Business
CSCS reports strong 2024 results with 37% revenue growth, 24% rise in PBT
… proposes N1.76 dividend per share
Central Securities Clearing System (CSCS) Plc has announced its audited consolidated and separate financial statements for the year ended December 31, 2024, showcasing a strong performance marked by significant growth in both revenue and profit.
Total revenue rose by 37% to N26.1 billion in 2024, compared to N19.0 billion in 2023. Profit before tax (PBT) also increased by 24%, reaching N13.8 billion from N11.2 billion the previous year.
The solid financial performance was driven primarily by a 62% year-on-year increase in fee-based income, which climbed to N11.9 billion from N7.3 billion, bolstered by heightened activity in the capital market. Ancillary services also saw notable growth, up 27% to N10.3 billion from N8.1 billion, supported by optimized service delivery and stronger customer engagement.
CSCS maintained a robust balance sheet, with total assets increasing by 22% to N64.4 billion, up from N52.8 billion in 2023. Key financial ratios also showed improvement: return on average equity stood at 30%, return on average assets at 20%, and earnings per share rose to 239 kobo from 202 kobo in the prior year.
Temi Popoola, chairman of the board at CSCS, commended the company’s performance in the face of macroeconomic challenges. “Despite the headwinds of 2024, we delivered strong results across financial and operational metrics. Our strategy of strengthening core offerings while exploring new business lines helped us grow gross earnings by 37%, reaching N26.1 billion,” he said.
He added that in view of the strong performance and commitment to long-term shareholder value, 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, highlighted the company’s resilience and adaptability. “Our 2024 results reflect the strength and sustainability of our diversified revenue streams. We continue to invest in technology and expand into emerging segments, driving scale and efficiency. We grew operating income by 44% to N22.2 billion while keeping our cost-to-income ratio at 47%, underscoring our operational discipline,” he noted.
Looking ahead, CSCS reaffirmed its commitment to leveraging innovation and strategic execution to drive continued growth and enhance shareholder value.
