Skip to content
The African Exponent DATA
Resources

Review pending. Every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

NSE PLC

NSE · Nairobi Securities Exchange · Incorporated in Kenya · Consolidated statements

On this page
Company details
Legal name
Nairobi Securities Exchange PLC
Incorporated in
Kenya
Listing
NSE on the Nairobi Securities Exchange, active · ISIN KE3000009674 (observed 2026-10-07)
Sector
Securities exchange (our classification from the stated principal activity)
Activity
The sole securities exchange licensed by the Capital Markets Authority in Kenya; clearing and derivatives through NSE Clear.
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    Not reported in this filing

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    KES 272 million

    272,298 KES thousands · p26

    +134.1% vs 2024

  • Total assets

    KES 2.76 billion

    2,762,060 KES thousands · p28

    +28.4% vs 2024

  • Total equity

    KES 2.46 billion

    2,459,145 KES thousands · p28

    +24.9% vs 2024

  • Cash from operations

    KES 223 million

    223,151 KES thousands · p32

    +143.1% vs 2024

Large amounts are rounded for reading (KES million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in KES thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, KES thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Transaction levy - equity1 348,141 253,650 211,094
Transaction levy - bond2 298,113 169,881 64,395
Data income3 118,318 101,299 116,569
Annual, initial and additional listing fees4 71,153 69,508 69,838
Interest income computed on effective interest rate5 127,878 146,960 120,950
Broker back-office subscription6 28,901 33,023 27,944
Unquoted securities platform fees7 3,040 1,037 2,439
Dividend from equity investment8 7,276 8,279 8,013
Other income 86,333 44,764 41,079
Total income9 1,089,153 828,401 662,321
Staff costs (263,845) (206,298)10 (176,452)
System maintenance costs11 (76,967) (82,226) (61,847)
Depreciation and amortization12 (38,441) (39,107) (37,720)
Building and office costs13 (32,534) (41,350)14 (41,914)
Directors’ emoluments1516 (56,145) (50,262) (47,922)
Revaluation loss on property17 (3,617) (20,778) (27,500)
Share of bond levy18 (58,756) (37,487) (20,096)
Impairment of equipment and intangible assets19 (47,670) –20 Not reported in this filing21
Other expenses (163,478) (195,759)22 (182,587)
Total expenses (741,453) (673,267) (596,038)
Profit before ECL and fair value movements23 347,700 155,134 66,283
Provision for expected credit losses (ECL) (23,597) (8,748) 5,145
Unrealized gain on bond market to market valuation2425 5,602 7,734 (9,673)
Share of profit of associate26 34,379 8,703 (19,429)
Profit before income tax 364,084 162,823 42,326
Tax expense (91,786) (46,523) (23,922)
Profit after tax for the year 272,298 116,300 18,404
Other comprehensive income (unlabelled subtotal)27 300,542 15,832 23,597
Total comprehensive income for the year 572,840 132,132 42,001
Non-controlling interest28 57 28 1
  1. Printed “-”, read as nil: subtotal_arithmetic: is.operating_expenses_aggregate.
Notes and alternative reported figures (27)
  1. “Transaction levy - equity” is an issuer-specific line, not mapped to a shared definition: Note 6: levy on equity trading.
