SHAREHOLDERS of The Central Securities Clearing System (CSCS) have approved the proposed N8.8 billion dividend of N1.76 per share for the 2024 financial year.
At the Annual General Meeting (AGM) of the company on Friday in Lagos, shareholders unanimously gave nod to the increased dividend while applauding the board and management of the company.
Mr Temi Popoola, the Chairman, Board of CSCS noted that the dividend was approved by the board in recognition of the strong performance of the company for the year 2024.
“This distribution reflects our ongoing commitment to delivering consistent returns to our shareholders while maintaining a balanced approach to reinvesting in long-term value.
He said despite a challenging operating environment, CSCS delivered a robust financial performance in 2024, underscoring the strength of our business model, strategic execution and operational discipline.
“Our financial strength in 2024 was underpinned by several factors, including higher capital market trading activity, favourable yields in the fixed income space and foreign exchange gains. These were complemented by growing demand for our expanding portfolio of services and solution,” he said.
CSCS’s gross earnings rose to 26.1 billion which represents 37.2 percent year-on-year growth and 156 percent performance against budget.
He said this was driven by increased transaction volumes, product uptake, and a favourable interest rate environment that boosted investment income.
He noted that the profit before tax increased to N13.84 billion, surpassing budget expectations by 218.1 percent. “Our pre-tax earnings reflect strong topline growth, efficient operations, and gains from strategic cost management.
“The profit after tax soared to N11.94 billion, marking 243.9 per cent of budget, this outcome demonstrates our ability to convert revenue growth into strong bottom-line performance despite inflationary pressures and currency headwinds.
In the year under view, Popoola said the company prioritised initiatives aimed at improving operational efficiencies and leveraging technology to enhance its offerings and exceed client expectations.
Looking into 2025, Haruna Jalo-Waziri, Managing Director, CSCS noted that one of the key milestones for the year was the launch of a new corporate website and RegConnect 2.0.
He said the company remains confident that the various enhancements would provide a more seamless experience and foster deeper collaboration, reaffirming Nigeria’s role as Nigeria’s trusted financial market infrastructure provider.
In reaction to the dividend, shareholders commended the board of CSCS for the increased dividend and the performance of the company in 2024 despite the challenging economic situation.
Boniface Okezie, National Coordinator of Progressive Shareholders Association and Juliet Ebere of Independent Shareholders Association of Nigeria (ISAN) both appreciated the management of the company for its performance while urging the board to consider increasing the dividend.
READ ALSO: CSCS reports 37% increase in revenue, proposes N1.76 dividend/share
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