NGC declares 45 kobo dividend

Nigerian-German Chemicals Plc has declared a dividend of 45 kobo, amounting to N69m for shareholders in its 2007 financial results.

This represents an increase by 29 per cent over the 35 kobo paid in 2006.

The company recorded a turnover of N2.63bn, representing an increase by 5.6 per cent over N2.49bn recorded the previous year. Its profit after tax, however, fell by 22 per cent to N56.9m from N73.3bn in 2006.

Speaking at the company’s annual general meeting on Tuesday, The National Chairman, Dynamic Shareholders Association of Nigeria, Mr. Alex Adio, congratulated the board of the company for its results, and hoped that by the next financial year, the company would perform better.

“Shareholders are impressed that although the profit you recorded this year was lower than that of last year, you still declared a higher dividend,” he said.

Also speaking, the President, Shareholders Solidarity Association, Chief Timothy Adesiyan, stated that the company should ensure the utilisation of its infrastructure in order to enhance productivity.

He urged the management to look into the amount spent on energy, stating that it was on the high side.

The company should look for a solution to the problem, he said.

The Chairman, NGC, Alhaji Shehu Idris, in his response, stated that the company had strategies in place for the next financial year to ensure profitability.

Idris, who was represented by the company’s Vice Chairman, Mr. Adeboye Shonekan, said , owing to this, the company would be seeking to raise fresh capital through a hybrid of rights and bond issues.