CSCS grows revenue by 31.3%, recommends N5.9bn dividend
AMIDST unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Central Securities Clearing System (CSCS) Plc has announced that its revenue grew by 31.3 per cent from N9.21 billion in 2019 to N12.09 billion in 2020.
According to the group’s audited 2020 financial results, the firm’s profit after tax (PAT) grew to N6.93 billion compared to N4.90 billion recorded in 2019 while its profit before tax (PBT) rose by N7.39 billion as against N6.04 billion in the corresponding year of 2019.
The Board and Management of CSCS Plc also recommended a dividend of N5.85 billion or dividend per share of N1.17, representing a growth of 36 per cent over the N0.86 dividend per share paid from the 2019 financial year earnings.
Commenting on the results, the Chairman, Board of Directors, CSCS Plc, Oscar Onyema, said that despite defying the unprecedented challenges that characterized 2020 financial year, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.
Onyema explained that having grown 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 and Management are upbeat about the value accretive prospects of CSCS, adding that the firm is enthusiastic that the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market will be sustained.
“With continuous investments in new technologies, talent and work environment, we are optimistic on the productivity of CSCS going forward. Subject to share-holders’ approval at the upcoming annual general meeting, the Board is recommending a dividend of N5.85 billion or dividend per share of N1.17, representing a growth of 36 per cent over the N0.86 dividend per share paid from the 2019 financial year earnings,” he said.
Also speaking, the Chief Executive Officer, Haruna Jalo-Waziri, said the firm’s performance reflects its enhanced collaboration with different stakeholders and its unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.
According to him, CSCS will continue to invest in its collective objective of deepening the capital market and broader financial system, even as it seeks new and efficient ways of enhancing partnerships for mutual prosperity.