The board of the New Nigeria Development Company (NNDC) Limited, jointly owned by the 19 northern states, has proposed for approval the appropriation of a gross dividend of N100 million at the rate of 20 kobo per share based on earnings per share of 55 kobo.
This is the first time in a very long time that shareholders would receive dividends for their investments.
The Chairman Board of Directors of the NNDC, Mr. Tanimu Yakubu, disclosed this while presenting the company’s financial statement at its 52nd Annual General Meeting in Kaduna.
He said the board had also approved appropriation of N15 million each for the Young Professional Development Trust (TPDT)and Musa Bello Learning Resource Centres .
He said in the year under review, the company’s efforts yielded a turnover of N854.13 million against the corresponding period of N637.24 million, which represented an increase of N216.90 million or 34 per cent.
Yakubu further said operating expenses for the period under review stood at N580.91 million as against the preceding year’s figure of N643.84 million, giving a favourable variance N62.93 million or 9.8 per cent, while profit before tax for the year ended March 31, 2020, stood at N273.22 million against the corresponding period’s pre-tax loss of N6.61 million.
Shareholder’s funds stood at N14.70 billion as at 31st March, 2020, he disclosed.
He said that the NNDC would continue to manage investments in associate and quoted companies with a view to optimising returns while pursuing an optimal management strategy for the subsidiary companies.
Yakubu added that the nominal value of the NNDC quoted investments stood at N761.02 million as against their combined market value at N6.26 billion as at March 31, 2020 and that the YPDT would continue to produce professionals in accountancy, stock broking, insurance and ICT whose primary aim would be to develop manpower resources within owner states.
