By Peter Egwuatu
Despite the harsh operting period and challenging environment, Managing Director and Chief Executive Officer, Partnership Investment Co. Plc, Mr. Victor Ogiemwonyi  has said that  the company’s balance sheet is still solid and continue to grow.

While reviewing the performance of the Partnership Investment for the financial year ended December 31, 2009 during its Pre Annual General Meeting (AGM) over the weekend, in Lagos, Ogiemwonyi stressed that the period under review experienced economic and stock market meltdown which was global and not peculiar to Nigeria.

According to him, “ Not minding the effect of the turbulent situation, Partnership continued to invest into properties and other areas of finance like the Microfinance outfit. In fact we own 99 per cent stake in SBDC Microfinance Bank Limited, because we believe in growing small businesses. Our Microfinance outfit is quite unique because it meets the demand of the people.

The marketing crew goes to the market and do direct marketing and financing and not the other type that stay in their big edifice  for customers to come to them. We have invested into hotel businesses both in Benin and Lagos and we hope that sooner than later  it would continue to yield dividend. We have solidified our investment in asset management. These are the reasons why our balance sheet size is growing, with shareholders’ funds of  over N3.7 billion and assets base of over N7.790 billion as at the year under review.”

Continuing, he said, “ The Board of Directors has decided to reward our shareholders who invested in  in 2008 by paying them dividend and bonus because of the interest and trust they have for the company. We are paying 5 kobo per share and a bonus of one for one to cushion the effect of the market meltdown.

The company cannot pay dividend for 2009 because of the loss it made during the period caused by economic slow down and stock market meltdown where we play major role. Shareholders are expected to pick up their dividend and bonus at the pre AGM and the AGM proper coming up next week. We want to have a policy of consistent dividend from next year when we would be celebrating our 20th year anniversary.”

Mr. Godwin Anono, Chairman of Professional Shareholders Association of Nigeria commended the efforts of the management and staff of Partnership Investment for growing the balance sheet and the business in general.

In his comment, he said, “ We commend the effort and vision of our Managing Director for the diversified investment strategy  which made our company to reward shareholders. We also appreciate every effort put in place to bring the company to profitability after making a loss after tax of N393.6 million in the year 2009.

We are happy to see our half year result becoming positive with a gross earnings of N735.634 million for the year ended June 30, 2010 as against N165 .278 million for the  corresponding period in 2009. Profit before tax moved up to N172.094 million as against a loss of N312.3 million in the corresponding period.  The operating profit stood at N641.859 million as against N86.405 million.”

Mr. Sola Lanre, another shareholder also commended the effort of the management to bring the company back to profitability. We would be happy to rejoice with our company on its 20th anniversary with a better dividend. We want our company to be a brand recognized not only in Nigeria but globally.

We want the company to maintain its integrity as there is still room for further growth. The future of the company is rosy given the passion of the Managing Director and the result we are seeing now”.