The Central Securities Clearing System Plc (CSCS) successfully weathered the storm in 2020 financial year to deliver improved results and declared dividend.
Details of the performance showed that total operating income stood at N12.087 billion, boosted by the investment income of N7.443 billion, up from N4.612 billion.
Profit before tax (PBT) printed at N7.392 billion, up by 22.3 per cent from N6.042 billion. However, income tax dropped by 59.34 per cent from N1.141 billion in the preceding year to N464.361 million, making profit after tax (PAT) grew faster by 41.3 per cent to N6.93 billion from N4.90 billion. The board recommends a dividend of N5.8 billion, which is 117 kobo per share.
Commenting, on the results, Chairman of the company, Oscar Onyema,said: “It is exciting to report this stellar results. Defying the unprecedented challenges that characterised 2020 financial year, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.”
According to him, the board and management are upbeat about the value accretive prospects of CSCS,saying that they are enthusiastic that the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market would be sustained.
In his comments, the Chief Executive Officer of CSCS Plc, Haruna Jalo-Waziri, said: “Amidst the COVID-19 twin threat to lives and livelihoods, and more importantly the attendant challenges in economic and business environment, we outperformed budget, reinforcing our commitment to delivering superior value to our shareholders, irrespective of the odds. These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.”
He said the company would continue to invest in the collective
objective of deepening the capital market and broader financial system, even as it seeks new and efficient ways of enhancing its partnerships for mutual prosperity.
“Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience
against macro and market volatilities. We will sustain our disciplined cost efficiency culture, in our commitment to delivering sustainable value to shareholders over the long term,” he said