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CSCS declares N5.85 billion dividend in 2020

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The Central Securities Clearing System (CSCS) is proposing a total dividend payout of N5.85 billion for the 2020 financial year, translating to N1.17 per share. This represents a 36 per cent increase over 86 kobo declared in the 2019 financial year.

The company’s total operating income for the period stood at N12.087 billion, up from N4.612 billion achieved in the corresponding period in 2019 while revenue stood at N4.603 billion, against the previous year’s N4.588 billion.

The Chairman of the company, Oscar Onyema, expressed excitement at what he described as “stellar results”.

According to him, the performance defied the unprecedented challenges that characterised the 2020 financial year.

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He said investment in new technologies and executing far-reaching initiatives strengthened its competitiveness and resilience of the business.

“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. The board and management are upbeat about the value-accretive prospects of CSCS.

“We 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 will be sustained. With continuous investments in new technologies, talent, and work environment, we are optimistic on the productivity of CSCS going forward,” he added.

He said the company’s total operating expenses increased to N4.717 billion from N3.231 billion, boosted by investments in technology and human capital while personnel expenses rose to N2.051 billion from N1.317 billion in the previous year.

Other operating expenses rose from N1.268 billion to N1.837 billion. Finance cost rose also appreciated from N48.546 million to N74.234 million. Depreciation and amortisation stood at N616.289 million, compared to N547.906 million.

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