CSCS Grows Profit Before Tax by 56% to N4.8bn

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The Central Securities Clearing System Plc (CSCS) had a very fruitful 2013 as it ended the year with a profit before tax (PBT) of N4.82 billion, showing an increase of 56 per cent above the N3.1 billion in 2012.
The capital market clearing house ended the year with a  total revenue of N6.8 billion, up by 33 per cent from N5.17 billion in 2012. However, profitability witnessed higher growth with PBT rising by 56 per cent while profit after tax appreciating by 45per cent from N2.577 billion to N3.738 billion.
Based on the impressive results, the directors recommended a dividend of 22 kobo per share was recommended by the directors and approved  by the shareholders at the 20th Annual General Meeting (AGM) held in Lagos recently.
Speaking at the AGM, the Chairman CSCS, Mr. Oscar Onyema  said with the results,  the company   delivered on its promise of enhancing  its  profitability.
“In fulfilment of our promise to continually pursue annual growth in revenue and also to steadily scale up our business operations, your company has during the year under review improved its services significantly through the deployment of world class information technology whilst it continues to focus on expanding its businesses,” Onyema said.
He disclosed that  CSCS  in  2013 commenced the clearing and settlement of transactions on the Over-the-Counter  platforms of    NASD Plc  and the Financial Markets Dealers Quotations (FMDQ).
“Additionally, the company has been engaged to provide clearing, settlement and warehousing services for transactions that will take place on the floor of the Nigerian Commodity Exchange (NCX),” he said.
Speaking in the same vein, the  the Managing Director of the CSCS, Mr. Kyari Bukar  said the  while total revenue grew by 34 per cent during the year, operating expenditure decreased  due to efficient cost management approach adopted by the company in 2013.
According to him, the financial statements of the company were  prepared in line with International Financial Reporting Standards (IFRS) as prescribed by the Financial Reporting Council of Nigeria (FRCN) and the Securities & Exchange Commission, having first adopted the IFRS in 2012.
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