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Firm declares N4.033m profit, projects improved performance



Smart Products Nigeria Plc during its 2010 yearly general meeting, which took place in  its premises at 373, Agege Motor Road, Challenge, Mushin, Lagos announced the turnover for the year ended  December 31, 2009 as N17.356 million.

According to the Chairman, Sir Simeon Oguntimehin, this was N4.033 million above the turnover for the pervious year while profit before tax for the year under review was N4.514 million as compared to the previous year of N3.335 million.Oguntimehin announced a dividend of 9 kobo per share which amounts to N3.240 million generated from rent received less expenses  as against 6 kobo, which amounted to N2.160 million paid in 2008.

Oguntimehin and Mr. Akin Laoye were re-elected as directors.According to the chairman, who said that the organisation’s future is intact more so as the property belongs to it, he added that the company would continue to live on the revenue generated from letting same out, until discovery of any venture that is viable.“Our organisation was into commercial printing in collaboration with Smurfit Overseas Limited, one of the largest companies in Ireland having a 40 per cent shares initially but quietly withdrew when the problem of exchange arose.

“Though the organisation’s shares have been reduced to 20 per cent, the new company that has taken it over was yet to show interest.“However, when technology was getting advanced and there was no sufficient fund to buy new machines and other things needed, we had to diversify.“While yet I noticed that the company was still running at a loss in the new diversification, I gave the directive that we opt for letting out our premises and generate money to pay the shareholders until we can think of a better thing to do that will be put the organisation on a better footing,” Oguntimehin said.


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