ExpdonaLoaded.blogspot.com (+2348097205188): Expdonaloaded News; Clearing, settlement fees boost CSCS profit

Thursday, 11 June 2015

Expdonaloaded News; Clearing, settlement fees boost CSCS profit

Riding on the back of 19 per cent rise in its profit, the Central Securities Clearing System (CSCS) gave its shareholders N1.35billion dividend or 27 kobo per share which was unanimously approved at its Annual General Meeting Tuesday in Lagos.

According to its Chairman, Oscar Onyema, the financial statements of the company indicate positive increase of its pre-tax profit by 19.39 per cent from over N4.8billion in 2013 to N5.76billion in 2014.
He added: ” Amidst the harsh economic challenges that impacted businesses, our company continued to grow revenue and earnings significantly. The company’s operating income increased by 18.69 per cent, from N6.94billion 2013 N8.24billion in 2014. There was a marginal increaseof 17.13 per cent in the company’s operating expenses fromN2.1 billion in 2013 to N248 billion in 2014. Overall, the ending profit increased by 23.64 per cent year-on-year from N3.74billion in 2013 to N4.622 billion in the current year.”
On dividend, Onyema stated that the company remains committed to delivering qualitative returns to its shareholders, adding that this was demonstrated by the portion of profit set aside for distribution to the investors.post by expdonaloaded.blogspot.com..Recall that the board of the company recommended a total dividend payout of N1.350 billion or 27 kobo per share, which was approved by the shareholders.
Commenting on the company’s performance, the Managing Director/ CEO, Mr.Kyari Bukar, said the income of the company was achieved through “fees earned from clearing and settlement services provided to capital market participants, interest on fixed deposits and debt instruments in which we have invested, and also sales & subscriptions from other service offerings”.On the outlook for the company, Onyema said that CSCS would continue to work to be in a strong position to benefit from any improvement in economic conditions and underlying volume.“We are poised to continue both investment and acquisition to provide logistic solutions to businesses. In this vein, the acquisition of the new CSD software remains top priority with the selection of vendor for the project.We intend to support diversification, scale and growth, but we will stay focused on our core business strategy”, he added.