CSCS shareholders approve N7.5bn dividend for 2023 against N6.85bn for 2022

Shareholders of the Central Securities Clearing System has approved total dividend of N7.5 billion for the financial year ending Dec. 31, 2023.

This is against N6.85 billion paid out in 2022.

They made the approval at the company’s 30th Annual General Meeting yesterday in Lagos.

The Shareholders, who urged the company to sustain its performance, commended them for improving its bottom line in the year under review and paying dividends.

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The Board Chairman, Mr Temi Popoola said the company achieved impressive financial result in 2023 despite challenging business environment.

Popoola noted that significant growth across key financial metrics of the company highlighted its commitment to delivering increased value to its shareholders.

He said the CSCS reported impressive result in 2023, reflecting its strong performance and strategic initiatives throughout the year.

According to him, the company acheived gross earnings of N19 billion, representing a remarkable 65.2 percent increase compared to N11.5 billion recorded in 2022.

The Chairman said the company realised a profit before Tax of N11.2 billion in 2023, marking an impressive 84.2 percent increase from N6.1 billion in the previous year.

Popoola also disclosed that the company’s gross earnings for the year under review stood at N19.0 billion, a 151.25 percent performance against budget and a 65.2 percent year on year increase of N11.5 billion in the year 2022.

He noted that the performance was driven by 249.3 percent growth in non core revenue, adding that transaction fees were 88.3 percent and Depository fees stood at 21.3 percent.

The Chairman noted that the company’s investment income’s budget performance stood at 96.8 percent, representing a 15.2 percent year on year increase.

NIGERIAN TRIBUNE