The Chairman of NCR Nigerian Plc, Otunba Adekunle Ojora has raised the hopes of the shareholders of the company
that the company is likely to pay dividends next year going by the fact that its fortunes are already turning for the better.
Ojora who stated this during the company’s annual general meeting(AGM) of the company Tuesday held at the Mosum Centre.Onikan
Lagos said the company is currently the number one in its line of business in the country maintained that the shareholders should be patient
with their board and management.
He revealed that the company intends to move from being a product centred company to a solution information technology company,saying
that by moving into the servicing area of IT its profitability would be better for it.
He said “The improved revenue over the previous year shows that the Company has made significant progress in that core area of our business.
However, the Board is not in a position to recommend payment of dividends for the year under review since the profit reported was largely due
to the fair value gain on non-current intercompany payable of N1.2b. NCR Corporation agreed to defer payment of the intercompany payable
beyond 12 months. The obligation was discounted to present value and the gain of N1.2billion recognized in profit or loss account.
‘The Board is confident that we can look forward to the future with every hope as the company continues to take appropriate strategic actions and we have no
doubt that we will sustain satisfactory performance.
“The company’s results for the year shows significant improvement in comparison with the previous year. Our Company recorded about 12 percent growth
in turnover at N7.06bn as against N6.30bn in 2015. Our company recorded a Profit Before Tax of N326.9m in 2016 as against 2015 performance of N226.1m,
while Profit After Tax for the year (N66.5m) surpassed 2015 performance of N18.6m by 257 percent”he said.
The Managing Director Harold Anumihe in his reaction promised the shareholders that despite competition from Chinese firms in the IT market that
NCR is holding up its head above the fray.