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Shareholders task govt as Tantalizers declares profit

Published by Guardian on Wed, 04 Jul 2012


SHAREHOLDERS of Tantalizers Plc have appealed to the Federal Government to adopt feasible economic and social measures to address the hostile business environment and security situation in the country.The shareholders, who spoke at the company's 14th yearly general meeting in Lagos recently, lamented that in spite of repeated pledges by the nation's political leaders, there was nothing on ground to show that they were ready to make the business environment friendlier for investors and companies to operate.One of the shareholders, Mr. Sotunde Sopeju, who praised the board for sustaining the firm's operations against all odds, he said that they were happy that the management had not cut the workforce to save cost.Although, Sopeju said that Tantalizers' workforce of 1,400 workers was huge, the shareholders wanted the management to retain all the workers because of the social and financial implications of disengaging some of them.The shareholders also urged the board to embark on aggressive marketing, use of some outlets' spaces for social events and provide services strictly on cash basis and regular training for the workers.In his address, the board's Chairman, Dr. Jaiye Oyedokun, said that the Nigerian operating environment was getting worse, adding that the company's performance was grossly hampered by the development.He said that in spite of the poor business trend, the company recorded a profit-after-tax of N102 million or 66 per cent increase in 2011 as against the N61 million it posted in 2010.Oyedotun however said that the difficult economic environment, worsening insecurity, declining consumer purchasing power, increased competition and the company's inability to open all the new outlets planned led to a low revenue of N4.5 billion.As the shareholders ratified the two kobo per share dividend payment, Oyedotun said that the payment was informed by the lack of appreciation in the stock market and to compensate the shareholders for their support for the board. The two kobo dividend per share translated to a payout of N64 million to the shareholders.
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