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NNDC achieving mandate despite harsh times – Chairman

The Chairman Board of Directors of New Nigeria Development Company (NNDC), Malam Tanimu Yakubu, has said the company is realizing its corporate objectives despite the…

The Chairman Board of Directors of New Nigeria Development Company (NNDC), Malam Tanimu Yakubu, has said the company is realizing its corporate objectives despite the tough operating environment and security challenges across the country.

Yakubu, who stated this while presenting the financial statement of the company during its 50th Annual General Meeting which held in Kaduna, said the operating results and the company’s performance during the financial year which ended 31st March 2018 registered a marginal improvement of 8.4% increase in operating income – from N747.11m to N809.68m.

He however said the operating profit before tax reduced by 16.88% from N138.25m to N114.92m while earnings per share decreased from 17.54 kobo as at 31st March 2017 to 13.93 kobo as at 31st March 2018.

Shareholders’ Funds, the chairman stated,  increased marginally from N9.19 billion in 2017 to N9.23 billion in 2018 explaining that the overall performance was a reflection of the volatile and harsh business environment the company had to contend with in the previous year.