Africa Prudential Registrars Plc says it plans to pay its shareholders a dividend of 35 kobo per share for the 2013 financial year.

The company disclosed the plan in a statement made available to our correspondent on Monday.

The company, which listed on the Nigerian Stock Exchange in January 2013, said the dividend would be paid after the proposal must have been ratified by the company’s shareholders.

The statement read in part, “The proposed dividend payment attests to the company’s determination to add value to shareholders, and ensure increment in shareholders’ wealth.

“These returns are also a product of the improved financial performance of the company, released to the NSE on Monday, February 17, 2014.”

Africa Prudential Registrars’ audited financial statement for 2013 showed that the company’s revenue rose from N1.034bn in 2012 to N1.854bn in 2013.

The company, one of the leading registrars in the country, also saw its profit before tax rise from N667m to N1.212bn, while its profit after tax climbed to N914m in 2013, up from N561m.

To ensure that the dividend payment process is seamless, the company said its register of members would be closed between March 17 and March 21.

“The qualifying date is March 14, 2014. This presupposes that all shareholders on the register of members as of 14 March shall be eligible for the 35 kobo dividend,” the firm added.

The company had explained that the ‘impressive financial results’ demonstrated that it was already benefiting from some of its ‘strategic corporate engagements’ such as the acquisition of the UAC Registrars Limited, the oldest non-bank affiliated registrar in Nigeria.

The Chief Executive Officer of the company, Mr. Peter Ashade, had said at the time the company acquired the UAC Registrars that “by focusing on innovative, technology-led share registration services and high client touch, this transaction will reduce operating expenses, overall profitability and improve shareholder experience.”

Last year, the APR successfully concluded a one billion right offer. The offer, which opened on October 8, 2013 and closed on November 15, 2013, had been oversubscribed as it recorded a subscription level of 245 per cent.

Source: Punch (by Simon Ejembi)