By Joseph Edegbo:
The New Nigeria Development Company, NNDC has said that it will not relent in its efforts in developing quality manpower for the North and the country regardless of the harsh business environment.
The Chairman Board of Directors of the company, Mallam Tanimu Yakubu gave this assurance at the 50th Annual General Meeting of the company held in Kaduna ,North West of the country.
He said the company , inline with its social responsibility, earmarked reasonable resources towards promoting the NNDC Young Professionals Development Trust
(NNDC/YPDT) and Musa Bello Learning and Resource Centre (MBLRC) during the period under review.
Mallam Yakubu who painted a gloomy picture of the country’s economic environment during the period , said that the NNDC however recorded a “marginal” improvement.
“The overall performance is a reflection of the volatile and Harsh business environment which the company had to contend with” .
But with the support of shareholders, the Board Chairman said, the future outlook of the company remains very promising.
“Your company remained resolute and focused in realizing its corporate
objectives in the face of a tough operating environment and continuous
security challenges across the country.
Operating Results and Performance.
“The company’s performance during the financial year ended 31st March 2018 registered a marginal improvement of an 8.4% increase in operating income from N747.11m to N809.68m. Furthermore, operating profit before tax reduced by 16.88% from N138.25m to N114.92m while earnings per share decreased from 17.54 kobo as at 31st March
2017 to 13.93 kobo as at 31st March 2018.
Shareholders’ Funds increased marginally from N9.19 billion in 2017 to N9.23 billion in 2018.
“The overall performance is a reflection of the volatile and harsh business environment we had to contend with . Corporate Social Responsibility Notwithstanding the tough operating challenges, the Company continued
in its efforts of developing quality manpower for the North and the country in general. The Company in the period under review earmarked reasonable resources towards promoting the NNDC Young Professionals
Development Trust (NNDC/YPDT) and the Musa Bello Learning and Resource Centre (MBLRC).
As at November 2017, the four (4) NNDC/ICAN Centers namely
Kaduna, Kano, Ilorin and Gombe have produced 734 Chartered Accountants since the inception of the Programme in November 2007.
“While we are not immune to the vagaries of both the local and global economies, it is our expectation that with the new projects we intend to promote, the potential exists for NNDC to fulfill its future expectations.
“Thus, with the support of our shareholders, the future outlook of thecompany remains very promising.
“In conclusion, I would like to appreciate the untiring support and encouragement of the Northern States Governor’s Forum (NSGF) to the company. I would again like to appreciate my colleagues on the Board, as well as management and staff for their cooperation and always doing their best for the company to succeed. I humbly request that these be
sustained and escalated to enable us to perform better in the future”. he concluded