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Smart Products Nigeria posts N24.102 turnover

Smart Products Nigeria Plc. has recorded a turnover of N24.102 for the financial year ended December 31,2010, sharing a growth of 52.98 as against N3.240 million recorded in 2009.

The company’s profit after tax also grew from N3,509 million to N5,368 million.

Speaking at the company’s 44 Annual General Meeting held in Lagos, the chairman, Chief Simeon O. Oguntimehin, said in view of the improved result recorded by the company during the year under review, the directors has recommended the payment of N4.320 million dividend of 12k per 50k ordinary to shareholders on the financial statements for the year ended 31 December 2010, compared to N3.240 million dividend of 9k per 50k share paid in 2009.

Oguntimehin further said that the global economic crisis that started in 2008 has begun to show some elements of recovery in most major economies of the world, albeit, in a subdued manner.

Adding that in 2010, the impact of the slow recovery together with structural reforms in the local banking indusry embarked upon by the Central Bank of Nigeria has meant a slowdown in credit availability for the real sectors of the economy which in turn constrained new investments and the general level of demand.

According to him, the performance of the capital market in 2010 was lackluster and with a significant prevalence of investor apathy. However, on a positive side, the market witnessed far reaching regulatory reforms which together should strengthen governance around the activities of the market operators.

Inflation rate rose to 11.8% compared to 9.8% for 2009; a significant portion of the increase coming from increased prices of petroleum products and the knock-on effects on transport, energy and cost of other services. The energy crisis though improving still remains a major concern for the real sector of the economy.


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