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Partnership Investment Company eyes business expansion

Victor Ogiemwonyi, managing director_CEO, Partnership Investment Company plcPartnership Investment Company plc has completed plans to expand its lines of business so as to improve bottom line figures. Meanwhile, shareholders of the company gave approval for the board to pay a dividend of 5 kobo per share to its shareholders for the year ended 31st December, 2013.

Presenting the financial report for the year ended December 31st 2013 to shareholders, at the company’s 22nd annual general meeting recently held in Lagos, Henry Omoragbon, chairman, Partnership Investment Company plc, noted that the company is among the top ten stockbroking firms in Nigeria and “there are prospects to consolidate on this by expanding our lines of business.

“Growth becomes an issue when it is not being effectively controlled, but presently we have thousands of customers that need to be controlled, having groomed over years. We have carefully selected the lines of our businesses, strategies and other imperatives to carry out our expansion processes,” Victor Ogiemwonyi, managing director/CEO of the firm told journalists.

He disclosed that as part of the expansion plans, the company had recently acquired an HMO (Health Maintenance Organisation), which presently awaits recapitalisation, so as to make it strong enough to withstand pressures; adding that strengthening the subsidiaries will definitely translate into balance sheet.

However the company’s financial results show that gross earnings grew by 29 percent, from N1.5bn in 2012 to N1.9bn in 2013. Profit after tax (PAT) increased by 18.6
percent, from N243.4m recorded in 2012 to N288.6 in 2013.

Amongst the shareholders that commended the financials results of the company was Akin Soares who said an analysis of the consolidated financial statement is as good as the working capital, however warned that the company should consider all risks and strategies before expanding its lines of business.

“We have recorded tremendous increase on the profit compared to the previous year, but I am bordered on the strategies that have been put in place to ensure we do not make mistakes that banks made in 2008. Let us consider all risks properly before expanding our bottom line,” he said.