NNDC Records N335.42m Pre-tax Profit, Pledges Support To Graduates Of Northern Extraction

The New Nigeria Development Company, NNDC, said it has pledged unwavering support to graduates of northern extraction in its Manpower Power Development Scheme and Students Special Projects.

Naija News reports that the company disclosed in a statement released on Sunday while giving reports of its last year records.

The statement, signed by the company’s Head, Corporate Relations Department, Mohammed Abdullahi, revealed that a profit before tax of N335.42m was earned by the company last year March 31, 2021, compared to N273.22m recorded in 2020.

Naija News understands that the NNDC is a conglomerate owned by the 19 northern states of Nigeria. It has interests in agriculture, textile, solid minerals, oil & gas, capital markets, hospitality, mining, telecommunications among other business fields.

Currently, as stated in the Sunday release, no fewer than 1,438 professionals who are chartered accountants, chartered insurers, stockbrokers and IT specialists are being trained at Kaduna, Kano, Ilorin and Gombe centres, in conjunction with the Institute of Chartered Accountants of Nigeria (ICAN).

According to Abdullahi, at the Annual General Meeting of the company last Friday for the financial year ended March 31, 2021, shareholders approved the distribution of cash dividends of N100m (equating to 20 kobo per share).

It said they also approved the distribution of N25m of bonus shares, equating to one bonus share for every 20 shares held by the shareholders of NNDC.

The statement also said the AGM approved an appropriation of N15m each for the Young Professionals Development Scheme and Musa Bello Learning Centre.

The Chairman, Tanimu Yakubu, said the company’s turnover stood at N629.15m, compared to N625.58m in 2020.

The statement said the “operating expenses for the period under review stood at N541.99m as against the preceding year’s figure of N589.91m, giving a favourable variance of N47.92m or 8.8 per cent.

“Pre-tax profit for the year ended 31st March, 2021 stood at N335.42m as against the corresponding period’s pre-tax of N273.22m.

“Yakubu stated that the company continued to manage investments in associate and quoted companies with a view to optimising returns while pursuing an optimal management strategy for the subsidiary companies.

“He added that the nominal value of NNDC quoted investments stood at N692.14m as against their combined market value at N10.61bn as at 31st March, 2021.”