Skye Shelter Fund Pays N5 Dividend to Unit Holders

03 Oct 2013

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Skye Shelter Fund (SSF) Plc has declared a dividend of N5 per N100 share to its unitholders for the year ended December 31, 2012.

SSF is a real estate investment trust (REIT), which pools savings of investors together for onward investment in real estate and other related investments, using the unit trust scheme principles. It was the first REIT to the listed on the Nigerian Stock Exchange (NSE).

The N5 dividend represents an increase of about 24 per cent compared to the N4.04 dividend   paid for the 2011 financial year.

Addressing unit holders during the 5th annual general meeting (AGM)  in Lagos, the Chairman of the SSF,  Dr. Layi Fatona, said the fund recorded a total income of N159 million, up from  N156 million in 2011.
According to him, net income also rose from N105 million to N110 million while operating expenses dropped from N51 million in 2011 to N48 million in 2012.

The Managing Director of SFS Capital Limited, the fund manager, Mr. Patrick Ilodianya, said the company had put in place plans to expand the size of the fund,  noting the expansion would enable it take advantage of emerging opportunities in the real estate industry as well as improving the liquidity of its shares.

Ilodianya disclosed the company had identified new opportunities and new areas to play so as to increase value and returns to the shareholders, assuring them that they would continue to reap higher benefits year in year out.

Some of the unit holders, who spoke at the meeting, commended the company for giving them enhanced dividend from year to year.
Meanwhile, the Nigerian equities market remained bullish for the fourth consecutive day as renewed investor confidence continued to drive prices to new levels yesterday. The trading session saw the Nigerian Stock Exchange (NSE) All-Share Index rise by 0.88 per cent to close at 36,908.06.

Similarly, volume and value of transactions grew by 41 per cent and 61 per cent respectively. Investors committed N4.897 billion in 396.232 million shares in 4,356 deals yesterday up from N3.039 billion invested in 279.16 million shares on Monday.

Tags: Nigeria, Featured, Business, Skye Bank

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