The Nigerian Exchange Group has reported a 20.5% decline in its Q1 2023 top-line revenue to ₦1.33bn, compared to ₦1.67bn in the same period in 2022.

The group attributed this drop to reduced business transactions and consumer spending following the general election and the CBN's phasing out of the old higher denomination banknotes.

However, other income grew by 57.7%, offsetting the decline in revenue.

 Despite the challenging environment, the group's profit before income tax expense increased by 21.5% YoY to ₦412.2m, and profit for the period increased by 109.0% to ₦310.0m, resulting in significant growth in profit after tax margin to 23.3% in Q1 2023.

The group plans to continue investing in innovative marketing strategies and exploring opportunities to expand its product line, portfolio mix, and penetrate new markets to create value for stakeholders.

source; the punchng.com

link;https://punchng.com/ngx-group-blames-2023-polls-naira-scarcity-for-revenue-drop/