Kwara State Owned Holdings Company Declares N300m Profit

The Kwara Government-owned Company, Harmony Holdings Ltd, on Saturday declared N308 million profit before tax at its maiden Annual General Meeting (AGM) in Ilorin.

Kwara state Governor Abdulfatai Ahmed

The Chairman of the Holdings, Prof. Halidu Abubakar, made the disclosure in an address to shareholders at the meeting.

Abubakar also said that the company had declared a dividend of 75 Kobo per N1 ordinary share to the shareholders for the year ended Dec. 31, 2013.

He explained that the dividend represented an appropriation of N30 million out of the profit after tax.

Abubakar said the company also paid N74 million as tax to Federal Inland Revenue Service for the 2013 financial year with deferred tax liability of N71 million.

The chairman said that the company paid the sum of N74.1 million to the state government as part of its share of the profit.

He commended Gov. Abdulfatah Ahmed of Kwara and the state government for supporting the company.

According to him, the support received from the governor has removed all encumbrances that could have slowed down the company’s performance.

In his address, the governor said that all companies and assets owned by the state government were not for social service as they must be made to generate funds.

He expressed his happiness that Harmony Holdings had come to stay and said that he was also optimistic that it would continue to grow.

Ahmed noted that as Harmony Holdings grew, it would be owned by the people of the state and not the government alone.

He said that as soon as the company stabilised, its shares would be sold to the people of the state to make them co-owners. (NAN)