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shareholders of Central Securities Clearing System (CSCS) have approved 86 kobo per share as dividend payout to shareholders. At its AGM held by proxy at the Nigerian Stock Exchange Event Centre, Lagos, whilst observing relevant social distancing protocolsand hygiene, aimed at curtailing the spread of COVID-19.
Following the approval of shareholders at its AGM held by proxy at the Nigerian Stock Exchange Event Centre, Lagos, the 86 kobo dividend translated to N4.3billion to payout to its shareholders, some 22.8 per cent year-on-year growth in return to shareholders, when compared to N3.5 billion dividend (70 kobo dividend) paid the previous year.
Speaking on the performance of the company, its Chairman, Mr. Oscar Onyema, noted the resilience of CSCS’ performance amid market volatility and waning transaction volumes in 2019: “This set of results and impressive returns to shareholders are commendable, particularly when put in the perspective of the relatively weak liquidity in the market in 2019. This feat reflects the tenacity of the management in diversifying the business and commitment to cost efficiency. While transaction fees waned, it is satisfying that CSCS sustained both top and bottom-line growths, with revenue and profit before tax of N9.1billion and N6.3 billion respectively”, the Chairman noted.
Also commenting on the results, its Managing Director/Chief Executive Officer, Mr. Haruna Jalo-Waziri said; “My colleagues and I remain committed to our earnings growth and cost efficiency philosophies , as we driven by the ultimate objective of creating superior value for shareholders and enhancing market efficiencies. I am pleased with the 165 per cent growth in non-core earnings, reflecting our tenacity towards diversifying the business. More importantly, the overall performance reflects the pay-off of our painstaking investment in people and new technologies, as we strengthen our capacity to serve our participants better and meet anticipatory need of the market.”
