The Chairman, Board of Directors of New Nigeria Development Company Limited, Tanimu Yakubu, has said the company’s shareholders will receive dividends after a very long period.
Yakubu said this while presenting the financial statements of the company for the year ended March 31, 2020 during its 52nd Annual General Meeting held in Kaduna.
The NNDC is a conglomerate of companies owned by the 19 Northern states.
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.
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 optimising returns while pursuing an optimal management strategy for the subsidiary companies.
He said, “Staff development has continue to receive our encouragement and support.
“We remain more than ever committed to the empowerment of our employees whom we recognise as our most important asset.
– Punch