By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Shareholders of soap makers PZ Cussons Nigeria Plc Thursday approved the special dividend of N1.30 kobo per share recently recommended by the directors of the company at an extraordinary general meeting (EGM) held in Lagos Nigeria.
Shortly before paying an interim dividend, directors of PZ Cussons last month announced the declaration of a special dividend to be paid from the general reserve of the company.
At the EGM, shareholders of the soap makers commended the payment of the dividend. They affirmed that the decision of the board to pay the special dividend indicated that the directors have the interest of the shareholders at heart.
Shareholders however urged the board to continue with the impressive performance of the company despite the challenging environment.
The soap maker for the first time last month paid an interim dividend of about 20 kobo after recording a 4.7 percent increase in revenue for the half year ended November 30, 2013, rising from N31 billion in 2012 to N32.46 billion in 2013.
Pre-tax profit grew by 53 percent to N3.1 billion from N2 billion, while post-tax profit increased by the same margin, from N1.515 billion to N2.317 billion in the review period.
The company had explained that the recommendation of the interim dividend was response to request by shareholders to that regard. Also, it was gathered that the payment of interim dividend aligns with the practice of other companies in the industry where PZ Cussons operate and its United Kingdom (UK) parent company.
PZ Cussons last month notified the Nigerian stock exchange (NSE) that its board of directors at a recent meeting resolved to recommend a special (one-off) dividend payment at the rate of N1.30 kobo per share. ‘’This payment will be made from the general reserve of the company,’’ the company said.
The soap maker had earlier announced that the register of shareholders will close from Monday 3rd to Tuesday 4th March, 2014 for the purpose of updating the register while the dividend, if approved, will be paid on Monday 17th March 2014.
