Associated Discount House declares N3.12 billion profit

Associated Discount House Limited (ADH) achieved a Group Interest and Similar Income of N17.billion for the year-ended December 31, 2013.

Group Profit before Tax (PBT) increased by 47.18 percent to N1.803 billion from N1.225 billion in 2012. Also Profit after Tax (PAT) soared to N3.122 billion during the same period.

This represents a PAT growth of 32.64 percent from the N2.103 billion achieved last year.

The Chairman of the Board of ADH Aigboje Aig-Imuokhuode explained that the Profit after tax is higher than the profit before tax given ADH focus on its core business of securities trading and attendant tax advantages.

Aig-Imoukhuede who spoke at the 20th Annual General Meeting (AGM) of ADH in Lagos said that despite a difficult operating environment which saw some discount houses go down last year; ADH was able to grow her assets to N70.743 billion as at December 31, 2013.

He said this impressive result culminated in 41.70 percent improvement in Shareholders’ Funds to N9.535 billion as at December 31, 2013 from N6.728 billion as at December 31, 2012.

Aig-Imoukhuede attributed this performance to the significant progress made by the Board and management of the company in the areas of corporate governance, risk management and operational efficiency.

The Chairman also informed the meeting that the CBN has approved new shareholders from its recent Private Placement exercise. The company’s shareholders fund has therefore exceeded N15 Billion.

Commenting on the results, Abubakar Jimoh, Managing Director / CEO said:

“Our performance for the year was in line with the group expectations justifying the effectiveness of our strategy and implementation proficiencies. We achieved these results by focusing on our “core business” while recording significant improvement in our operating efficiency.”