NSE takes 54pc cut in profit on reduced market activity

The Nairobi Securities Exchange has announced a 54 per cent drop in profit after tax in the six months through June on reduced equity trading volumes.

Net profit dropped from Sh178.58 million in 2015 for the six months ending June 30, 2015 to Sh81.96 million in 2016.

Total income decreased by 17 per cent from Sh401.1 million to Sh334.3 million in the period under review.

“This was mainly due to a decrease in equity turnover by 31 per cent,” the company said in a statement.

Equity turnover dropped to Sh147 billion compared to Sh213 billion the previous period.

The group is betting on broadening its product offerings which will include the derivatives market and Exchange Traded Funds.

The board of directors did not recommend the payment of an interim dividend for the first half of the year 2016.

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