Custodian and Allied Plc has announced payment of 18 kobo dividend per share to shareholders of the company for the 2014 financial year. Chairman of the Company, Mr. Ade Ojo who made the announcement at the company’s 20th annual general meeting in Lagos said that in spite of the tough national economy, regulatory headwinds and myriad of challenges of 2014, the company did not only survive but progressed on all fronts during the year.

Ojo said that gross revenue for the 2014 financial year crossed N25 billion even as its profit before tax rose by 18.73 to N5.1 billion while earnings per share rose by 11 to 70 kobo. Accordingly, the shareholders commended the board and management of the company for consistently paying dividend since its listing on the Nigerian Stock Exchange 20 years ago.

National President, Shareholders Association of Nigeria, Shehu Ibrahim said shareholders are excited that the company has recorded impressive results over the years and has achieved same during the operating year 2014. He stated that the strict regulation adopted by the National Insurance Commission also assisted in sanitizing and ensuring steady growth in the insurance industry.

Another shareholder, Sunday Anono said he is happy that the board and management declared dividend in its 20 years of existence. He said most competitors in the industry have not been able to achieve this feat and urge the board and management to improve on what they delivered in the 2014 operating year. Shareholder Akinsanya Sunday on his part, task the board and management to declare bonus next year as the last time it did was 10 years ago.

Kabiru Sarunmi noted that operating expenses reduced from 17.1 billion in 2013 financial year to 16.5 billion in 2014 financial year. He urged the board and management to work at reducing management expenses which increased from N3.5 billion to N4.1 billion in the year under review. Meanwhile the Chairman said that it is very gratifying to note that all of the subsidiaries were profitable during the year, stating, “We are happy with our management for an impressive result despite the difficult terrain in which it operated in 2014.

“In furtherance of our commitment to regular dividend payment to our shareholders, an interim dividend of 6 kobo per share was paid in September, 2014 and your Board of Directors, subject to your approval, have proposed the payment of an additional 12 kobo per share as final dividend thus making a total dividend of 18 kobo per share in respect of the results of the 2014 financial year.”

Speaking on the company’s future outlook, the Chairman said, the national economy outlook for 2015 is challenging with significant headwinds from political and national security issues; inflation, foreign exchange, stock market and external reserve concerns. He however said that he is absolutely confident in the management’s ability to survive and thrive in the difficult terrain.