The New Nigeria Development Company (NNDC) has reported a profit before tax of N335.42m for the year ended March 31, 2021, compared to N273.22m in 2020.
The NNDC is a conglomerate owned by the 19 northern states of Nigeria. It has interests in agriculture, textile, solid minerals, oil & gas, capital markets, hospitality, mining, telecommunications among other business fields.
The NNDC said it would continue to support graduates of northern extraction in its Manpower Power Development Scheme and Students Special Projects.
No fewer than 1,438 professionals who are chartered accountants, chartered insurers, stockbrokers, and IT specialists are being trained at Kaduna, Kano, Ilorin, and Gombe centers, in conjunction with the Institute of Chartered Accountants of Nigeria (ICAN), according to a statement on Sunday.
The statement, signed by the company’s Head, Corporate Relations Department, Mohammed Abdullahi, was titled ‘NNDC AGM approves distribution of N125m in a dividend of cash and bonus shares’.
It said that at the Annual General Meeting of the company on Friday for the financial year ended March 31, 2021, shareholders approved the distribution of cash dividends of N100m (equating to 20 kobos per share).
It said they also approved the distribution of N25m of bonus shares, equating to one bonus share for every 20 shares held by the shareholders of NNDC.
The statement also said the AGM approved an appropriation of N15m each for the Young Professionals Development Scheme and Musa Bello Learning Centre.
The Chairman, Tanimu Yakubu, said the company’s turnover stood at N629.15m, compared to N625.58m in 2020.
The statement said the “operating expenses for the period under review stood at N541.99m as against the preceding year’s figure of N589.91m, giving a favorable variance of N47.92m or 8.8 percent.”
It said, “Pre-tax profit for the year ended 31st March 2021 stood at N335.42m as against the corresponding period’s pre-tax of N273.22m.
“Yakubu stated that the company continued to manage investments in associate and quoted companies intending to optimize returns while pursuing an optimal management strategy for the subsidiary companies.
