Central Securities Clearing System (CSCS) Plc, in its audited consolidated and separate financial statements for the year ended 31 December 2024, has reported double-digit growth in both revenue and profitability.
According to the financial results posted on the Nigerian Exchange (NGX), total revenue surged by 37 per cent to N26.1 billion in 2024, up from N19.0 billion the previous year. Profit before tax also rose significantly, climbing 24 per cent to N13.8 billion, compared to N11.2 billion in 2023.
The impressive results were largely driven by a 62 per cent year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity. Ancillary services also contributed strongly, growing 27 per cent from N8.1 billion in 2023 to N10.3 billion, buoyed by optimised service delivery and increased customer engagement.
CSCS maintained a strong balance sheet, with total assets rising 22 per cent to N64.4 billion from N52.8 billion in the previous year. Key financial ratios also improved, with return on average equity at 30 per cent, return on average assets at 20 per cent, and earnings per share increasing to 239 kobo from 202 kobo in 2023.
Temi Popoola, Chairman of the Board of CSCS, praised the performance amid a challenging economic climate. “Despite the macroeconomic headwinds of 2024, we delivered strong results across key financial and operational indicators. Our strategy of consolidating our core offerings while expanding into new business areas enabled us to grow gross earnings by 37 per cent, reaching N26.1 billion.”
Mr Popoola added, “In light of this strong performance and our commitment to delivering long-term value to shareholders, the Board has proposed a dividend of N1.76 per share, amounting to a total payout of N8.8 billion.”
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, emphasised the resilience and adaptability of CSCS’s business model. “Our 2024 performance highlights the sustainability of our revenue streams across both traditional and emerging segments. We continue to diversify into new areas and leverage technology to enhance scale and capacity in line with our strategic objectives. Amidst economic challenges, we grew operating income by 44 per cent to N22.2 billion, while maintaining a cost-to-income ratio of 47 per cent, reflecting our focus on operational efficiency.”
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