“We felt obliged to pay dividend basically to keep the culture of the company intact, despite the difficult operating environment in 2015,” the MD said.
He said the company managed its resources, generated profit and maintained a solid liquidity position.
The financial director of the company, Wolfgang Kollermann, in his presentation of the financial breakdown disclosed that the company’s profitability was sustained because the management proactively developed stringently targeted efficient measures.
Kollermann said: “While turnover in the period was N133.8 billion, signifying a decrease of 32 per cent, the cost of sales during the same period reduced by about 31 per cent.
A review of the financial statement indicated that provision for doubtful loan increased from N1.3 billion to N10 billion, due largely to slow down in the repayment of debt.
