The Annual General Meeting (AGM) of the New Nigerian Development Company (NNDC) has approved the distribution of cash dividend of N100 million (equating to 20 kobo per share) to the company’s shareholders for the financial year which ended on March 31, 2021.
The AGM also approved the distribution of N25m bonus shares, equating to one bonus share for every 20 shares held by the shareholders.
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A statement by the company over the weekend in Kaduna disclosed that the AGM approved an appropriation of N15m each for the Young Professionals Development Scheme and Musa Bello Learning Centre.
The shareholders’ approval was announced by the chairman of the company, Tanimu Yakubu, while presenting the audited financial statements of the company for the year ended March 31, 2021, during the 53rd AGM held on Friday, February 11, 2022.
A breakdown of the company’s performance indicates that turnover stood at N629.15m against the corresponding period’s figure of N625.7m which represents an increase of N5.6m or 0.98 per cent.
Operating expenses stood at N542m as against the preceding year’s N590m, giving a favourable variance of N48m or 8.8 per cent. Pre-tax profit stood at N335.4m against N273.2m.
Mr Yakubu stated that the company continued to manage investments in associate and quoted companies with a view to optimising returns while pursuing an optimal management strategy for the subsidiary companies.