Management of TrustFund Pensions Plc have pledged to focus on investment opportunities that would continuously guarantee safety of contributions towards yielding high returns to its shareholders in the coming year.
Chairman, Board of Directors of the company, Dr. Ngozi Olejeme, gave the assurance at the 4th Annual General Meeting (AGM) of Trustfund Pensions held recently in Abuja.
Olejeme said it was imperative for management and staff members of the company to work assiduously in view of the current challenges facing the economy.
According to her, the challenges of insecurity and the lack of trust in political office holders as demonstrated during the fuel subsidy scandals and the pension scams will continue to affect the confidence and performance of the Nigerian Capital Market and the entire economy.
She predicted that the country will witness a more difficult operating environment unless there is an ease in the European debt crisis, return to stable international oil market, return of peace in Nigeria as insurgency is checked and improvements in the investment opportunities are guaranteed.
Nevertheless, she said Trustfund is prepared to increase its client base through an unflinching quality customer service, aggressive marketing and prepare proactively for the expected transfer window as directed by the National Pension Commission (PenCom).
"It is my belief that we can, as we have done in the years past, demonstrate the capabilities in accepting challenges as they may arise. Our management team must without fail be akin to investment opportunities that will continuously guarantee safety of contributions towards yielding high returns to its shareholders.
"We do not expect a paradigm shift from the current operating environment. Now is the most appropriate time to foster the core values upon which our corporate foundation was laid. We have been weathering all storms of challenges in the past years. We believe that with a sound board of directors, experienced management team and an untiring reliable workforce, our company will remain a force to be reckoned with in the industry while exploring every avenue for improvement and innovative options," she said.
Presenting the company's financial scorecard to shareholders at the event, she explained that its performance demonstrated its determination to create wealth for all stakeholders including customers, shareholders, employees and other interest parties.
Specifically, she announced that the company's gross earnings grew from N1.735 billion in 2010 to N2.120 billion in 2011, representing a 22.2 per cent increase over the previous year.
Similarly, she told the shareholders that the company recorded a modest profit after tax of N353 million in the year under review, representing 64.2 per cent increase from the 215 million made in 2010. She attributed the growth in the company's profit to the cost control and cost reduction approach adopted by the management team.
She explained that the company's desire to continually create wealth for shareholders was demonstrated in the value added to shareholders' fund which grew from N1.773 billion in 2010 to N1.994 billion in 2011; representing over 12 per cent increase.
"We aspire to be leaders in fund management and this is demonstrated in the performance of Fund under Management (FUM). There was an increase of about 20 percent in our FUM from N116 billion in 2010 to N139 billion in 2011. This is because of the increase in the number of Retirement Savings Account (RSAs) from 234 million to 278 million, revived effort at the funding of unfunded accounts etc.
"Also, some state governments have demonstrated an increased commitment towards the pensions. We shall continue to review the market to access all viable means to increase funds in the years to come," she added.
Given this performance, shareholders of the company approved the payment of 15K per share to be paid to shareholders after the deduction of withholding tax.