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N4.3bn dividend payout approved for Shareholders by CSCS

The sum of N4.3 billion has been approved for Shareholders by the Central Securities Clearing System (CSCS) Plc following its 26th annual general meeting (AGM) where N0.86 was recommended and approved as dividend per share by its board of directors.

The dividend amounts to N4.3 billion and is 22.8 per cent higher than N3.5 billion or 70 kobo per share paid in the previous year.

Speaking on the performance of the company, the Chairman of the Board of Directors, Mr. Oscar Onyema, noted the resilience of CSCS’ performance amidst 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.

Whilst 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,” he said.

Also commenting on the results, the 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.”

“Notwithstanding the inflationary environment, we closed 2019FY with 31.5 per cent cost-to-income ratio, demonstrating continuous improvement in cost efficiency.

As we deliver on our strategic initiatives aimed at enhancing the post-trade segment of the Nigerian capital market, we are upbeat on the earnings outlook of the Company, with expectations of delivering superior returns to shareholder over the long term,” Jalo-Waziri added.

Source: This Day

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