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Thursday, June 8, 2023

NASD Profit Down 50% as Transactions Slump

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The NASD OTC Securities Exchange saw a 50 percent slide in pretax profit for the 2019 financial year as costs rose faster than revenues.

Profit before Tax for the Full Year 2019 period fell to N36 million, compared to N62 million in 2018, according to the results released over the weekend, seen by MoneyCentral.

Employee benefits for the period jumped to N90 million from N70.7 million, while other operating expenses rose to N102.9 million from N92.3 million.

As at 31 December 2019, the volume of shares traded on NASD OTC Securities Exchange decreased by–85.82%, while the value traded declined by–65.61% compared to the financial year ended 31 December 2018.

Market Capitalisation closed at N501.14 billion compared to the market value of N514.77 billion as at 31 December 2019, the value of transactions executed on the Market was N10.45 billion.

The Company generated Transaction Fees of N139 million compared to the N167 million recorded as Fees and Commission Income in the corresponding period in 2018.

The Company recorded Investment Income of N65.5 million compared to the N57.7 million recorded in 2018.

In 2019, NASD generated Listing Fees of N2.62 million. Total Expenses amounted to N196.7 million compared to the N163 million recorded in the corresponding period of 2018.

At the end of the year ended 31 December 2019, NASD recorded a Profit After Tax of N45.01 million

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