CSCS improves dividend, pays 70k per share

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.