Economy

CSCS Reports N6.93 Billion Profit, 2020 N 5.85 Billion Dividend

Published

on

CSCS Reports N6.93 Billion Profit, 2020 N 5.85 Billion Dividend

By Chinyere Joel-Nwokeoma

The Central Securities Clearing System Plc (CSCS) reported an after-tax profit of N6.93 billion for the fiscal year ended December 31, 2020.

In a statement, the company said the after-tax profit was 41.43% higher than the N4.90 billion recorded in the corresponding period of 2019.

In addition, profit before tax increased by 22.35% to 7.39 billion naira, compared to 6.04 billion naira realized in the corresponding period of 2019.

Its total income was 12.09 billion naira compared to 9.21 billion naira in 2019, indicating an increase of 31.3%.

The group’s total income increased by 31.27% to 12.09 billion naira from 9.21 billion naira recorded in the comparative period of 2019.

The company’s investment income rose 61.39% to 7.44 billion naira, from 4.61 billion naira in 2019.

The company’s operating expenses edged up 46.13% to N4.72 billion from N3.23 billion in 2019, partly reflecting investments in technology and human capital.

The board also recommended a dividend of 5.85 billion naira, or 1.17 billion naira, a growth of 36% against 86,000 dividends per share paid in 2019.

Commenting on the group’s performance, Mr. Oscar Onyema, Chairman of the Board of Directors of CSCS, said the company has challenged the unprecedented challenges that characterized fiscal 2020.

“It is exciting to report these excellent results. Meeting the unprecedented challenges that characterized fiscal 2020.

“The CSCS grew stronger, delivering exceptional growth in revenues and results, and executing large-scale initiatives that would sustainably strengthen the competitiveness and resilience of the company,” said Onyema.

He said the board and management were optimistic about CSCS ‘prospects for value creation with earnings growth of over 41 percent.

“We are delighted that the progress made so far in repositioning the company to effectively play a more active and leading role in deepening the Nigerian capital market will be sustained.

“With continued investments in new technology, talent and the work environment, we are optimistic about the productivity of CSCS going forward,” he said.

Further, commenting on the performance, Mr. Haruna Jalo-Waziri, CEO of CSCS, said the result reinforces his commitment to deliver superior value to our shareholders, regardless of rating.

“These impressive results reflect our enhanced collaboration with various stakeholders and their unwavering support and loyalty to CSCS, as the basic infrastructure for the Nigerian financial market.

“Therefore, my colleagues and I are delighted to dedicate this performance to our valued participants, the regulator and the board, whose support has kept us strong during the pandemic.

“We would continue to invest in our collective goal of deepening the capital market and the broader financial system, while seeking new and effective ways to strengthen our partnerships for mutual prosperity.

“After having laid a solid foundation over the past three years, we are more optimistic than ever about the outlook for our business, especially as we are diversifying the business for better resilience in the face of macroeconomic and stock market volatility.

“We will maintain our disciplined culture of profitability, in our commitment to deliver sustainable shareholder value over the long term.

“We are excited about the cost / income ratio of 39 percent, despite the impact of exchange rate volatility and rising headline inflation on our cost base,” Jalo-Waziri said. (NOPE)

(NAN)

Short Link: https://wp.me/pcj2iU-3yX3

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Coronavirus – Rwanda: COVID-19 update (May 6, 2021) JUSUN, PASAN strike to end soon – FG Coronavirus – Eswatini: COVID-19 daily update (May 6, 2021) Jagun emerges new president of computer professionals council Coronavirus – Eritrea: Ministry of Health announcement (May 6, 2021) Lagos to connect 100 schools to internet in May – Sanwo-Olu #EndSARS: Insurance companies pay N4bn claims – NIA NCDC confirms 28 new COVID-19 infections in Nigeria Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 6, 2021) Manchester United cruise into Europa League final, Arsenal slump Mining Indaba expands advisory board for 2022 Kogi Gov., Bello commiserates with Pastor Adeboye over son’s demise Angolan Petroleum Agency to host question and answer sessions for next application cycle FG inaugurates committees on National Policy on welding Coronavirus – Kenya: COVID-19 update (May 6, 2021) Leadership Centre, UNDP train 5000 civilian JTF in Yobe, Adamawa Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 6, 2021) Player fined about N2.5m, banned for slapping opponent FROM THE FIELD: Ugandan conflict survivor helps communities find ‘ways forward’ Former LRA leader, former child soldier, sentenced to 25 years in prison Coronavirus – Eritrea: Ministry of Health announcement (May 5, 2021) Day of the Midwife: Invest in midwives to save more lives — UNFPA Liquid Telecom unveils new identity, Liquid Intelligent Technologies in Botswana as it establishes itself as the digital services partner of choice for African businesses Buhari salutes ex-NSC DG Al-Hassan Yakmut at 60 Chelsea whip Real Madrid to reach Champions League final Video press release: Weekly press briefing on the coronavirus epidemic Enugu State inaugurates board for universal health coverage Video Press Release: WHO Africa COVID-19 Online Briefing Singer Paul Okoye hits 1m subscribers on YouTube, receives gold plaque Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 5, 2021) Coker resumes as NTDC boss WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary FIFA and Gianni Infantino welcome the decision of the Swiss Federal Criminal Court to challenge the extraordinary federal prosecutor NDLEA arrests grandma, granddaughter with 192kg cocaine in Ondo Engineers laud FG, Lagos Govt. high on infrastructure delivery AstraZeneca Africa PUMUA Initiative celebrates World Asthma Day with delivery of the first PUMUA nebulization stations in 4 countries