CSCS grows revenue by 37%, proposes N1.76 dividend
Central Securities Clearing System CSCS
Central Securities Clearing System (CSCS) Plc has released its audited consolidated and separate financial statements for the year ended December 31, 2024, delivering a robust performance marked by double-digit growth in revenue and profitability.
Total revenue surged by 37% to N26.1 billion in 2024, up from N19.0 billion the previous year. Profit before tax also rose significantly, climbing 24% to N13.8 billion, compared to N11.2 billion in 2023.
The impressive results were largely driven by a 62% year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity. Ancillary services also contributed strongly, growing 27% from N8.1 billion in 2023 to N10.3 billion, buoyed by optimized service delivery and increased customer engagement.
CSCS maintained a strong balance sheet, with total assets rising 22% to N64.4 billion from N52.8 billion in the previous year. Key financial ratios also improved, with return on average equity at 30%, return on average assets at 20%, and earnings per share increasing to 239 kobo from 202 kobo in 2023.
Temi Popoola, Chairman of the Board of CSCS, praised the performance amid a challenging economic climate. “Despite the macroeconomic headwinds of 2024, we delivered strong results across key financial and operational indicators. Our strategy of consolidating our core offerings while expanding into new business areas enabled us to grow gross earnings by 37%, reaching N26.1 billion,”
Mr Popoola added, “In light of this strong performance and our commitment to delivering long-term value to shareholders, the Board has proposed a dividend of N1.76 per share, amounting to a total payout of N8.8 billion.”
Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, emphasized the resilience and adaptability of CSCS’s business model. “Our 2024 performance highlights the sustainability of our revenue streams across both traditional and emerging segments. We continue to diversify into new areas and leverage technology to enhance scale and capacity in line with our strategic objectives. Amidst economic challenges, we grew operating income by 44% to N22.2 billion, while maintaining a cost-to-income ratio of 47%, reflecting our focus on operational efficiency.”
CSCS remains committed to leveraging innovation and strategic execution to drive growth and sustain shareholder value in the years ahead.
About CSCS
The Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.
CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.
