At the annual general meeting (AGM) of the company, which was held by virtual attendance through proxy, yesterday in
Chairman,
Key extracts of the audited report and accounts of
Ayida said the moderate growth in revenue was intended as deferred scale achievement to maintain focus on operational efficiency noting that while the operating environment was challenging last year, the company was able to record upward movement across all its financial indices.
He expressed gratitude to the shareholders and assured them of greater performance, irrespective of the state of operating environment.
'The lockdown has brought significant level of uncertainties to the global business environment. We have analyzed COVID-19 and determined to brace up. Our first approach is preservation of capital. This informed our decision to declare a modest dividend of 25 kobo per share for the review period. Our position is that it is better to err on the side of prudence. Our huge investment in automated factory is part of our growth strategy. Our efforts shall continue to pay off, the company's future is bright,' Ayida said.
He said the company will soon activate its subsidiary in
Shareholders commended the company's financial performance and its heavy investment in automated factory as an index of growth strategy. But they urged the board and management to increase the dividend of 25 kobo per share next year and also map out strategy to cope with the impacts of COVID-19 which has become inevitable.
A shareholder, Comerade Lawrence Oguntoye, described the company's performance as excellent against the backdrop of tough operating environment last year. He attributed the stellar performance to the company's resilient, visionary and focused leadership.
Another shareholder, Mr Egunde Moses who also commended the company's performance urged the board and management to put strategies in place for optimal performance despite the COVID-19 pandemic.
© Pakistan Press International, source