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CSCS declares 26k as dividend pay-out to shareholders ….Introduces Electronic Annual General Meeting

CSCS declares 26k as dividend pay-out to shareholders ….Introduces Electronic Annual General Meeting

The Central Securities Clearing System (CSCS) Plc has declared a 26 kobo dividend to shareholders. This was made known to shareholders at the 22nd Annual General Meeting of the company held at the NSE Event Centre, Lagos on Thursday.

The company recorded remarkable gains leading to 26 kobo dividend pay-out which is in line with the company’s dividend policy which provides that 30% of the company’s Profit After Tax recorded in a year be paid as dividend.

Announcing the dividend pay-out, the Chairman of the company, Mr. Oscar Onyema, noted that despite dwindling oil prices with its multiplier effects on the economy, CSCS Plc was able to sustain its profitability and dividend pay-out to shareholders.

Addressing shareholders, Mr. Onyema stated that “with all of these occurrences, it is quite reasonable to conclude that 2015 was indeed a year like none other. This notwithstanding, I am proud to report that your company withstood the elements of our economic environment during the year and we were able to deliver on our promise of ensuring continued return on investment to our shareholders”.

Shareholders in attendance approved the payment of the 26 kobo dividend and this would be credited to their separate accounts same day of the AGM, Thursday May 19. 2016.

Also speaking of the company’s financial performance, Mr. Kyari Bukar, Managing Director and Chief Executive Officer of CSCS Plc, said the Nigerian Capital Market slumped below its three-year low due to dwindling crude oil price, foreign exchange problems and exodus of foreign portfolio investors. He added that the market was negatively affected by the unstable Naira exchange rate which discouraged foreign investors from the market.

According to Kyari “these outcomes were unfavourable to our financial performance and led to a decline in our income by 7.77% in 2015 with total earnings of ₦7.6 Billion as against ₦8.2 Billion in 2014. Our operating expenses stood at ₦2.58 billion in 2015 as against ₦2.48 billion in 2014. This indicates an increase of 4.19% from the previous year. The year ended on a profitable note with our Profit After Tax at ₦4.46 billion, although this is a tail off by 3.50% from preceding year’s figures of ₦4.62 billion due to huge investments made towards our new CSD infrastructure”.

While speaking on the company’s notable achievements during the financial year, Kyari announced that the company has been awarded ISO 27001:2013 certificate.

In the same vein, the Electronic Annual General Meeting (EAGM), a ground-breaking initiative designed to promote financial inclusion and improve market integration across Africa by allowing shareholders to attend and participate in general meetings electronically was demonstrated.

CSCS has continued to focus on core services and values that are beneficial to the market, and is actively engaged in building strategic alliances with stakeholders in order to ensure greater brand appeal.

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