Associated Discount House declares N766m profit
Associated Discount House Limited (ADH) has announced a Profit before Tax of N766 million for 2011 financial year representing an improved performance of 571 percent over the corresponding period of the previous financial year.
According to a statement by the Managing Director/Chief Executive Officer, ADH Group, Mr. Abubakar Jimoh, the Group recorded Gross Earnings of N7.469 billion during the year and a year-end Total Assets position of N77.728 billion.
The Group’s Shareholders’ Funds also increased to N5.826 billion from N5.057 billion in 2010. Jimoh said the Group, despite the challenges of the financial services environment took a conservative approach to address all asset impairments in the last three years.
He said, “Now that the clean-up has been concluded, the Group is forging ahead with its transformation plan to repositioning as one of the leading financial institutions in Nigeria. The improved results witnessed in 2011 and our consolidation on profitable operations is indicative of our employees’ hard-work and resilience during the period.”
Jimoh said the company was in 2010, repositioned through products and processes enhancement, revenue diversification, renewed customer focus and enhanced/proactive risk management among other measures which ensured sustainability of the current trend in performance.
He affirmed that the Group is poised to sustain and improve on returns to shareholders, while offering excellent services to its numerous clients in all sectors of the economy.