The dividend, which translates into 10 kobo per share, was approved at the 15th annual general meeting (AGM) held in
Speaking at the AGM, Chairman of the
"Given the way that the company has performed, if there are no hiccups we hope to do better. The company is in the process of seeking cheaper sources of funds, which would be helpful as the company is building a Biotech plant," he said.
Reviewing the performance of the company, Ohiwerei said turnover rose by 29 per cent from N7.2 billion to N9.2 billion. Gross profit grew from N4 billion to N5 billion, showing an increase of 26 per cent.
According to him, operating profit increased from N854 million in 2012 to N1.3 billion due to increases in turnover and better management of operational costs.
However, profit before tax declined by 54 per cent to N250 million from N540 million, while profit after tax declined by 25 per cent from N207 million to N155 million.
The drop was due to impairment loss incurred on
But the balance sheet grew by 15 per cent, from N10.8 billion in 2012 to N12.4 billion mainly resulting from our investment in the Biotech Plant.
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