The Securities and Clearing System plc (CSCS) has delivered a highly impressive performance for the year ended December 2012.
CSCS, which is the financial market infrastructure responsible for the clearing and settlement of all traded securities in the Nigerian capital market, posted total revenue of N5.17 billion in 2012, up19 per cent from the N4.19 billion level in 2011.
Profit before tax witnessed a higher growth of 77 per cent from N1.73 billion to N3.06 billion in 2012. Riding on the back of management’s conscientious effort to control expenses, profit after tax soared by 158 per cent from N1 billion to N2.58 billion.
This performance follows prudent financial management of resources and successful implementation of a corporate transformation agenda.
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Speaking at the 19th annual general meeting of the company held in Lagos, Oscar Onyema, Chairman of CSCS, said he was pleased to inform shareholders of the successful performance.
He said apart from the growth in profitability, total assets rose from N13.64 billion in 2011 to N15.43 billion in 2012.
According to him, in consideration of the company’s commitment to shareholders and bearing in mind the cost implications of its future strategy, the board of directors recommended a dividend of N750million, up from N500 million the previous. The dividend translated to 15 kobo per share.
He disclosed that in furtherance of its growth objectives, CSCS benchmarked its process and risks framework against the Committee on Payment and Settlement Systems and the International Organisation of Securities Commissions (CPSS-IOSCO) principles, which provide globally acceptable standards for assessment of financial market infrastructure.
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