Nigerian security depository company, Central Securities Clearing System (CSCS) Plc, has disclosed plans to pay N1.78 in dividends to shareholders for the 2025 financial year, signalling sustained shareholder returns amid steady operational performance.
This was disclosed by the company in a notice for the AGM filed with the NASD, Nigeria’s Over the Counter (OTC) Securities Exchange, where its shares are traded. The company also announced plans to hold its Annual General Meeting (AGM) on April 23, 2026.
The Group’s financial statement for the full year ended December 31, 2025, indicates a mixed financial performance with strong revenue growth offset by higher tax expenses and a decline in bottom-line profit.
Key financial highlights (2025 vs 2024 Y-o-Y):
- Profit before tax: N13.57bn vs N13.84bn (-1.9%)
- Total operating income: N28.67bn vs N26.09bn (+9.9%)
- Profit after tax: N9.90bn vs N11.95bn (-17.1%)
- Revenue: N23.21bn vs N13.95bn (+66.4%)
- Core revenue: N20.30bn vs N11.88bn (+70.8%)
- Transaction fees: N15.44bn vs N7.91bn (+95.2%)
- Depository fees: N4.85bn vs N3.96bn (+22.3%)
- Eligibility fees: N15.45m vs N16.01m (-3.5%)
- Other income: N1.65bn vs N8.21bn (-79.9%)
- Operating expenses: N14.50bn vs N12.44bn (+16.5%)
- Income tax expense: N3.67bn vs N1.89bn (+93.9%)
- Earnings per share: 198 kobo vs 239 kobo (-17.2%)
- Total assets: N62.48bn vs N64.43bn (-3.0%)
- Total liabilities: N18.99bn vs N21.04bn (-9.7%)
- Equity: N43.49bn vs N42.40bn (+2.6%)
What the data is saying
The Group’s financial statement shows that revenue rose significantly to N23.21 billion, driven largely by growth in core operational income, particularly transaction and depository fees.
- Transaction fees more than doubled during the year, reflecting increased market activity, while depository services also recorded steady growth.
- However, other income declined sharply, moderating overall earnings expansion.
- Profit before tax dipped slightly, while profit after tax fell more sharply due to a substantial increase in income tax expense, which nearly doubled year-on-year.
- Operating expenses also increased, driven mainly by higher personnel costs and other administrative expenses.
- Total operating income remained higher than the previous year, indicating underlying strength in the company’s core business operations.
- This suggests that while CSCS generated higher earnings, a larger tax burden weighed on net returns.
On the balance sheet, total assets and liabilities both declined, reflecting a leaner financial position, while shareholders’ equity recorded a modest increase, signalling retained value for investors despite lower profitability.
More insights
The shares of CSCS are traded on NASD, Nigeria’s over-the-counter exchange, where corporate entities yet to be listed on the Nigerian Exchange (NGX) Limited trade their shares.
- As of April 10, CSCS stock closed at a unit price of N64.21 according to information on the CSCS website.
- The closure of the register of members is scheduled from April 10 to April 14, 2026 (both days inclusive).
- Qualification date is set for April 9, 2026, meaning that only shareholders whose names appear on the register as of April 9, 2026, are eligible for dividend payment.
- The payment date is fixed for April 23, 2026, subject to shareholders’ approval at the forthcoming annual general meeting (AGM) slated on the same day.
The N1.78 per share dividend is a slight improvement over prior year’s N1.76 per share dividend totaling N8.8 billion payout for the 2024 financial year.
What you should know
The Group has sustained dividend payment in recent years with total dividend payout of N8.8 billion in the 2024 financial year, translating to N1.76 per share dividend.
- During the 2024 financial year, the Group’s gross earnings rose to N26.1 billion, representing 37.2% year-on-year growth for that year.
- Profit before tax increased to N13.84 billion while profit after tax soared to N11.94 billion.
- CSCS provides clearing, settlement, and depository services for equities, bonds, and other financial instruments traded on the Nigerian Exchange.
Recently, the company implemented a sweeping review of fees and charges for its services signaling sustained shareholder returns.
