The Central Securities Clearing System Plc says it made a profit before tax of N4.82bn in the financial year ended December 31, 2013.
The figure, a statement from the firm on Sunday said, represented a 56 per cent rise on the N3.09bn profit before tax the company declared for the previous year. CSCS also reported a profit after tax of N3.74bn for 2013.
The Managing Director, CSCS, Mr. Kyari Bukar, explained more about the financial performance, which he described as good.
Bukar spoke at the company’s 20th Annual General Meeting in Lagos, according to the statement.
He said, “We achieved good financial results in the year under review. Our operating income for the year stood at N6.9bn. That is a 34 per cent increase from the previous year’s operating income of N5.2bn.
“Profit before tax for the year under review was N4.82bn as against N3.09bn from the previous year, 2012.”
The CSCS MD added that while total revenue grew by 34 per cent during the year, operating expenditure decreased by one per cent due to efficient cost management by the company in the year under review.
A dividend of 22 kobo per share was approved for payment to members whose names appear in the Register of members at the close of business on Monday May 5th, 2014.
The Chairman, CSCS, Mr. Oscar Onyema, was quoted as saying that the growth in profit was in line with its goals, adding that the company also recorded an increase in its revenue.
“In fulfillment of our promise to continually pursue annual growth in revenue, the Company’s total revenue grew by 34 per cent from N5.17bn in 2012 to N6.89bn in 2013,” Onyema said.
Onyema, who is also the Chief Executive Officer of the Nigerian Stock Exchange, said three directors – Emmanuel Nnorom, Herbert Wigwe and Abubakar Sule – had retired from the Board of the CSCS.
The CSCS chairman, who thanked them for their service, said Haruna Jalo-Waziri, Obinna Nwosu and Kennedy Uzoka had been appointed to the Board to replace them.
The company said its 2013 financial statements were prepared in line with International Financial Reporting Standards as prescribed by the Financial Reporting Council of Nigeria and the Securities and Exchange Commission.
📌 Editor’s Note: For content partnerships and collaborations, reach out via editor@naija247news.com
Naija247news Media Group LLC is committed to ethical, independent journalism that serves the public interest. Our editorial process prioritizes accuracy, fairness, and transparency in reporting. All content is fact-checked and held to the highest standards of integrity. Learn more in our full editorial policy here.
© 2025 Naija247news Media Group LLC. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from Naija247news Media Group LLC.
Reporting by Babatunde Akinsola in Lagos, Nigeria.
