CSCS im­proves div­i­dend, pays 70k per share

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, La­gos

The Cen­tral Se­cu­ri­ties Clear­ing Sys­tem (CSCS) Plc, after a strong and im­pres­sive fi­nan­cial per­for­mance in the year ended De­cem­ber 31, 2017, has de­clared 70k div­i­dend pay-out to its share­hold­ers at the 24th An­nual Gen­eral Meet­ing held in La­gos re­cently.

This ap­proval by share­hold­ers fol­lowed the board of di­rec­tors’ pro­posal of a fi­nal div­i­dend of 70K per share which amounts to a to­tal div­i­dend of N3.5 bil­lion rep­re­sent­ing a 233 per cent in­crease over last year’s div­i­dend pay-out of N1.05 bn.

Speak­ing on the 2017 fi­nan­cial score­card, Mr Os­car Onyema, Chair­man, Board of Di­rec­tors of CSCS Plc, said, “We at­tribute our per­for­mance to bet­ter eco­nomic macro story, the in­vestors’ and ex­porters’ FX win­dow, our sound cor­po­rate gov­er­nance model, fo­cus on im­ple­ment­ing strate­gic ini­tia­tives, skilled work­force and tech­nol­ogy.”

Onyema said the group’s gross earn­ings grew to N8.7bn in 2017 from N6.2bn in 2016, which ac­counted for 41 per cent Year-onYear growth driven by de­cent rev­enue num­bers from core busi­ness and proper man­age­ment of in­vest­ment port­fo­lio.

“At the end of the year, Profit-be­fore-tax stood at N5.66bn in 2017 from N3.72bn in 2016. To­tal as­sets stood at N32bn in the year un­der re­view from N27bn in 2016, rep­re­sent­ing a 18 per cent growth Year-onYear,” he added.

The Man­ag­ing Di­rec­tor of CSCS Plc, Mr Haruna Jalo-Waziri, said though 2017 was con­sid­ered the year of hope, CSCS adapted very quickly to en­sure at­tain­ment of de­cent fi­nan­cial re­sults and other achieve­ments in the course of the year.

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