Despite the trying economic times, the Board of At-Tanzeel Group of Schools said it achieved moderate growth in all key performance areas, including a 47% profit after tax (PAT) of N50.4 million in the 2023 financial year (FY), compared to N34.4 million recorded the previous year.
The Board is also recommending a dividend of 12.5k per N1 of ordinary shares held, a proposal that, if approved, would see it disburse a total sum of N25 million to its shareholders soon.
Disclosing this at the 2023 Annual General Meeting (AGM) of the school, held in Ikorodu, recently, its immediate past chairman (2015-2023), Alhaji Abdul-Hameed Oladimeji Olona, stated that the school, during the period under review, also increased its revenue by 12%, from N313.5 million of the previous year to N352 million, while also recording a rise in its operating expenses, from N193.7 million of 2022 to N219.9 million, in tune with its revenue growth.
“While our administrative expenses fell by 7.2%, from N75 million (2022) to N69.6 million, our net assets increased by 10%, rising from N433 million (2022) to N477.6 million this year,” he stated.
Describing Y2023 as quite challenging, Olona attributed those key performance indicators to the board’s commitment to high corporate governance standards, the entrepreneurial skills of its members, and the collaborative efforts of the school’s staff.
While informing the shareholders of the school’s new acquisition, the Juweria School, Olona expressed his confidence in the ability of the board and management of the school, acquired in the last academic session, to achieve financial sustainability in the shortest possible time.
As a way of consolidating and enhancing its corporate governance practises, the Board, he stated, had ratified the appointment of two independent directors, whose expertise would expectedly bring significant value to the organisation.
In his remarks, the new chairman, Alhaji Saheed Bashir, assured that the primary focus of his administration would be on investing in 21st-century teaching, learning infrastructure, and methodologies.
“We will integrate more cutting-edge technologies into our curriculum, creating an atmosphere that stimulates innovation, critical thinking, and problem-solving skills,” he added.
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