At the just concluded Annual General Meeting (AGM) of the New Nigeria Development Company Limited (NNDC) for the financial year ended 31st March 2021, shareholders have approved the distribution of cash dividends of N100 million (equating to 20 kobo per share). The AGM also approved the distribution of N25 million of bonus shares, equating to 1 bonus share for every 20 shares held by the shareholders of NNDC.
In addition, the AGM approved an appropriation of N15 million each for the Young Professionals Development Scheme and Musa Bello Learning Centre respectively.
The Shareholders’ approval was announced by the Chairman of the Company, Tanimu Yakubu while presenting the audited financial statements of the Company for the year ended 31st March, 2021 during the 53rd Annual General Meeting held on Friday, 11th February, 2022.
Commenting on the progress achieved by the company during the year under review, the Chairman noted that, turnover stood at N629.15 million against the corresponding period’s figure of N625.58 million which represents an increase of N5.57 million or 0.98%. Operating expenses for the period under review stood at N541.99 million as against the preceding year’s figure of N589.91 million giving a favourable variance of N47.92 million or 8.8%. Pre-tax profit for the year ended 31st March, 2021 stood at N335.42 million against the corresponding period’s pre-tax of N273.22 million.
Yakubu stated that the company continued to manage investments in associate and quoted companies with a view to optimizing returns while pursuing an optimal management strategy for the subsidiary companies. He added that the nominal value of NNDC quoted investments stood at N692.14 million as against their combined market value at N10.61 billion as at 31st March, 2021.
He further stated that Shareholder’s Funds stood at N19.21 billion as of 31st March 2021.”
On Manpower Development, the Chairman said, the Company continued to support the Manpower Power Development Scheme (YPDS) and Students Special Project (SSP) where graduates of Northern Origin are trained to be Chartered Accountants, Chartered Insurers, Stock brokers and IT Specialist. He disclosed that so far NNDC have 1438 Professionals, in these fields in Kaduna, Kano, Ilorin and Gombe centres, in conjunction with our Partner, the Institute of Chartered Accountants of Nigeria (ICAN).
On the future outlook of the company, the Board Chairman, said, “We are optimistic about the next financial year as it is anticipated that various policies of the government would start having positive impacts on the business environment’’.
He said NNDC shall continue to pursue vigorously the various initiatives that the Company has put in place, while taking advantages of new business opportunities with a view to improving the Company’s earnings. NNDC expect both local and foreign partners to play major roles in this regard.