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SHAREHOLDERS of IHS Nigeria Plc have approved a divided payout of N788.6 million or five kobo each proposed by the company for the financial year ended April 30, 2009.With a profit after tax of N1.05 billion earned over a turnover of N11.3 billion in the financial year under review, the shareholders on Friday, unanimously approved the dividend proposed to it by the company's board.Speaking at the company's yearly general meting in Lagos recently, the National Chairman, Dynamic Shareholders Association of Nigeria, Mr. Alex Adio said that the dividend proposed to the shareholders was commendable being the comapany's first yearly general meeting.According to him, "it is an indication of the god things to come. When you look the size of the balance sheet, the projections and what they intend doing, you can be sure that subsequent years will be better."

Another shareholder, Nona Aworh said: "Looking at it from the point of five kobo, you may be missing it, but for existing shareholders, they got a bonus of one share for every 46 held. If you want to get the real value of what the dividend is, you should be multiplying five kobo by 46 for you to understand. However, they have done relatively well."On his part, the Chairman of the company, Mallam Bashir El-Rufai, explained that the company was able to record an improvement in its balance sheet for the financial year despite the challenges posed to it by the operating environment and the global economic crisis.He noted that the company was able to propose a dividend payout despite its recent declaration of bonus issue for the 2008 financial year, in which the company increased its paid up capital to N7.7 billion through the issuance of 2.8 billion ordinary shares from retained earnings and 1.54 billion new ordinary shares by way of private placement.

Speaking on the company's operating result for the year, he said, "despite the global economic problems, our company was able to post an impressive result in its first financial year as a publicly quoted company. This year has witnessed the transformation of your company from a medium size player in the telecommunications services provision industry in Nigeria to a large player in Africa. The new markets in Sudan and Ghana have contributed 20 per cent and 27 per cent to the group's turnover and 16 per cent and 18 per cent respectively to the group's profitability."Furthermore, he noted that the company's diversification and expansion exercise also enhanced its profitability, as the company was transformed to a publicly quoted firm listed on the Nigerian Stock Exchange."Whilst we continue to work towards our mission to become the largest and most efficient pan-African telecommunications service provider and site leasing operator, we are striving to provide the most environmentally friendly and technically innovative solutions for the continent," he added.

A close look at the company's result for the financial year under review showed that the company's turnover rose from N7.27 billion recorded in 2008, to N11.3 billion in 2009, while its profit after taxation closed higher at N1.05 billion from N758.2 million in 2008.On its future outlook, the Managing Director of the company, Mr. William Saad, expressed optimism of the company achieving its goals through immediate expansion of its collocation business in Nigeria and increase its presence in Africa through medium to long range plans