The company grew its revenue from core operations and ancillary services by 39.2% to N6.4Billion from N4.6 Billion in 2020, as it almost quadrupled earnings from ancillary services from N526 million in 2020 financial year to N2.2 Billion in the 2021 financial year.
Speaking on the performance of the company, Chairman, Board of Directors of CSCS Plc, Oscar N. Onyema OON, was full of praise for the Management in delivering on the Board’s vision of diversifying the business and enhancing the value accretion prospect to shareholders in a sustainable manner.
“Notwithstanding the volatile operating environment and moderated capital flows, as reflected in the subdued capital market activities, the earnings fundamentals of your Company remained resilient and indeed stronger than ever. This fact is evident in the impressive revenue growth of 39.2%, driven by stellar growth in ancillary income."
Also commenting on the results, the Managing Director/Chief Executive Officer, Haruna Jalo-Waziri said the impressive results reflect how resilient and adaptable CSCS was despite some of the upheavals in the financial markets.
“Reflecting the ingenuity of our participants and more importantly quick adoption of new remote access technologies, the Nigerian capital market remained active through the prolonged COVID-19 crisis. The collaboration of our regulator and participants has been incredible in sustaining our operational protocols and IOSCO PFMI standards,” he said.
Commenting on the financial report and conduct of the Annual General Meeting, one of the shareholders, Abayomi Adebayo commended the Management of the company for its stellar performance and piloting its affairs despite the uncertainties.
"Anyone that goes through that report will know that it is a good result indeed because there is an increase in all the figures, for the profit of the year and the assets and all other things," he said.
To keep the event small in line with covid-19 regulations on mass gatherings, and the Guidelines issued by the Corporate Affairs Commission on holding AGMs using proxies, attendance at the AGM was by proxy but shareholders were adequately catered for as they were able to observe proceedings via a live stream on Zoom and YouTube.
In its over two decades of existence, the CSCS has grown a diversified shareholder base, including the Nigerian Stock Exchange Limited (NGX), or Nigerian Exchange Group Plc, some of the largest Nigerian banks, private equity firms, other institutional investors, and retail investors.
To learn more about the CSCS and see how to benefit from their operations, visit https://cscs.ng/
---
#FeatureByCSCS