African Prudential Registrars Plc, the only registrars that is currently listed on the floor of Nigerian Stock Exchange has proposed a lower dividend for the full year ended December 31, 2016, just as the company top and bottom line profit was down.
According to the financial statements that was released to the market community on before the close of business on Friday, shows that the board of directors has proposed 30 kobo dividend, which is lower than 43 kobo, that was paid to shareholders in 2015 accounting year, a decline of 30.23 percent.
The company register for member closes on March 6, 2017, while payment date is March 28, 2017, its 2016 Annual General Meeting (AGM) has been slated for March 8, 2017. A breakdown of the company full year result for 2016 shows that gross revenue was down by 4.96 percent to N2.418 billion which is low when compared with N2.544 billion that was recorded in 2015.
Profit before tax also went down by 11.26 percent to N1.445 billion in December 2016 as against N1.629 billion that was posted in 2015 accounting period. Profit after tax dropped by 29.61 percent to N1.019 billion against N1.447 billion in 2015. Earnings per share stood at 0.51 kobo in 2016 against 0.72 kobo in 2015, which is a drop of 29.61 percent.