Shareholders of 11 Plc have approved payment of N3.06 billion as cash dividend for the 2020 business year.
At the company’s 43rd Annual General Meeting (AGM) at Transcorp Hilton, Abuja, shareholders approved a final dividend of N8.50 per share.
The board of the company assured the shareholders of its commitment to continually improve returns on their investments.
Chairman, 11 Plc, Mr. Ramesh Kansagra, in his address to shareholders, said the business sustainability and diversification strategy being pursued by downstream major provided a solid base for the company to continue to grow and thrive amid challenging business environments.
He commended the company’s performance despite the negative impact of the pandemic on the global and national operating environment.
He added that the company was also able to complete acquisition of Lagos Continental Hotel, Lagos through its hospitality business subsidiary, 11 Hospitality Limited during the 2020 financial year.
Alhaji Abdulkadir Mamman, who chaired the meeting, said a breakdown of the company’s audited results showed profit after tax of N6.23 billion while turnover stood at N163.91 billion during the 2020 business year.
Managing Director, 11 Plc, Mr. Tunji Oyebanji, assured shareholders of management determination to improve the company’s fortune drawing from the company’s investment in Liquefied Natural Gas plant and the hospitality industry.
Company Secretary, 11 Plc, Mr. Chris-Olumayowa Meseko expressed optimism about the company’s growth despite its voluntary delisting from the Nigeria Exchange (NGX) Limited, pointing out that the experience of NIPCO Pl, the parent company of 11 Plc, should serve as additional linchpin for growth.
According to him, the company shares are tradable on the platform of NASD Plc through stockbrokers registered with the Securities and Exchange Commission (SEC).
A non-executive director of the company, Chief Paul Obi, said the company will continue to give utmost priority to the welfare of its shareholders in its decision making.
According to him, the company has remains competitive despite the huge impact of the COVID-19 pandemic on its businesses.
One of the shareholders, Alh. Sanni Yau, who spoke at the meeting hailed the board and management of 11 for helping to maintain a strong and healthy balance sheet amidst recession and inflation that had affected businesses and the Nigerian economy in general.
SOURCE: oglinks.news