Nairobi Securities Exchange net profit declines by 12 per cent to Sh191 million

NSE
Nairobi Securities Exchange CEO Geoffrey Odundo. [Photo:Courtesy]
Nairobi Securities Exchange net profit declines by 12 per cent to Sh191 million

The Nairobi Securities Exchange (NSE) net profit for 2018 declined 12 per cent to Sh190.7 million from Sh216 registered in 2017 due to increase in expenses.

Administrative expenses increased by 13 per cent from Sh496 million in 2017 to Sh560 million in 2018 due to salary review realignment and revaluation deficit on valuation of NSE building.

During the period under review, the company’s total income increased by four per cent from Sh753 million in 2017 to Sh782 million in 2018. This was driven mainly by a two per cent increase in equity turnover from Sh343 billion in 2017 to Sh351 billion in 2018 and bonds turnover which increased by 29 per cent from Sh872 billion in 2017 to Sh1.12 billion in 2018.

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Interest income increased by 18 per cent from Sh99 million in 2017 to Sh116 million in 2018 due to prudent management of funds.

NSE says that it will strengthen its operational efficiency through optimisation of its resources and management of costs.

The directors have recommended payment of a first and final dividend of Sh0.49 up from Sh0.30 paid in 2017.

“The payment is subject to withholding tax, where applicable and will be paid by 30 July 2019 to members on the register at the close of business on 30 May 2019,” said NSE.

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NSENairobi Securities ExchangeGeoffry Odundo