By investadvocate
June 16, 2010- 14:20 GMT
Shareholders of Abbey Building Society Plc (Abbey) are seeking for bonus from the Primary Mortgage Institution (PMI) as the company offered investors a 0.4 Kobo dividend payout in year 2009 Financial Year End (FYE).
Sir Sunny Nwosu, National Chairman Independent Shareholders Association of Nigerian (ISAN) on behalf of shareholders of Abbey made this request at the company 18th Annual General Meeting (AGM) held today in Lagos Nigeria.
We are requesting that the company at least give us bonus; which will be good to us the shareholders he said.
In the financial statement made available to investadvocate, Ifeanyi Ochonogor, Chairman of the mortgage company affirmed that Abbey recorded a remarkable growth and impressive revenue for the period ended October 2009.
Our Gross Earnings grew by 29 percent (29%) from N1.2 billion in year 2008 to N1.5 billion in year 2009†Ochonogor affirmed.
Profit after Tax (PAT) of the company also rose from N230 million in year 2008 to N354 million in year 2009 indicating a rise of 54 percent (54%) in the review period.
This feat was achieved by a combination of prudent cost management and aggressive debt recovery drive the Chairman said.
In his reaction to the bonus request by shareholders, Ochonogor however, assured that their demand of bonus issue would be met as the companyfortune improves.
It will be a good thing if we issue bonus to our shareholders; but as the company improves in its operations, we will definitely do that he affirmed.
Abbey in year 2008 became the third PMI to be listed on the Floor of the Nigerian Stock Exchange (NSE); when it listed by introduction 4.2 billion ordinary shares of 50 Kobo each at N3.50 Kobo per share.