  2. “Transaction levy - bond” is an issuer-specific line, not mapped to a shared definition: Note 6: levy on bond trading.
  3. “Data income” is an issuer-specific line, not mapped to a shared definition: Note 6.
  4. “Annual, initial and additional listing fees” is an issuer-specific line, not mapped to a shared definition: Note 6.
  5. “Interest income computed on effective interest rate” is an issuer-specific line, not mapped to a shared definition: Note 9: presented within total income.
  6. “Broker back-office subscription” is an issuer-specific line, not mapped to a shared definition: Note 6.
  7. “Unquoted securities platform fees” is an issuer-specific line, not mapped to a shared definition: Note 6.
  8. “Dividend from equity investment” is an issuer-specific line, not mapped to a shared definition: Presented within total income.
  9. “Total income” is an issuer-specific line, not mapped to a shared definition: Issuer total of fees, levies, data, interest, dividend and other income; no separate revenue line is printed.
  10. Annual report dated 2025-03-27 prints 200,781 (thousands, p79) for this line and year.
  11. “System maintenance costs” is an issuer-specific line, not mapped to a shared definition: As printed.
  12. “Depreciation and amortization” is an issuer-specific line, not mapped to a shared definition: Notes 12 and 14: depreciation and amortisation in one line.
  13. “Building and office costs” is an issuer-specific line, not mapped to a shared definition: As printed.
  14. Annual report dated 2025-03-27 prints 39,767 (thousands, p79) for this line and year.
  15. “Directors’ emoluments” is an issuer-specific line, not mapped to a shared definition: Note 34(a).
  16. Printed under different labels across filings: “Directors' emoluments”; “Directors’ emoluments”.
  17. “Revaluation loss on property” is an issuer-specific line, not mapped to a shared definition: As printed.
  18. “Share of bond levy” is an issuer-specific line, not mapped to a shared definition: The part of the bond levy passed on (as printed, an expense).
  19. “Impairment of equipment and intangible assets” is an issuer-specific line, not mapped to a shared definition: Notes 12 and 14.
  20. Not reported in this filing: No impairment line in the 2024 statement of profit or loss (pp79-80).
  21. Annual report dated 2025-03-27 prints 202,859 (thousands, p79) for this line and year.
  22. “Profit before ECL and fair value movements” is an issuer-specific line, not mapped to a shared definition: Issuer subtotal: total income less total expenses.
  23. “Unrealized gain on bond market to market valuation” is an issuer-specific line, not mapped to a shared definition: As printed ('market to market').
  24. Printed under different labels across filings: “Unrealised gain/(loss) on bond mark to market valuation”; “Unrealized gain on bond market to market valuation”.
  25. Printed under different labels across filings: “Share of gain/(loss) of associate”; “Share of profit of associate”.
  26. Printed under different labels across filings: “Other comprehensive income (unlabelled subtotal)”; “Total other comprehensive income”.
  27. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 16(d).

