Mr. Emeka Emuwa, Chairman, Consolidated Discount House Limited
By Nume Horsfall
The Consolidated Discount House Limited (CDL) Wednesday declared a total dividend payout of N2.1 billion to its shareholders in its financial year ended December 31, 2012.
The discount house said the reward was in line with its promise to consistently compensate its shareholders with adequate returns.
Chairman of the CDL, Mr. Emeka Emuwa, who said this at the company’s Annual General Meeting (AGM) held in Lagos assured customers that the firm would continue to do its best to ensure shareholders interest are protected.
The company’s net profit increased by 16.71 per cent to N4.54 billion as at December 2012, compared to the N3.89 billion it realised in the corresponding period in 2011.
"Provisional results indicate pre-tax profits dropped marginally by one per cent to N4.76 billion in December in 2012, from N4.81 billion in the previous year. Comprehensive income increased by 30 per cent to N4.73 billion in December 2012 from N3.64 billion in December 2011.
“We grew total assets by 26.6 per cent to N96.26 billion in December 2012, from N76.05 billion the previous year, while deposit liabilities from banks and customers grew by 31 per cent to N67.43 billion in 2012, from N51.44 billion in 2011,” Emuwa, who is also the Chief Executive Officer of Union Bank of Nigeria Plc said.
Emuwa added: “CDL’s total equity position now stands at N26.15 billion, up 22.7 per cent from N22.63 billion in the prior year. Worthy of note is the fact we have employed only organic growth in raising the entire shareholders’ funds to this new height from a base of N200 million in 1996.
"Over the past years, risk management has been one of the key strategic pillars we have focused on. Effective risk management is fundamental to CDL business activities. We recognise the importance that stakeholders place on the quality of our risk management and as such we remain committed to ensuring that stakeholder value is adequately protected."