APR shareholders approve N700m dividend

By NKIRUKA NNOROM Shareholders of Africa Prudential Registrars, APR, have approved the N700 million dividends proposed by the Board and management of the company for the financial year ended Dec. 31, 2013. The dividend so approved translates to N0.35kobo per share and will be paid to qualified members on April 4, 2014. Speaking at the first Annual General Meeting, AGM, in Lagos, the shareholders commended the Board and urged them to adopt a dividend policy that will be sustainable. Mrs. Bisi Bakare, National Coordinator, Pragmatic Shareholders Association, described the dividend as excellent. “We recorded earning per share of 38kobo and you are giving us 35 kobo. This is commendable, but please we want you to look at it again and ensure that you adopt dividend policy you can maintain,” she said. Also speaking, Mr. Gbenga Idowu, National Coordinator, Shareholders United Front, said the dividend is beyond shareholders’ expectations, while calling on the company to improve upon on the dividend in the years ahead. Mr. Boniface Okezie, President, Progressive Shareholders Association of Nigeria, said that the 35k dividend is very impressive compared with the prevailing rates in the sub-sector. Okezie said that the company needed to be appreciated for making Nigerian investors proud, adding that the company ensured proper training and re-training of its workforce for efficient service delivery. Earlier in her address, the Chairman, Chief Eniola Fadayomi, observed that the company has put strategy in place to provide clear direction for deployment of its resources, both human and capital, saying that its vision is to create long term and sustainable value for its stakeholders in it chosen markets. “In order to realise this long term objectives, the company is making every effort to identify and take advantage of every investment opportunity that will complement its long term strategic objectives. “We will continue to look out for these investment opportunities that will help in increasing value for our stakeholders,” she assured. Reviewing the financial performance, Fadayomi said that APR recorded significant success despite the continuing challenges of the operating environment. The company’s revenue rose to N1.49 billion from N1.03 billion in 2012, an increase of 35 percent. Its profit after tax stood at N759 million from N562 million recorded in 2012 The total assets of the Group stood at N16.4 billion, increase of 95 percent over N8.4 billion recorded in 2012. Mr. Peter Ashade, APR Managing Director, assured the shareholders of enhanced returns on their investments in the years ahead.