Balance sheet

Balance sheet, KES thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Property and equipment 73,732 99,773 116,176
Investment property 304,188 303,835 288,481
Intangible assets 18,804 89,840 108,048
Investment in associate 212,053 176,036 166,151
Financial assets at fair value through other comprehensive income – Quoted equity instrument1 446,675 147,771 133,121
Long-term restricted investments2 83,328 144,902 143,382
Government securities at amortised cost 198,840 201,813 201,973
Deferred income tax 45,526 8,639 10,247
Non-current assets (unlabelled subtotal) 1,383,146 1,172,609 1,167,579
Trade and other receivables 241,799 103,977 113,770
Financial assets at fair value through profit or loss - Government securities 139,392 133,096 241,324
Tax recoverable –3 70,685 98,309
Fixed deposits4 873,366 257,130 –3
Short-term restricted cash and investment5 –3 292,628 317,171
Cash and cash equivalents 124,357 120,687 89,911
Current assets (unlabelled subtotal) 1,378,914 978,203 860,485
TOTAL ASSETS 2,762,060 2,150,812 2,028,064
Share capital 1,043,591 1,042,538 1,041,810
Share premium 280,225 279,725 279,489
Revaluation reserve 373,775 74,871 60,221
Other reserves (1,808) (3,446) (4,628)
Retained earnings 756,417 567,579 492,979
Equity attributable to owners (unlabelled subtotal)6 2,452,200 1,961,267 1,869,871
Non-controlling interest 6,945 6,888 6,860
Total equity 2,459,145 1,968,155 1,876,731
Settlement Guarantee Fund members contributions7 11,750 11,750 11,750
Tenant deposits8 4,954 3,283 2,215
Non-current liabilities (unlabelled subtotal) 16,704 15,033 13,965
Trade and other payables 158,277 103,463 74,947
Tax payable 26,578 –9 Not reported in this filing10
Grant balances11 32,988 –9 Not reported in this filing12
Dividends payable 66,168 61,961 60,221
Trading members’ contributions1314 2,200 2,200 2,200
Current liabilities (unlabelled subtotal) 286,211 167,624 137,368
TOTAL SHAREHOLDERS’ FUNDS AND LIABILITIES15 2,762,060 2,150,812 2,028,064
Less: fixed deposit – maturity over three months (note 24)1617 873,366 549,757 80,576
Less interest earned not received18 7,609 5,167 7,700
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (16)
  1. Printed under different labels across filings: “Financial assets at fair value through other comprehensive income – Quoted equity instrument”; “Quoted equity instruments”.
  2. “Long-term restricted investments” is an issuer-specific line, not mapped to a shared definition: Note 19.
  3. “Fixed deposits” is an issuer-specific line, not mapped to a shared definition: Note 23: deposits shown apart from cash and cash equivalents.
  4. “Short-term restricted cash and investment” is an issuer-specific line, not mapped to a shared definition: Note 23.
  5. Printed under different labels across filings: “Equity attributable to owners (unlabelled subtotal)”; “Equity attributable to the owners of the parent”.
  6. “Settlement Guarantee Fund members contributions” is an issuer-specific line, not mapped to a shared definition: Note 28.
  7. “Tenant deposits” is an issuer-specific line, not mapped to a shared definition: Note 29(a).
  8. Not reported in this filing: No tax-payable line for 2023 in the 2024 statement of financial position (p82).
  9. “Grant balances” is an issuer-specific line, not mapped to a shared definition: Note 31: donor grants received for specified projects.
  10. Not reported in this filing: No grant-balances line in the 2024 statement of financial position (p82).
  11. “Trading members’ contributions” is an issuer-specific line, not mapped to a shared definition: As printed.
  12. Printed under different labels across filings: “Trading members' contributions”; “Trading members’ contributions”.
  13. Printed under different labels across filings: “TOTAL SHAREHOLDERS' FUNDS AND LIABILITIES”; “TOTAL SHAREHOLDERS’ FUNDS AND LIABILITIES”.
  14. “Less: fixed deposit – maturity over three months (note 24)” is an issuer-specific line, not mapped to a shared definition: Note 23: deducted from cash, deposits and restricted investments to give cash and cash equivalents in the statement of cash flows.
  15. Printed under different labels across filings: “Less: fixed deposit - maturity over three months (note 24)”; “Less: fixed deposit – maturity over three months (note 24)”.
  16. “Less interest earned not received” is an issuer-specific line, not mapped to a shared definition: Note 23: accrued interest deducted to give cash and cash equivalents in the statement of cash flows.

