CSCS grows revenue by 39.2%, pays N3.7 billion dividends ― Onyema

The Board of Central Securities Clearing System (CSCS) Plc has announced the company’s revenue growth by 39.2% and proposed a total dividend of N3.7 billion to its shareholders.

The Chairman, Board of Directors of CSCS Plc, Mr Oscar Onyema announced the growth and dividend proposal at the Company’s 28th Annual General Meeting in Lagos.

Mr. Oscar noted that the company’s earnings fundamentals remained resilient and stronger despite the volatile operating environment and moderated capital flows.

The Chairman explained the revenue growth was driven by stellar growth in ancillary income, adding that the equity market recorded one of the weakest secondary market activities in the past few years, with the average daily trade value of N3.9billion.

Commenting on the outlook for the business, Mr. Onyema expressed optimism on the earnings capacity and overall resilience of the business despite the unique macro challenges of pre-election year.

He said efforts would be intensified to consolidate on the strong foundations and extract synergies opportunities with company’s participants and partners in sustaining the positive trajectory of the business.

“Typical of a pre-election year, 2022 comes with its unique macro challenges but I am optimistic on the earnings capacity and overall resilience of our business.

“We hope to consolidate on the strong foundations and extract synergies opportunities with our participants and partners in sustaining the positive trajectory of the business.” He said.

Speaking also, The Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri noted that the Nigerian capital market remained active through the prolonged COVID-19 crisis due to the immediate adoption of new remote access technologies.

Haruna explained that the collaboration of the company’s regulator and participants has been incredible in sustaining our operational protocols and IOSCO PFMI standards.

He also said that the company sustained its cost efficiency strategy, leading to a 1.6% decline in operating expenses despite the average inflation rate of 17.0% during the year, we

“Reflecting the ingenuity of our participants and more importantly quick adoption of new remote access technologies, the Nigerian capital market remained active through the prolonged COVID-19 crisis.

“The collaboration of our regulator and participants has been incredible in sustaining our operational protocols and IOSCO PFMI standards.”

“Despite the average inflation rate of 17.0% during the year, we sustained our cost-efficiency strategy, leading to a 1.6% decline in operating expenses.” Jalo-waziri stated.