Firm records N23.35b turnover, okays 10k dividend

FOR the year ended March 31, 2011, Chellarams Plc, a conglomerate quoted on the floor of the Nigerian Stock Exchange (NSE), recorded a turnover of N23.35 billion as against N19.42 billion in the previous year.Shareholders' fund, according to the company's audited results, also increased from N2,786,418 to N2,940,543.Profit after tax and non-controlling interest stood at N228,232 compared to last year's figure of N439,920.Speaking at the company's 62nd yearly general meeting (AGM) held recently, the Chairman, Asiwaju Solomon Onafowokan said: 'The company had continued to make steady progress, but unfortunately, at great cost, given the unsettling economic and business environment in which we operated during the year under review. Cost of funds remained high and the current relative stability and improvement in the supply of electricity was achieved by the use of the company's internally generated power,' adding that this greatly reduced the cost of manufacturing activities.He continued: 'The company and its subsidiaries recorded a consolidated turnover of N23.35 billion, a considerable increase over the figure for the previous year. However, the group profit after taxation and minority interest did not achieve a proportionate increase.'Meanwhile, the board has recommended a dividend of 10k for every 50k ordinary share held by members, subject to deduction of appropriate withholding tax.
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