Market Infrastructure Titans: FMDQ and NGX Lead the Charge in Nigeria’s Financial Sector

Nigeria’s financial market infrastructure companies have delivered impressive performances, with FMDQ Group, NGX Group, CSCS Plc, and NASD Plc showcasing remarkable revenue and profit growth. The sector’s collective revenue surged 61.9% year-over-year to N102.64 billion, while pre-tax profits jumped 64.2% to N51.24 billion.

FMDQ Group: Dominance in Debt and Currency Markets

FMDQ Group maintained its dominance in the sector, accounting for over half of the total revenue and 45% of total pre-tax profit. The company’s revenue grew 49.93% year-over-year to N51.41 billion, driven by debt market services, listings, and clearing activities. FMDQ’s pre-tax profit increased 65.54% to N23.23 billion, underscoring its strong market position.

NGX Group: Rapid Growth in Equities

NGX Group delivered the fastest growth, more than doubling its revenue to N23.99 billion, driven by higher listing fees, market data sales, and new tech-driven income streams. The company’s pre-tax profit surged 157.62% to N13.58 billion, highlighting its impressive performance. NGX’s market capitalization jumped 38.33% in H1 2024, rising from N40.918 trillion to N56.602 trillion, with the All-Share Index (ASI) soaring 37.65%.

CSCS Plc: Steady Growth and Stability

CSCS Plc recorded steady growth, with revenue increasing 37.00% year-over-year to N26.10 billion, aided by higher transaction fees and FX gains. The company’s diversified income base offered stability, with pre-tax profit growing 23.58% to N13.84 billion.

NASD Plc: Remarkable Turnaround

NASD Plc achieved a remarkable turnaround, driven by a fourfold increase in trading commissions and robust listing activity. The company’s revenue surged 237% year-over-year to N1.14 billion, with pre-tax profit turning around from a loss of N67.9 million to a profit of N584.7 million. NASD’s market capitalization increased by 66.75% in H1 2024, climbing from N1.26 trillion to N2.101 trillion.

Best Performing Company

While FMDQ Group maintained its dominance in terms of absolute revenue and profit values, NGX Group’s rapid growth in equities makes it a strong contender for the best performing company title. NASD Plc’s remarkable turnaround also highlights its potential for future growth. Ultimately, each company’s strengths and performance will shape the future of Nigeria’s financial sector.