Shareholders of McNichols Consolidated Plc on Wednesday in Lagos authorized the board and management of the company to amongst other resolutions passed at its 20th Annual General Meeting (AGM), to raise fresh capital as well as increase the company’s issued share capital.
The endorsements, secured through majority votes by shareholders at the company’s 20th AGM which was held at NECA house Alausa Ikeja, also empowered the board to pay the N0.4 per share dividend proposed as well as ratification of Oniyitan A. Olanrewaju as Director of the company.
The shareholders of the company who spoke in turns, lauded the performance of the company in 2024 financial year and commitment to dividend payment with 4kobo dividend for the year under consideration.
They however called for caution in rising opex, check on legal issues and intensive products marketing and developments to attend to the needs of its teeming diversified customers.
Mr Olugbenga Layode, non-executive Director, and Chairman of the company in his address to shareholders said that the major economic policies initiated by the federal government in 2023, notably, the removal of petroleum subsidy and harmonization of the official exchange rate and the parallel market rate continued to significantly impacted the economy of the country, and the purchasing power of citizens and these reflected to companies’ performances
He said that these economic policies which raised petrol and dollar prices by significant multiples have given rise to unprecedented increase to operating costs for business and very high cost of living for individuals.
The chairman said that 2024 witnessed high inflation numbers resulting in high cost of funds for businesses and worsening production cost and all other items in our cost of operations.
Irrespective of the challenges posed by operating environment, the company came out cleaner in the financial year. “Our company was not only able to surmount the difficult operating environment in 2024, we took advantage of the tough operating environment and deployed business strategies that enabled us to deliver a record performance, surpassing any success we have had in our history”
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