June 19, 2009 at 15:54 GMT
Ashaka Cement Plc (Ashaka) investors have lost 400 percent (400%) by way of dividend in year 2008 Financial Year End (FYE) of the company.
The Cement Company operating in the Building Materials Sector of the Nigeria Stock Exchange (NSE) dropped its dividend payout to investors from N1.50 Kobo per share in year 2007 to 0.30 Kobo in year 2008 FYE indicating a 400% decline in dividend payment. However, they did a bonus issue of 1 for 6 in year 2007.
A document containing the financial highlights made available to Proshare NI shows that Turnover of the company grew from N16.474 billion in year 2007 to N21.378 billion in year 2008 representing a growth of 29.8 percent (29.8%) in the review period.
Profit before Tax (PBT) also rose from N2.515 billion in year 2007 to N3.431 billion in year 2008 FYE showing a rise of 36.4 percent (36.4%).
While Profit after Tax (PAT) increased from N1.503 billion in year 2007 to N2.070 billion in year 2008 indicating an increase of 29.1 percent (29.1%) in the period under review.
Meanwhile Ashaka Cement had affirmed that if the 30 Kobo dividend payout to investors of the company is approved at the companies 34th Annual General Meeting (AGM), the warrants would be posted on Friday July 24 2009 to shareholders whose names appear in the Register of Members at the close of business on July 13 2009.
The company has also reported that several dividend warrants and share certificates remain unclaimed or are yet to be presented for payment or returned to the company for revalidation.
“A list of such members will be circulated with the Annual Report and Financial Statements” the document affirmed.