Markets

CSCS reiterates commitment to deepening capital market

The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, on Monday restated the exchange’s commitment to the implementation of various initiatives aimed at promoting gender diversity and empowering women.

The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth.

Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share.

The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as against N36.61 billion as at 2019, a growth of 13.1 per cent.

Property, Plant and Equipment (plus intangibles) went up by 25 per cent YoY to N1.35 billion, reflecting continued investments in infrastructure to enhance operational efficiency and resilience, while shareholders’ funds up by 7.9 per cent to N35.49 billion, reflecting strong capacity for organic capital growth.

Speaking on the group’s performance, the chairman, Board of Directors of CSCS, Mr. Oscar Onyema said, “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.”

Onyema stated that, “subject to shareholders’ approval at the upcoming annual general meeting, the board is recommending a dividend of N5.85 billion or dividend per share of N1.17, representing a growth of 36 per cent over the 86 kobo dividend per share paid from the 2019 financial year earnings.”

Also, CEO of CSCS, Mr Haruna Jalo-Waziri, said: “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 added that, “we would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity. We will sustain our disciplined cost efficiency culture, in our commitment to delivering sustainable value to shareholders over the long term.”

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