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NSE profit down 12computer to Sh191m on greater fees

Nairobi Securities Exchange CEO Geoffrey Odundo. FILE PHOTO | NMG 

Nairobi Securities Exchange (NSE) Plc #ticker:NSE has registered 11.eight per cent decline in net profit to Sh190.7 million for the complete year ended December 2018, weighed down by elevated expenditures.

The decline was regardless of total earnings escalating by 4 per cent to Sh782 million, primarily driven by a two per cent rise in equity turnover to Sh351 billion and 29 per cent rise in bond turnover to Sh1.13 trillion.

Through the period, administrative expenditures elevated by 13 per cent from Sh496 million in 2017 to Sh560 million.

NSE management stated this was primarily due to a salary evaluation alignment and revaluation deficit on the valuation of the NSE constructing.

“In 2019, the NSE will strengthen its operational efficiency via optimisation of its sources and management of fees,” the firm stated.

In spite of the decline in bottom-line, directors have advised payment of a very first and final dividend of Sh0.49 per ordinary share comprising of an ordinary dividend of Sh0.29 per share and a specific dividend of Sh0.20 per share.

This is a 63 per cent rise from Sh0.30 paid in 2017.

“The payment is topic to withholding tax, exactly where applicable and will be paid by 30 July 2019 to members on the register at the close of company on 30 May perhaps 2019,” stated NSE.