NNDC to pay N100m dividends to shareholders

 

The New Nigeria Development Company (NNDC) Limited will pay N100 million as dividends to its shareholders at the end of the current fiscal year, the Chairman Board of Directors, Tanimu Yakubu, has said.


Speaking while presenting the financial statement of the company to the 52nd Annual General Meeting in Kaduna, Tanimu said the directors proposed for approval: appropriation of gross dividend of N100 million at the rate of 20 kobo per share based on earnings per share of 55 kobo; and appropriations of N15 million each for the Young Professional Development Trust and Musa Bello Learning Resource Center Funds respectively.


“Turnover stood at N854.13 million against the corresponding period’s figure of N637.24 million, an increase of N216.90 million or 34%. Operating expenses for the period under review stood at N580.91 million as against the preceding year’s figure of N643.84 million giving a favourable variance N62.93 million or 9.8%. 
“Pre-tax profit for the year ended 31st March, 2020 stood at N273.22 million against the corresponding period’s pre-tax loss of N6.61 million. Shareholder’s funds stood at N14.70 billion as at 31st March, 2020,” he said.


Yakubu stated that the company will continue to manage investments in associate and quoted companies with a view to optimizing returns while pursuing optimal management strategy for the subsidiary companies. He added that the nominal value of NNDC quoted investments stood at N761.02 million as against their combined market value at N6.26 billion as at March 31, 2020.


The Chairman on manpower development said: “Staff development has continue to receive our encouragement and support. The Young Professionals Development Trust will continue to produce professionals in Accountancy, Stock Broking, Insurance and ICT whose primary aim is to develop manpower resources within owner states.


“NNDC intends to go well beyond upstream activities in our four hydrocarbon blocks in the Benue Trough (OPLs 809 and 810) and Chad Basin (OPLs 722 and 733). NNDC will therefore venture into power generation, gas processing and other midstream activities with the private sector in the lead.”