NNDC Remains Focused Despite Tough Operating Environment ,Security Challenges
Northern based New Nigeria Development Company (NNDC) has remained resolute and focused in realizing its corporate objectives despite the tough operating environment and continuous security challenges across the country.
The Chairman Board of Directors of the Company,Malam Tanimu Yakubu , who disclosed this while delivering the financial statement during the 50th Annual General Meeting of NNDC held at the Board Room ,Ahmed Talib House,Kaduna said the “Operating Results and the company’s performance during the financial year which ended 31st March 2018 registered a marginal improvement of an 8.4% increase in operating income from N747.11m to N809.68m. “
According to him , the operating profit before tax reduced by 16.88% from N138.25m to N114.92m while earnings per share decreased from 17.54 kobo as at 31st March 2017 to 13.93 kobo as at 31st March 2018.
He also disclosed , “Shareholders’ Funds increased marginally from N9.19 billion in 2017 to N9.23 billion in 2018.”
His further said;”The overall performance is a reflection of the volatile and harsh business environment we had to contend with.
“Corporate Social Responsibility Notwithstanding the tough operating challenges, the Company continued in its efforts of developing quality manpower for the North and the country in general. The Company in the period under review earmarked reasonable resources towards promoting the NNDC Young Professionals.
“Development Trust (NNDC/YPDT) and the Musa Bello Learning and Resource Centre (MBLRC). As at November 2017, the four (4) NNDC/ICAN Centers namely Kaduna, Kano, Ilorin and Gombe have produced 734 Chartered Accountants since the inception of the Programme in November 2007.
“Outlook While we are not immune to the vagaries of both the local and global
economies, it is our expectation that with the new projects we intend to promote, the potential exists for NNDC to fulfill its future expectations.
“Thus, with the support of our shareholders, the future outlook of thecompany remains very promising.”
Yakubu, who acknowledged the untiring support and encouragement of the Northern States Governor’s Forum (NSGF) to the company, appreciated his colleagues on the Board, as well as management and staff for their cooperation and efforts put in for the company to succeed.