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.

He spoke at the presentation of the financial statement of the company to the 52nd Annual General Meeting (AGM) in Kaduna.

Yakubu said the directors proposed for approval appropriation of a 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 Centre 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 of N62.93 million or 9.8%.

“Pre-tax profit for the year ended March 31, 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 of March 31, 2020.”

Yakubu stated that the company will 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 added that the nominal value of NNDC quoted investments stood at N761.02 million as against their combined market value of N6.26 billion as of March 31, 2020.

 

The Chairman on manpower development said: “Members of staff development has continued 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,” he said.