Nigerian Change Crew Plc (NGX Crew) has reported an 83.29% year-on-year build up in crew benefit sooner than tax to N20.58 billion for the 9 months ended September 30, 2026, when put next with N11.23 billion within the corresponding length of 2025.
Consistent with the unaudited effects, benefit after tax larger by way of 86.44% to N14.69 billion from N7.88 billion in 9M 2025, whilst general income rose by way of 79.79% to N27.26 billion from N15.16 billion.
The Crew’s nine-month income efficiency used to be supported by way of a considerable build up in transaction charges, more potent checklist source of revenue and better contributions from equity-accounted investees, which helped power profitability in spite of emerging working bills.
Key Highlights
- Income: N27.26 billion (Up 79.79% YoY from N15.16 billion).
- Transaction charges: N20.68 billion (Up 112.39% YoY from N9.74 billion).
- Record charges: N3.73 billion (Up 24.44% YoY from N3.00 billion).
- Different source of revenue: N2.31 billion (Down 16.95% YoY from N2.78 billion).
- General source of revenue: N29.57 billion (Up 64.78% YoY from N17.95 billion).
- Running bills: N14.71 billion (Up 56.80% YoY from N9.38 billion).
- Running benefit: N14.87 billion (Up 73.53% YoY from N8.57 billion).
- Percentage of benefit from equity-accounted investees: N5.72 billion (Up 69.55% YoY from N3.37 billion).
- General belongings: N79.11 billion (Up 11.35% from N71.05 billion in December 2025).
- Money and money equivalents: N1.61 billion (Down 36.77% from N2.55 billion).
- General fairness: N61.07 billion (Up 10.62% from N55.20 billion).
Using the numbers
NGX Crew’s nine-month income efficiency used to be pushed basically by way of the growth of transaction-related income, upper checklist charges and more potent income from equity-accounted investees, which helped offset larger staff and different working bills.
A big contributor to the expansion used to be transaction rate source of revenue, which greater than doubled to N20.68 billion from N9.74 billion in 9M 2025.
- Transaction charges accounted for 75.87% of general income in 9M 2026, when put next with 64.23% within the corresponding length of 2025.
- Record charges larger by way of 24.44% to N3.73 billion from N3.00 billion.
- Different charges, comprising annual fees from agents, dealing licenses and club charges, larger to N662.94 million from N194.79 million.
The numerous build up in transaction charges used to be the essential motive force of income expansion, accounting for N10.94 billion of the N12.10 billion build up in general income.
This means that the Crew’s income growth used to be closely concentrated in transaction-related actions all over the reporting length.
Past transaction charges, treasury funding source of revenue declined by way of 3.40% to N2.07 billion from N2.14 billion, whilst condo source of revenue larger to N116.30 million from N90.48 million.
Alternatively, different source of revenue declined by way of 16.95% to N2.31 billion from N2.78 billion, reflecting weaker income from marketplace knowledge, era services and products, and foreign currency echange actions.
- Marketplace knowledge source of revenue declined by way of 6.74% to N1.55 billion from N1.66 billion.
- Generation source of revenue declined to N452.65 million from N478.86 million.
- Web foreign currency echange losses widened to N603.30 million from N29.53 million.
- Different working source of revenue larger to N912.06 million from N641.86 million.
In spite of the decline in different source of revenue, the really extensive build up in transaction charges and checklist source of revenue lifted general source of revenue by way of 64.78% to N29.57 billion.
Every other vital contributor to profitability used to be the Crew’s proportion of income from equity-accounted investees, which larger by way of 69.55% to N5.72 billion from N3.37 billion.
The advance used to be pushed predominantly by way of more potent income from Central Securities Clearing Gadget Plc (CSCS).
- NGX Crew’s proportion of CSCS benefit larger to N5.71 billion from N3.95 billion.
- NG Clearing contributed a benefit of N4.29 million, when put next with a lack of N573.60 million in 9M 2025.
Consistent with the monetary statements, NGX Crew holds a 43.52% possession passion in CSCS and a 27.7% direct passion in NG Clearing.
The advance in income from each investees equipped further toughen to pre-tax benefit.
At the value aspect, general working bills larger by way of 56.80% to N14.71 billion from N9.38 billion.
- In spite of the upper value base, income expansion outpaced working expense expansion, supporting a 73.53% build up in working benefit to N14.87 billion.
The absence of finance prices additionally supported profitability. NGX Crew recorded no finance prices in 9M 2026, when put next with N708.85 million within the corresponding length of 2025.
Source of revenue tax expense larger by way of 75.88% to N5.90 billion from N3.35 billion, even supposing this build up remained beneath the expansion recorded in pre-tax benefit. Because of this, benefit after tax rose by way of 86.44% to N14.69 billion.
Steadiness Sheet
At the stability sheet, general belongings larger by way of N8.06 billion to N79.11 billion from N71.05 billion in December 2025.
Funding securities remained a big part of the Crew’s asset base, expanding by way of 28.38% to N35.70 billion from N27.80 billion.
- Funding in pals larger marginally to N34.26 billion from N33.98 billion.
- Money and money equivalents declined by way of 36.77% to N1.61 billion from N2.55 billion.
Funding securities and funding in pals in combination accounted for 88.42% of the Crew’s general belongings on the finish of September 2026.
The growth in funding securities used to be pushed in large part by way of tools measured at amortized value, which larger to N27.86 billion from N19.06 billion.
In the meantime, shareholders’ fairness larger to N61.07 billion from N55.20 billion, supported by way of the expansion in retained income to N54.65 billion from N48.56 billion.
Total, NGX Crew’s nine-month effects mirror more potent transaction-related income and larger contributions from investees, which outweighed upper working bills and weaker different source of revenue
Marketplace efficiency
Nigerian Change Crew Plc stocks have favored by way of roughly 117.86% year-to-date, emerging from N70.00 initially of 2026 to N152.50 as of Friday, October 23, 2026.
The inventory has received N82.50 in keeping with proportion because the starting of the yr, reflecting robust value appreciation.