By Francis Ogwo
Shareholders of the New Nigeria Development Company Limited will be paid their dividends. This is according to the Chairman, Boad of Directors,Tanimu Yakubu.
He made this disclosure while presenting the financial statements of the company for the year ended March 31, 2020 during its 52nd Annual General Meeting held in Kaduna recently.
The chairman said the directors proposed for approval “appropriation of gross dividend of N100m at the rate of 20 kobo per share based on earnings per share of 55 kobo.” He added that an additional appropriation of N15m each for the Young Professional Development Trust and Musa Bello Learning Resource Center Funds was also approved.
On the progress made by the company in the period under review, the chairman noted that turnover stood at N854.13m in 2020 from N637.24m in 2019.
He added that the operating expenses for the period under review stood at N580.91m as against the preceding year’s figure of N643.84m.
Yakubu said pre-tax profit for the year ended March 31, 2020 stood at N273.22m as against N6.61m in the previous year, while the shareholders’ funds stood at N14.70bn as at March 31, 2020.
He said the company would continue to manage investments in associate and quoted companies with a view to optimizing returns while pursuing an optimal management strategy for the subsidiary companies.
“Staff development has continued to receive our encouragement and support.
“We remain more than ever committed to the empowerment of our employees whom we recognize as our most important asset.”
The NNDC is a conglomerate of companies owned by the 19 Northern states.