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FMDQ earns N1.75 bn revenue in 2014

by Business News Report

The Financial Market Dealers Quotations (FMDQ) OTC Plc on Thursday declared N1.75 billion as revenue for the year ended Dec. 31, 2014. The company had earlier in 2013 earned revenue of N155.65 million. Dr Sarah Alade disclosed this at the company’s third Annual General Meeting (AGM) held in Lagos.
She said that transaction fees during in the period under review accounted for 91.29 per cent of the revenue following their decision to charge for the full year. Alade said that the company also recorded a profit before tax of N708.52 million compared with a loss before tax of N133.36 million declared in 2013. Profit after tax stood at N547.93 million against a loss after tax of N133.35 billion achieved in 2013.
Shareholders’ funds rose to N1.09 billion compared with N541.29 million recorded in 2013. Alade said that the company would focus on product and market development initiatives to promote price discovery on the platform and enhance transparency in the market. She assured investors that the company was poised to reposition the Nigerian fixed income and currency market to become more globally competitive and support the nation’s economy.
Alade also said that the company focused on activating and developing its functions in the areas of market and business development, Legal, Regulatory, operations and technology in 2014. She said that the current board members were committed to building on the progress made by its predecessors in becoming number one in Africa in the fixed income and currency markets by 2019.
Mr Bola Onadele, FMDQ Managing Director, said that the company would continue to focus on key business development initiatives to improve market liquidity, transparency, credibility and integrity to improve revenue. Onadele said that the primary goal of the company in the next three years was development of the nation’s financial market.

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