Nigeria: Partnership Investment Pays N145 Million Dividends

Partnership Investment Company Plc, one of Nigeria’s leading stockbroking firms, is to pay N145 million as dividends for the year ended December 31, 2011.

The dividend, which translate into five kobo per share, was approved by shareholders of the company at the 20th Annual General Meeting held in Lagos.

In his report to the shareholders, Chairman of the company, Mr. Cosmas Irune, said the company posted gross earnings of N1.89 billion for the 2011 financial year, showing an increase of 21.3 per cent from N1.562 billion in 2010.

According to him, profit after tax stood at N275.2 million compared with N294.4 million to N275.2 million, while total asset rose by 22.2 per cent from N9.24 billion to N11.29 billion.

Also the company’s working capital rose by 40 per cent from N1.66 billion to N2.33 billion, indicating efficiency in generating cash from its business activities. Commenting on the result, the Managing Director/Chief Executive Officer of Partnership Investment, Mr. Victor Ogiemwonyi, said the firm’s current financial position is strong for its line of business.

“Overall, the year 2011 was good for our company and given the strategies for business growth and development that are currently being pursued, management is confident that this performance will be surpassed in the 2012 financial year,” he said.

According to him, net cash flow from investing activities rose by over 155 per cent from N1.02 billion in 2010 to N2.6 billion in 2011, while net cash flow from financing activities rose from a negative position of N520.1 million to positive N390.35 million.

“Thus, at the end of the year, cash and cash equivalents which imply the liquidity of the firm rose by over 72 per cent to N304.35 million,” he said.

Meanwhile, the stock market witnessed a margin recovery yesterday after three days of a decline as the Nigerian Stock Exchange (NSE) appreciated by 0.05 per cent to close at 23,178.87, from 23,166.58 the previous day.

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