Union Registrars Company Limited, a subsidiary of Union Bank of Nigeria PLC, has earmarked the sum of N720 million as dividend payment to its shareholders and a bonus issue of one new share for every 10 ordinary shares held at the close of register of members.
At the company’s 5th Annual General Meeting in Lagos, the Chairman, Mrs. Funke Osibodu, also Group Managing Director and Chief Executive of the parent company, said the dividend payment translated to a dividend of 60 kobo for every 50 kobo ordinary share.She stated that despite the difficult operating environment, Union Registrars maintained a steady growth and consistent performance during the last financial year, achieving a turnover of N3.01 billion compared to N3.33 billion recorded in the preceding financial year, a decrease of 9.6 per cent.
The pre-tax profit stood at N1.36 billion at the end of the 2009 financial year from N1.92 billion, showing a decline of 28 per cent, while post-tax profit was N1.10 billion as against N1.31 billion achieved in the preceding year, representing a slight drop of five per cent.“This performance is considered fair in view of the fact that the result for the financial year ended December 31, 2009, is for nine months whereas that of the preceding financial year was for 12 months,” Osibodu explained.
She attributed the impressive result to the hardwork of the board, management and staff, and pledged to commit more efforts towards ensuring delivery of improved performance in the current year. She urged the shareholders as well as clients of the company to sustain their loyalty and confidence in the company.Managing Director of Union Registrars, Mr. Tunde Ayeni, informed the shareholders of the introduction of two products aimed at improving its services. These are web portal and M-Register.
“The Union Registrar Limited web portal is an advanced web technology that incorporates an IM (Instant Messenger) chat services where clients and shareholders interactively log and receive responses to complaints via a live chat messaging service. It also allows for live streaming (podcast) of Annual General Meetings and other corporate events as an optional service.“The M-Register is an m-commerce adoption for the deployment of mobile phone technology to provide service in a single affordable and readily accessible technology. The service resolves basic enquiries relating to unclaimed dividends and certificates, confirmation of addresses and shareholding which are automatically treated via SMS from secured registered mobile lines. Some issues would also be monitored and logged for later response via SMS,” he said.
The shareholders represented by their leaders across the country commended the Board and management for the company’s successful financial performance and encouraged them to be pro-active, especially in the light of new legislation and SEC rules which may negatively impact on earnings and profitability, if not well managed by the company.