CSCS posts strong 2024 earnings with 37% revenue growth, N13.8bn PBT
...Proposes N1.76 dividend
Central Securities Clearing System (CSCS) Plc has reported a solid financial performance for the year ended 31 December 2024, delivering double-digit growth in both revenue and profit despite prevailing economic challenges.
According to the firm’s audited consolidated and separate financial statements, total revenue climbed by 37 percent to N26.1 billion, compared to N19 billion recorded in 2023. Profit before tax also saw a notable increase, rising by 24 percent to N13.8 billion from the previous year’s N11.2 billion.
The performance was largely underpinned by a sharp 62 percent year-on-year rise in fee-based income, which grew to N11.9 billion from N7.3 billion, driven by increased activity in the capital market.
Additional momentum came from ancillary services, which recorded a 27 percent growth from N8.1 billion in 2023 to N10.3 billion in 2024, a gain supported by enhanced service delivery and deeper client engagement.
CSCS also reported a stronger balance sheet, with total assets increasing by 22 percent to N64.4 billion, up from N52.8 billion in the previous year. The company’s financial health was further reflected in improved key ratios: return on average equity stood at 30 percent, return on average assets at 20 percent, and earnings per share advanced to 239 kobo, up from 202 kobo in 2023.
Chairman of the Board, Temi Popoola, commended the company’s ability to deliver a strong showing in what he described as a tough economic environment.
“Despite the macroeconomic headwinds we encountered in 2024, we achieved a robust performance across key financial and operational benchmarks,” Popoola said. “By consolidating our core strengths and extending into new business verticals, we were able to grow our gross earnings by 37 percent, reaching N26.1 billion.”
Reflecting the firm’s confidence in its performance and ongoing commitment to shareholder returns, Popoola added, “The Board has proposed a dividend of N1.76 per share, translating into a total payout of N8.8 billion.”
Managing Director and Chief Executive Officer, Haruna Jalo-Waziri, spoke to the organisation’s resilience and strategic adaptability, pointing to the company’s ability to sustain growth in an evolving market.
“Our results for 2024 demonstrate the durability of our revenue base across both established and emerging areas,” he said. “We have continued to broaden our reach into new sectors while deploying technology to boost capacity and efficiency in line with our long-term objectives.”
Jalo-Waziri further noted, “In the face of economic pressures, we recorded a 44 percent increase in operating income to N22.2 billion, while maintaining a cost-to-income ratio of 47 percent. This reflects our ongoing focus on streamlining operations and managing costs effectively.”
With these latest results, CSCS reinforces its role as a central player in Nigeria’s financial infrastructure, well-positioned to support capital market growth and broader economic development.