Nairobi Stock Exchange posts 72 percent profit after tax

Nairobi Stock Exchange posts 72 percent profit after tax

The Nairobi Securities Exchange(NSE) on Thursday announced its results for the six months ending 30 June 2018, recording a strong performance in the wake of an improving macro-economic environment.The group reported a 72 percent increase in profit after tax for the six months ending 30 June 2018 to 133.9 million shillings ($1.3 million) up from 77.8 million shillings ($766,000) recorded in the same period last year.

The group’s total income increased by 24 percent from 283 million shillings ($2.8 million) to 351 million shillings ($3.4 million) in the period under review.

This was attributed to a 32 percent increase in equity turnover from 82 billion shillings (87 million) to 108.5 billion shillings ($107 million) for the six months ended 30 June 2018.

Bonds turnover also increased by 30 percent from 239 billion shillings for the six months to June 2017 to 311 billion for the same period in 2018.

Interest income and other income increased by 25 percent and 18 percent to settle at 58.9 million shillings ($5.7 million) and 20.2 million shillings ($198,000) respectively due to prudent management of funds and deposits despite the prevailing low interest rates.

The group’s balance sheet recorded a 14 percent growth from 2.02 billion shillings ($19.8 million) to 2.3 billion shillings($20 million) on account of improved performance in the period.

“The group’s impressive performance in the first half of the year reflects the strength and sustainability of our business and effective execution of our corporate strategy,” the Chief Executive of the NSE, Geoffrey O. Odundo said in Nairobi.

“We are optimistic that the Exchange will maintain improved performance in the second half of the year on the back of steady political environment, stable interest rates and currency environment, improved weather conditions and heightened investor confidence in our market,” he added.

He said that the NSE aims to position itself as the leading exchange in the region and one of the best performing frontier markets in Africa.

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply