GTCO to pay shareholders N94bn dividend for 2023 financial year

Alex Omenye
Alex Omenye

Shareholders of Guaranty Trust Holding Company Plc are set to receive a total dividend of N94.180 billion for the financial year ending December 2023, equating to a reward of N3.20 for each share held.

These recommendations were made by the board of directors of GTCO, following the authority vested in them by Section 426 of the Companies and Allied Matters Act of Nigeria.

During the 2023 financial year, directors announced and disbursed an interim dividend of 50 Kobo per ordinary share, based on the share capital of 29,431,179,224 ordinary shares of 50 Kobo each, for the half-year period ended June 30, 2023.

Furthermore, the directors have proposed the payment of a final dividend of N2.70k per ordinary share of 50 Kobo, resulting in a total dividend for the financial year ending December 31, 2023, of N3.20k.

This announcement was made in the company’s corporate action released at the Nigerian Exchange Limited on Monday.

The final dividend is subject to the appropriate withholding tax and will be disbursed to shareholders whose names are listed in the register of members as of the close of business on April 26, 2024. This proposal will be presented for ratification and approval at the next Annual General Meeting.

Dividends will be electronically paid to shareholders on May 9, 2024, provided they have completed the e-dividend registration and authorized the Registrar to deposit their dividends directly into their bank accounts.

Shareholders yet to complete the e-dividend registration can download the Registrar’s E-Dividend Mandate Activation Form from the Registrar’s website.

Shareholders with unclaimed dividend warrants or share certificates are advised to complete the e-dividend registration or contact the Registrar.

In financial performance, GTCO reported gross earnings of N1.187 trillion, marking a significant increase of 120.03% from the previous year’s N539.235 billion.

The Group also disclosed a profit before tax of N609.308 billion for the year ended December 31, 2023, and proposed a final dividend of N2.70. Notably, foreign exchange revaluation gains of N449.347 billion played a crucial role, contributing 37.24% to the gross earnings.

Additionally, the Group intends to seek shareholder approval next month to raise up to $750 million in capital, aligning with regulatory targets set by the Central Bank of Nigeria to strengthen the financial system and support economic growth initiatives.

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