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CSCS Posts 56 Percent Profit Growth

May 26, 2014

Central Securities Clearing System Plc (CSCS) has reported a profit before taxation of N4.82 billion for the year ended December 31, 2013 as against the N3.09 billion reported for the previous year.

By these figures, the company grew its annual profit by 56 per cent with profit before tax at N3.74 billion. According to CSCS chairman, Oscar Onyema, "in fulfillment of our promise to continually pursue annual growth in revenue, the company's total revenue grew by 34 per cent from N5.17 billion in 2012 to N6.89 billion in 2013."

Delivering his report at the 20th Annual General Meeting of the company held in Lagos, Managing Director of CSCS Mr. Kyari Bukar explained that the company achieved good financial results in the year under review.

He said: "Our operating income for the year stood at N6.9 billion, that is a 34 per cent increase from the previous year's operating income of N5.2 billion. Profit before tax for the year under review was N4.82 billion as against N3.09 billion from the previous year, 2012."

According to Kyari, total revenue grew by 34 per cent during the year and operating expenditure decreased by 1 per cent due to efficient cost management approach adopted by the company in 2013.

The company disclosed that the 2013 Financial Statements of the Company was prepared in line with International Financial Reporting Standards (IFRS) as prescribed by the Financial Reporting Council of Nigeria (FRCN) and the Securities and Exchange Commission, having first adopted the IFRS in 2012.

A dividend of N22.00 kobo per share was approved for payment to members whose names appear in the register of members at the close of business on Monday May 5th, 2014.

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Source: AllAfrica

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