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FSDH Group Records N3.05bn Profit

By on April 28, 2011

First Securities Discount House (FSDH) Limited, has announced a profit after tax of N3.050 billion for the year ended December 31, 2010, indicating a 15.9 per cent increase over N2.63 billion earned in the corresponding period of 2009.

Group Managing Director and Chief Executive of the company, Mr. Rilwan Belo-Osagie, who made this known at its pre-general meeting press briefing held in Lagos Wednesday, said the company also achieved a profit before tax of N3.43 billion for the year under review compared to N3.01 billion in the previous year.

He said: “In the financial year under review, the FSDH group had a total asset size of N48.3 billion. Our group’s shareholders’ funds stood at N16.9 billion as at December 31, 2010, a 17.3 per cent increase from the position of N14.4 billion for the financial year ended December 31, 2009.”

He assured its shareholders that the company will continue to do its best to ensure adequate value for them adding that its objective continues to be a well diversified one-stop wealth shop of choice for the discerning investor.

Belo-Osagie who admitted that the year 2010 was a challenging one for business in the discount house sub-sector, said the company was well on top of the situation and assured investors that the years ahead will be positive.

“We are confident that we are poised to overcome present and future challenges due to our ability to adjust to the challenges in the economic environment. Our reputation in the market is a strong factor for us. Our clients know that service delivery is extremely efficient in our company. One other factor that worked for us is that we stocked religiously to our conservative style of playing in the capital market.

“Even when our traditional medium for earnings went down, we adjusted to other medium and we were able to manage our risk measures considerably. Looking ahead, we want to put money back into the business so that we can compete favourably in the sector where we operate. We also plan to grow our stakeholders and shareholders value and ensure that we remain a leading player in our business,” he said.

Source : Thisday