to ₦17.60 billion, up 118% year over year (NGX Group H1 2026 filing)
- Transaction fees surged 169% to ₦13.34 billion, accounting for 76% of total revenue (NGX Group H1 2026 filing)
- Profit after tax jumped 146% to ₦10.36 billion, nearly matching the full-year 2025 total (NGX Group H1 2026 filing)
- Finance costs fell to zero, confirming the group has fully eliminated its debt (NGX Group H1 2026 filing)
- The board declared an interim dividend of ₦1.30 per share (Daily Nigerian)
- A 1-for-3 bonus share issue remains pending regulatory approval (NGX Group H1 2026 filing)
Any sustained slowdown in trading volumes could quickly compress revenue given that concentration, something investors should weigh carefully against the current momentum.
