Lagos – APT Securities and Funds Ltd, a member of the Nigerian Stock Exchange (NSE), has declared a turnover of N1.48 billion for 2014 financial year.
The News Agency of Nigeria (NAN) reports that the turnover represents a growth of 26 per cent compared with N1.18 billion recorded in 2013.
The company posted a profit before tax of N551.43 million against N424.09 million in the corresponding period of 2013, an increase of 30 per cent.
Profit after tax stood at N475.05 million in contrast with N325.61 million posted in the comparative period of 2013, representing a growth of 46 per cent.
Speaking at the company’s 11th Annual General Meeting on Saturday in Lagos, the Chairman, Mr Ado Wanka, attributed the growth to the diversification of the company’s revenue base.
Wanka said the company’s business model and tenacity of the management enabled it to overcome economic headwinds of 2014 thereby strengthening drive toward wealth expansion.
He said the company embarked on massive deployment of latest technology for e-business and mobile trade platform to ensure efficient service delivery.
“Our focus is centered on live trade using mobile phones by our clients to enable them take advantage of the market on real time basis.”
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Wanka said the company would continue to diversify its income base while taking advantage of emerging opportunities to meet risks.
Also speaking, Malam Garba Kurfi, the company’s Managing Director, said the growth was possible because of several initiatives introduced.
He noted that the initiatives had improved performance and excellent execution of the clients’ mandates.
Kurfi said the company had activated online transfer of funds into client’s account to achieve time value of money.
“We also provide mobile businesses to enable our clientele to access the market via mobile phones and trade their shares.”
The managing director said the company was among the few dealing members that had met the Securities and Exchange Commission new capital requirements.
He said the company’s shareholders’ funds stood at N2.8 billion against the minimum capital requirement of N500 million for its status.
Kurfi said plans were underway to list the company’s shares on the nation’s bourse on completion of the exchange de-mutulisation programme.
“We are waiting for NSE demutulisation exercise and once it is concluded, we will be one of the firms that will be quoted on the listed market.”
Kurfi said shareholders at the meeting approved a total dividend of N109.48 million which translated to 5k per share.
Mrs Cecilia Oloyede, a shareholder, commended the company for the result declared in spite of challenging economic environment.
Oloyede urged the company to continue with the trend and to ensure payment of higher dividend in the years ahead.
Another shareholder, Mr Hamza Sule, described the company’s result and dividend as impressive, considering the economic headwinds witnessed during the financial year.
Sule said the diversification exercise embarked upon by the company yielded result, noting that the company should continue to explore new opportunities to increase customers’ base and return on investment. (NAN)
