Partnership Investment company records N1.6b gross earnings in 2010

FOR the year ended December 31, 2010, Partnership Investment Company Plc recorded gross earnings of N1.6 billion, up by 161 per cent over the N598.6 million it posted in 2009.

The company explained recently during its 2010 yearly general meeting that all areas of its business particularly asset management and proprietary trading contributed to gross earnings growth recorded.

Shareholders also approved payment of N105.4 million dividend, an increase of five per cent over N100.8 million in the previous year within the period under review, shareholders are entitled to five kobo dividend.

In his speech, Chairman of the Company, Mr. Cosmas Irune said partnership investment principal activities include stock broking/securities trading; asset management; investment banking (Issuing House activities) and financial advisory service; real estate/property investment.

The motion to increase the size of the company’s share buy back fund from N200 million to N300 million was unanimously assented to by the shareholders who were visibly happy with the performance of the company during the year under review.

In his contribution, the Managing Director and Chief Executive of the Organisation, Mr. Victor Ogiemwonyi said:

“We also focus on the retail end of the business because we know that if Mr. A is not viable, Mr. B would be while we have endeavoured to have regional offices in Abuja, Benin and Port-Harcourt with one of our objectives for this year aimed at listing our shares to create an exit for investors”

He added that the organisation would continue to embark on measures that would sustain its growth.

“We are thinking of making sure that our capital market business might in future become a subsidiary of its own while we also expand our interests in Real Estate with a view to stabilising our balance sheet and pay dividend every year,” he said.

The Chairman, Nigeria Professional Shareholders Association, and a member of the Audit Committee, Mr. Gabriel Anono expressed satisfaction over the performance of the organisation.