Economy

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

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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)

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