FMDQ OTC Profit Jumps 5.46% in 2022

FMDQ OTC Profit Jumps 5.46% in 2022

FMDQ OTC Plc’s profit jumped by about 5.46% to N9.667 billion in 2022, figures posted by the Central Bank of Nigeria (CBN) in its audited annual financial statement showed.

In the comparable year in 2021, the company delivered N9.151 billion as net income.  The report showed that FMDQ OTC Plc’s gross income in 2022 grew less than 4% to N20.614 billion, from N19.857 billion in 2021.

The company’s total expenses increased marginally by 2.25% in the period from N10.706 billion in 2021 to N10.947 billion 12 months after despite inflation pressures in the market.

FMDQ OTC Plc’s pretax profit settled at N9.667 billion, the same amount declared as net profit due to exclusion from tax payment in 2022. A year earlier, the exchange reported a pretax profit of N9.151 billion.

As associate investee, CBN share of profit from FMDQ OTC Plc rose to N1.490 billion in 2022 from N1.41 billion in 2021, according to the report.

Total equity of FMDQ OTC Plc was N39.178 billion in 2021. It then surged to N46.766 billion in 2022, which represents a 19.36% year-on-year growth- supported by growth short-term obligations. #FMDQ OTC Profit Jumps 5.46% in 2022

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