Partnership Investment shareholders approve N143.8m dividend

The shareholders of Partnership Investment Company Plc have given their approval for the N143.8m dividend declared by the company.

This amount translates into a dividend payout of five kobo per share to the investors for the 2012 financial year.

The shareholders gave their approval at the company’s 21st Annual General Meeting in Lagos on Tuesday.

They also commended the management on the efficient running of the affairs of the company, especially on the successful adoption of Financial Reporting Standards, adding that it was a feat despite the harsh economic and operating environment.

Speaking at the event, a shareholder, Mrs. Ayodele Kudaisi, commended the company on its appointment as supplementary market maker by the Nigerian Stock Exchange and urged them to remain diligent on the laws that guided its activities to avoid penalties.

“We, however, call on the management to be prudent in their operations and ensure adequate reduction in operating expenses,” adding that it would enhance profitability and facilitate the growth of the business,” she said.

The Chairman of the company, Mr. Henry Omoragbon, said that the company posted gross earnings of N1.46bn, compared to N1.95bn recorded in the previous year.

The company recorded a 1.65 per cent rise in profit before tax from N270.1m to N274.5m.

Its profit after tax, however, dropped by 15.15 per cent to N241.8m down from N250.3bn, the previous year.

Omoragbon attributed the drop to the 15.15per cent increase made in operating expenses from N550.0m to N633.4m.

“The company made significant strides in our diverse business lines especially in securities trading, asset management and business advisory activities,” he said.

He added that with the adoption of a new holding structure, the company’s profitability would improve as the new subsidiaries begin to add to the bottom-line.

He explained that under the new holding structure, Partnership Investment Company Plc  now comprised Partnership Securities Limited, the securities and proprietary trading arm, SBDC Microfinance Limited and Urban Oasis, the hospitality arm, among others.

The Managing Director of the company, Mr. Victor Ogiemwonyi, disclosed that arrangements had been concluded to introduce Partnership Mutual Fund, which would be listed on the NSE in the near future, as well as a private equity that would cater for the need of Small and Medium Entreprises in Nigeria.

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