Dignity Finance Posts N84.5m PAT

Dignity Finance posts N84.5m Profit After Tax in 2019

**approves N50m dividends to shareholders

By: Oriaifoh Godwins

Financial services provider, Dignity Finance and Investment Ltd, DFIL, has declared a profit after tax, PAT, of N84.45 million for the year ended December 31, 2019.

This was even as the company has approved the payment of N50 million dividend to its shareholders.

The announcement, which was made by the Chairman of the Board of Directors, Engr Ahmed Ibrahim, at its 10th annual general meeting, AGM, represent a 150 per cent growth from the previous year’s figure of N33.84 million.

Ibrahim also announced that the company's gross earnings in the year under review hit N539 million.

The above figure is N98 million more than its gross earnings of N341 million in 2018.

 

The meeting, which was attended by the directors, shareholders, customers and staff of the company, was held physically and virtually - in line with COVID-19 response protocols.

In his opening remarks, Ibrahim thanked the shareholders, staff, customers and directors for their trust, hardwork, commitments and resilience in the last 10 years, and for sustaining and growing the institution to its enviable position.

He particularly thanked the Managing Director, Mallam Yahaya Yusuf, for the growth trajectory which has placed the company as one of the biggest and strongest finance companies in Nigeria.

Ibrahim also announced the Board’s approval of the appointment of Dr Chijioke Ekechukwu as the incoming MD/CEO, subject to CBN's approval.

Before his appointment, Ekechukwu was a director of the company.

In his speech, Yusuf thanked the board, shareholders, staff and customers of DFIL for the confidence reposed in him by trusting his leadership with their investment.

He also thanked them for their support, without which the company wouldn’t have achieved the milestone it attained.

The following financial highlights, as presented by Yusuf, are:

Gross earnings: N539 million (2019), N341 million (2018) and N262 million (2017)

Profit before tax: N123 million (2019), N48 million (2018) and N24 million (2017)

Profit after tax: N84 million (2019), N33 million (2018) and N16 million (2017)

Customers' borrowing: N894 million (2019), N814 million (2018) and N814 million (2017)

Net loans and advances: N896 million (2019), N563 million (2018) and N284 million (2017)

Shareholders’ funds: N292 million (2019), N157 million (2018) and N132 million (2017)

Total assets: N1,500 million (2019), N1,209 million (2018) and N955 million (2017)

 

Meanwhile, the AGM approved the payment of dividend to its shareholders to the tune of N50 million.

The above sum translates to 40k per share, which excited the shareholders.

In response, some shareholders thanked the Board, staff and management for the huge dividend proposed for payment and for their hard work.

DFIL is a non-banking financial institution licensed by the Central Bank of Nigeria, CBN, since 2009 with approved share capital of N500 million.

The company is blessed with astute, qualified and experienced top ex-bankers on its Board, as Directors. Two, of who were past MDs/CEOs of top flight Nigerian banks engages in various financial services of funds management, wealth management, LPO financing, leasing, invoice discounting, financial advisory services, debt factoring etc.