CSCS shareholders approve N4.3 bn total dividend

Shareholders of Central Securities Clearing System (CSCS) Plc have approved payment of N0.86 dividend per share for the financial year ended December 31, 2019.

The amount to be paid translated into a total dividend of N4.3 billion, representing 23.8 per cent year on year growth compared with N3.5 billion dividend or N0.70 kobo paid in the previous year.

The AGM  was held by proxy at the Nigerian Stock Exchange event Centre, Lagos while observing relevant social distancing protocols and hygiene, aimed at curtailing the spread of COVID-19.

Speaking on the performance of the company, the Chairman of the Board of Directors, Mr. Oscar N. Onyema noted the resilience of CSCS’ performance amidst market volatility and waning transaction volumes in 2019:

He said “This set of results and impressive returns to shareholders are commendable, particularly when put in the perspective of the relatively weak liquidity in the market in 2019. This feat reflects the tenacity of the management in diversifying the business and commitment to cost efficiency.

While transaction fees waned, it is satisfying that CSCS sustained both top and bottom-line growths, with revenue and profit before tax of N9.1 billion and N6.3 billion respectively.”