Custodian Investment profit balloons 111% as firm declares N2.6 bn dividend

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Custodian Investment board Monday announced a proposal of a final dividend of N0.45 per share for the 2020 financial year...

said it recorded a profit jump of 111 per cent for 2020 even at a time turnover grew at a comparatively low rate of 22.2 per cent, underscoring the financial services group’s ability to cut spending in an effort to bolster profit by means other than growing revenue.

Lagos-headquartered Custodian Investment entered a binding pact with UAC of Nigeria Plc early in August, the first phase of the synergy between both firms allowing the acquisition of a majority stake of 51 per cent or 9,465,584,668 of the ordinary shares of UACN loss-making real estate arm, UACN Property Development Company Plc.

The deal would be worth nearly N6.365 billion if Custodian Investment were to pay the whole value of the 51 per cent holding at once on Monday at the market rate of N0.82 per each unit of UPDC shares.

 

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