Cash flow

Cash flow, KES thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Cash generated from operations1 254,561 109,084 (3,874)
Tax paid (31,410) (17,291) (27,905)
Net cash generated from operating activities2 223,151 91,793 (31,779)
Purchase of property and equipment –3 (36,901) (2,076)
Purchase of intangible assets (519) (4,214) (19,861)
Interest received 114,991 144,169 112,003
Proceeds on disposal of equipment 533 682 6
Purchase of treasury bonds4 (2,068) (59,280) (67,790)
Sale of treasury bonds5 –3 167,097 79,283
Investment in fixed deposits6 (315,550) (460,700) 51,689
Investment in long term restricted investments7 60,272 (244) (439)
Dividend received from associate8 –3 –3 –3
Cash used in investing activities9 (142,341) (249,391) 152,815
Dividends paid (79,196) (39,932) (49,950)
Receipt of SGF capital contribution10 –11 –11 Not reported in this filing12
Net cash used in financing activities13 (79,196) (39,932) (56,950)
Increase/(decrease) in cash and cash equivalents14 1,614 (197,530) 64,086
At start of year15 115,521 318,806 250,234
Effect of foreign exchange rate changes (387) (5,755) 4,486
At end of year16 116,748 115,521 318,806
Investment in AKS Nominees Limited17 Not reported in this filing18 Not reported in this filing1819 (7,000)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (17)
  1. Printed under different labels across filings: “Cash generated from operations”; “Cash generated from/(used in) operations”.
  2. Printed under different labels across filings: “Net cash generated from operating activities”; “Net cash generated from/(used in) operating activities”.
  3. “Purchase of treasury bonds” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  4. “Sale of treasury bonds” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Investment in fixed deposits” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  6. “Investment in long term restricted investments” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Dividend received from associate” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. Printed under different labels across filings: “Cash (used in)/generated from investing activities”; “Cash used in investing activities”.
  9. “Receipt of SGF capital contribution” is an issuer-specific line, not mapped to a shared definition: Financing activities (Company only in 2025).
  10. Not reported in this filing: No SGF capital-contribution line in the 2024 statement of cash flows (p87).
  11. Printed under different labels across filings: “Cash used in financing activities”; “Net cash used in financing activities”.
  12. Printed under different labels across filings: “(Decrease)/increase in cash and cash equivalents”; “Increase/(decrease) in cash and cash equivalents”.
  13. Printed under different labels across filings: “At start of year”; “Cash and cash equivalents at the start of year”.
  14. Printed under different labels across filings: “At end of year”; “Cash and cash equivalents at the end of year”.
  15. “Investment in AKS Nominees Limited” is an issuer-specific line, not mapped to a shared definition: Financing activities in the 2024 report (2023 only); reclassified from investing activities (note 3.21).
  16. Not reported in this filing: No AKS Nominees investment line in the 2025 statement of cash flows (p32).
  17. Annual report dated 2025-03-27 presents this line for this year: - (p87). Not shown in this column, which follows one filing's presentation.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filingFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)1 1.04 0.45 0.07
Profit / (loss) attributable to shareholders (KES thousands)2 272,241 116,272 18,403
Shares in issue at year end (shares)3 260,897 thousand 260,635 thousand 260,452 thousand
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Earnings per share - Basic and diluted”.
  2. Profit / (loss) attributable to shareholders: printed as “Ordinary equity holders of the parent”.
  3. Shares in issue at year end: printed as “Number of shares at 31 December (in thousands)”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividend recommended, subject to shareholder approval The Directors recommend the approval of a first and final dividend of Shs 1.00 per share comprising of an ordinary dividend of Shs 0.73 per share and a special dividend of Shs 0.27 per share no amount Annual report, p6
31 Dec 2025 Dividend proposed per share, as printed in a statement First and final dividend recommended for the year, per share 1.00 KES per share Annual report, p6
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (79,196) KES thousands Annual report, p32
31 Dec 2024 Dividend recommended, subject to shareholder approval The Directors recommend the approval of a first and final dividend of Sh 0.32 per share amounting to Sh 83 million no amount Annual report, p35
31 Dec 2024 Dividend proposed per share, as printed in a statement First and final dividend for the year, per share 0.32 KES per share Annual report, p6
31 Dec 2024 Dividend proposed per share, as printed in a statement First and final dividend recommended for the year, per share 0.32 KES per share Annual report, p35
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (39,932) KES thousands Annual report, p32
31 Dec 2023 Dividend proposed per share, as printed in a statement First and final dividend recommended for the year, per share 0.16 KES per share Annual report, p35
31 Dec 2023 Dividends paid (cash flow statement) Dividends paid (49,950) KES thousands Annual report, p87

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Nairobi Securities Exchange PLC Annual report and consolidated financial statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: PKF Kenya LLP, unmodified opinion · signed

    Auditor's sign-off: PKF Kenya LLP; engagement partner FCPA Chaudhry Mohamed Asif (practising certificate No. 2059)

    Final status: Auditor's report signed for PKF Kenya LLP (engagement partner FCPA Chaudhry Mohamed Asif), dated 26 March 2026 by hand (PDF p25, page image; the same signature and date appear in the integrated report, PDF p104); statements approved by the board on 26th March 2026 and signed by the chairman and the chief executive officer (PDF p28).

