By Amaka Ifeakandu
Lagos
The Central Securities Clearing System Plc (CSCS) has recorded profit before tax (PBT) of N4.82 billion, for the 2013 financial year. The result showed an increase of 56% above the N3.1 billion posted in 2012.
The capital market clearing house also closed the year with total revenue of N6.8 billion, representing a 335 increase from N5.17 billion achieved in 2012. However, profitability witnessed a significant growth with PBT rising by 56% while profit after tax appreciating by 45% from N2.577 billion to N3.738 billion.
Following the impressive results, the directors recommended a dividend of 22 kobo per share. Speaking at the AGM, the Chairman CSCS, Mr. Oscar Onyema said with the results, the company delivered on its promise of enhancing its profitability.
“Your company has during the year under review improved its services significantly through the deployment of world class information technology whilst it continues to focus on expanding its businesses,” he added.
CSCS in 2013 commenced the clearing and settlement of transactions on the over-the-counter platforms of NASD Plc and the Financial Markets Dealers Quotations (FMDQ).
“Additionally, the company has been engaged to provide clearing, settlement and warehousing services for transactions that will take place on the floor of the Nigerian Commodity Exchange (NCX),” he said.
Managing director of the CSCS, Mr. Kyari Bukar said the while total revenue grew by 34 per cent during the year, operating expenditure decreased due to efficient cost management approach adopted by the company in 2013. According to him, the financial statements of the company were prepared in line with International Financial Reporting Standards (IFRS) as prescribed by the Financial Reporting Council of Nigeria (FRCN) and the Securities & Exchange Commission, having first adopted the IFRS in 2012
