CSCS grows dividend to N5.85bn as profit rises

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Central Securities Clearing System Plc has said it will pay a total dividend of N5.85bn to its shareholders for the financial year 2020, 36 per cent higher than the N4.3bn dividend paid in the previous year.

Its shareholders approved at the Annual General Meeting on Tuesday the N1.17 dividend per share proposed by the board, compared to N0.86 dividend per share in 2019.

CSCS said the dividend would be paid to all qualifying shareholders who held shares at the close of business on May 10, 2021.

Speaking on the performance of the company, the Chairman of the Board of Directors, Mr Oscar Onyema, said despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top line and bottom line, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.

He said, “Growing profit by over 41 per cent in such a challenging year to deliver 20.3 per cent return on average equity, the Board of Directors is more than ever upbeat on the value accretive prospects of CSCS.

“More importantly, we are enthusiastic on the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market. With continuous investments in new technologies, talent, and work environment, we expect productivity to grow, as the board continues to work with the Management to exceed stakeholders’ expectations.”

The Managing Director/Chief Executive Officer, Mr Haruna Jalo-Waziri, said, “These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.

“Hence, my colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us stronger through the pandemic. We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.”

“Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities. The years ahead look challenging, albeit more promising than ever, as we reinforce our commitment to leveraging best-in-class technologies and our continuous investments in human capital in delivering value to all stakeholders.”

SOURCE:PUNCH

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