Key extracts of the interim report and accounts of
Earnings per share thus doubled to 62 kobo in first quarter ended
The first quarter performance strengthened the return outlook of the group and it came on the heels on a 68 per cent increase in dividend payouts recommended by the board after the leading foam manufacturing company grew its bottom-line by 296.3 per cent in the immediate past business year.
The board of
The latest dividend represented a significant growth for shareholders given that the company had also distributed bonus shares of one share for five shares for the 2018 business year, which automatically increased shareholders' holdings by 20 per cent. The 42 kobo per share will be paid on both the previous and bonus shares.
Key extracts of the audited report and accounts of
Group turnover rose from N19.53 billion in 2018 to N22.28 billion in 2019. Profit before tax surged to N3.49 billion in 2019 from N793.85 million in 2018. While tax expenses leapt from N191.92 million in 2018 to N1.03 billion in 2019, net profit jumped from N601.9 million in 2018 to N2.39 billion in 2019. Earnings per share increased from 57 kobo to N1.82 per share. The dividend payout represents 23.1 per cent of the earnings per share, a considerable improvement on a payout ratio of 53.2 per cent in 2018.
Group Managing Director,
Adeniyi said the group's Nigerian businesses are on a stronger footing while three of its seven subsidiaries have started to generate profit.
He said the company will continue to innovate and develop products that will keep it ahead of competition and enable it to grow its turnover while extracting better values for shareholders.
Chairman,
According to him, the company had taken strategic decision and reengineered its business with special focus on products quality, innovation, market differentiation, customer service and consumer education.
'These efforts underscored our long-term priorities of growing revenue, controlling operating costs, and driving higher gross margins. I am pleased to report that we made great strides in cost containment and sustained positive trends in gross margins,' Makanjuola said.
© Pakistan Press International, source