By Chukwuma Umeorah
Shareholders of Central Securities Clearing System (CSCS) would be paid a total dividend of N7.5 billion amounting to N1.50 per ordinary share of N1 each for the financial year ending December 31, 2023.
This marks an increase from the N6.85 billion dividend paid out in 2022. The shareholders gave the approval for payout during the company’s 30th Annual General Meeting (AGM) held in Lagos on Friday. The shareholders commended CSCS for its improved bottom line and urged the company to sustain its performance.
The shareholders also approved the appointment of appointment of Temi Popoola, Nonso Okpala and Samuel Onukwue as Non-Executive Directors while Chinelo Anohu and Ibrahim Dikko were re-elected as Independent Non-Executive Directors.
CEO of CSCS, Haruna Jalo-Waziri, highlighted the company’s deliberate effort to diversify revenue streams, reducing reliance on a few sources.
Waziri emphasized the importance of assessing a company’s performance over time, noting CSCS’s consistent delivery on budget and rewards to shareholders and stakeholders.
“There has been a deliberate attempt of the management and board to diversify the company’s revenues and not to rely on only two or three types of revenue streams which is what we saw from our non- core being more than 45 per cent of what it was last year.”
He expressed confidence in surpassing the N20 billion revenue target set for the following year. “If the strategy is right, the outcome would be right. We would continue to deliver on the strategy that we promised 5 years ago, we are at over N19 billion in Revenue, and by next year, we should have surpassed our target of N20 billion. We intend to keep the trajectory in consistency in rewarding shareholders.”
On his part, Chairman of the Board, Temi Popoola, commended CSCS’s impressive financial performance in 2023 despite a challenging business environment.
According to him, “The company reported significant growth across key financial metrics, including a 65.2 per cent increase in gross earnings to N19 billion and an 84.2 per cent rise in Profit Before Tax (PBT) to N11.2 billion compared to the previous year.”
Popoola highlighted the company’s strategic initiatives and strong performance throughout the year, driving growth in non-core revenue by 249.3 per cent.