Ogunbanjo, the dividend payment which amounts to 50 kobo per share represents an increase of 56 per cent over the year 2000 payout of N145 million.
He stressed that the turnover rose by 30 per cent from N3.94 billion in the previous year to N5.12 billion while the gross profit increased to 36 per cent from N908 million to N1.25 billion in the year under review, adding that this ensured that the net profit spiral by 30 per cent stands at N863 million.
Ogunbanjo told the shareholders that "these impressive results were attributed to high production efficiency for which the management deserves commendation."
He disclosed that the company had commenced the construction of its furnace number one at their Agbara plant which he said was designed to increase its capacity, adding that a newly computerised Automotive batch plan will soon replace the current semi automotive Batch plant in order to further enhance the company's production efficiency.
A shareholder, Chief Overseer R.O. Oguntayo in his contribution, praised the management for its achievements so far, saying that all performance indicators showed that the company was on a sound footing.
According to him, "the result is one of the best in the last five years. I commend the Board and Management for calling an early AGM."
The shareholders elected three directors into the board at the meeting, namely, Mr. Doros Constantinou, Bashroun A.A. Adesanya and Mr. A.P.