It was excitement galore among shareholders on Saturday when Kwara Government-owned Company, Harmony Holdings Ltd, declared N308 million profits before tax at its maiden Annual General Meeting (AGM) in Ilorin.
Prof. Halidu Abubakar, who chairs the Holdings, disclosed this while addressing shareholders, adding that the company had also declared a dividend of 75 Kobo per N1 ordinary share to the shareholders for the year ended Dec. 31, 2013.
According to him, the dividend represented an appropriation of N30 million out of the profit after tax.
He explained further that the company paid N74 million as tax to Federal Inland Revenue Service for the 2013 financial year with deferred tax liability of N71 million.
Prof Abubakar while commending Kwara State Governor Abdulfatah Ahmed for his support, also said the State Government has received N74.1 million as part of its share of the profit.
He posited that the support received from the governor has removed all encumbrances that could have slowed down the company’s performance.
Governor Ahmed said that all companies and assets owned by the state government were not for social service as they must be made to generate funds.
While expressing delight that Harmony Holdings had come to stay, the Governor assured the people of the state that the company’s share would soon be made available to the people of the state.