    Document date
    26 Mar 2026
    Auditor's report
    26 Mar 2026
    Board approval
    26 Mar 2026
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · KES thousands (printed “Shs '000'”)
    • The auditor's report states that there are no key audit matters to report (PDF p23).
    • The two printings differ in Company-only figures for 2025: share of surplus - NSE LLP 44,671 here (p26) against 44,761 in the integrated report (p105); Company total income 952,709 against 952,799; Company other expenses 117,040 against 117,130; Company total expenses 610,902 against 610,992. The Group figures transcribed are the same in both printings (the integrated report's text layer reads '364,0847' for Group profit before income tax, where the page image shows note 7 and 364,084). Company columns are not transcribed.
    • No revenue line is printed: 'Total income' combines levies, fees, data income, interest, dividends and other income. Interest received is presented under investing activities. Several balance-sheet subtotals are unlabelled.
    • First and final dividend of Shs 1.00 per share recommended for 2025 (ordinary Shs 0.73 and special Shs 0.27; 2024: Shs 0.32) (report of the directors, p6).
    Technical details
    File
    92 pages, with a text layer
    SHA-256
    dce2c84bee4c52610bbb2d9d25f0a5c013225041e8ad9bafb56c3d55fdb18ca3
    Entity as printed
    Nairobi Securities Exchange PLC (the Company) and its subsidiaries and controlled structured entities (the Group)
    Note
    The same audited statements are printed in the 2025 integrated report (PDF pp105-114; sha256 34ec9e8c37e9…). Its text layer interleaves the columns, so this separate document was used.
    Issuer copy
    retrieved 2026-10-07T23:41:54Z

  • Nairobi Securities Exchange PLC Annual Integrated Report & Financial Statements 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Deloitte & Touche LLP, unmodified opinion · signed

    Auditor's sign-off: Deloitte & Touche LLP; engagement partner CPA Freda Mitambo (practising certificate No. 2174)

    Final status: Auditor's report signed for Deloitte & Touche LLP (engagement partner CPA Freda Mitambo), but its date line prints only 'Nairobi 2025' with no day or month (PDF p78, page image); statements approved by the board on 27th March 2025 and signed by the chairman and a director (PDF p82, page image).

    Document date
    27 Mar 2025
    Auditor's report
    date left blank in this document
    Board approval
    27 Mar 2025
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023
    Basis
    consolidated statements · KES thousands (printed “Sh'000”)
    • Key audit matters are described in the auditor's report (PDF pp76-77).
    • Note 3.21 (PDF pp103-104): the 2023 statement of cash flows is re-presented ('2023*') to remove non-cash items from investing activities, split treasury-bond purchases and sales, and move the investment in AKS Nominees Limited (7,000) from investing to financing activities; the increase in cash is unchanged (64,086).
    • No revenue line is printed ('Total income' includes interest, dividend and other income); interest received is presented under investing activities; several balance-sheet subtotals are unlabelled. The auditor's report is dated only '2025'.
    • First and final dividend of Sh 0.32 per share recommended for 2024 (2023: Sh 0.16) (report of the directors, p35).
    • The statement and note pages' text layer is out of reading order (subtotals and some columns are detached from their labels, and note references can join an amount, e.g. '162,8237' for note 7 and 162,823); these pages were read with OCR.
    Technical details
    File
    156 pages, with a text layer
    SHA-256
    b46468196d0af1bbd56e7b4df2329ba53a2e1e6fa4e3475662dc3b90bcd5f3ca
    Entity as printed
    Nairobi Securities Exchange PLC (the Company) and its subsidiaries and controlled structured entities (the Group)
    Issuer copy
    retrieved 2026-10-07T23:41:55Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

Download

Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

Kenya country page · Company methodology and coverage