Central Securities Clearing System (CSCS) Plc is investing in optimization of its processes, technologies and human resources to continue to drive growth and achieve its vision of being the leading central securities depository in Africa.
At a stakeholders’ forum in Lagos, the company reviewed its performance in 2018 and outlined strategic growth plan. Key extracts of the audited report and accounts of the company for the year ended December 31, 2018 showed that profit before tax rose by seven per cent to N6.09 billion while gross earnings increased by four per cent to N9.08 billion. Total assets rose by 12 per cent to N35.9 billion. The company’s pre-tax profit margin improved from 65 per cent in 2017 to 67 per cent in 2018.
Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the company has started implementing a five-pillar strategic plan that will lead further unlock greater business potential for the company.
He said the company’s strategic thrust for its next phase of growth is built on five pillars including process optimisation, customer satisfaction, improved technology, partnership and strategic alliances across businesses and stakeholders and growing the top-line with a view to creating better values for all stakeholders.
According to him, despite the vagaries in the domestic economy, global economic and geo-political shifts, and the emerging industrial evolution; the company continues to see exciting growth prospects in its markets of interest.
He pointed out that in the 2018 business year, the company achieved several milestones including the upgrade of its central securities depository (CSD) rating by Thomas Murray to A+, ISO 27001: 2013 recertification and cleaning up of its database amongst others.
He pointed out that as aggregate trading activity weakened in the capital markets, the company strategically refocused on traditional CSD business lines to enhance earnings quality and growth sustainability into the future.
He said the company is focused on enhancing its client experience, leveraging straight through process (STP) processes to drive effective and efficient service delivery models.
“Our focus on good governance practices continues to drive efficiencies across our operations, as we improve earnings quality,” Jalo-Waziri said.
He noted that the company has over the past three years achieved a cumulative annual growth rate of 19.3 per cent, assuring that CSCS remains passionate about creating value for all its stakeholders.
“We are excited at the prospects for the future and the opportunities we continue to perceive. Our ongoing talent repositioning effort is aimed at ensuring we have the right talent to execute our strategy going forward. We will ensure we enhance our ability to attract and retain the talent we need to deliver on our business potential,” Jalo-Waziri said.
A shareholder, Alhaji Kabiru Tambari, commended the company for the growth and urged the management to further work to deliver better returns to shareholders.
He advised the management to establish effective communication with the shareholders in order to give the retail minority shareholders greater sense of participation.