National Enterprises Ltd’s (NEL) 14th annual general meeting of shareholders went off without a hitch yesterday, as shareholders posed no difficult questions to the head table.
Held at the Hyatt Regency (Trinidad), Port of Spain, the AGM convened a little later than the scheduled time but ended way before expected as NEL chairman, Kenny Lue Chee Lip, highlighted that the company delivered strong results for the financial year ended March 31 2013, which generally surpassed returns from other investment opportunities in the local market.
“NEL dividend receipts have increased and thus we are able to pay out more to shareholders, and this has been reflected in the positive appreciation of its share price,” he pointed out.
He said although NEL’s after-tax profits attributable to shareholders fell to $529.9 million from $603.2 million, a decrease of 12 per cent over the previous financial year, the total dividend for the financial year amounted to 73 cents a share when compared to 70 cents a share for the previous financial year.
“At the close of the financial year the price of the NEL share stood at $15.40, representing an increase of $0.62 or 4.2 per cent above the previous financial year’s closing price of $14.78.
“In the 12 months to March 31 2013, the comparative increase in the Composite Stock Price Index was 8.3 per cent compared to an increase of 15.9 per cent for the 12 months to March 31, 2012. Within this framework, NEL’s share is still seen as one that can provide superior returns in the medium and long term,” he said.
The meeting which was well attended by shareholders flowed smoothly allowing for the adoption of the auditor’s report without question or concern from shareholders as well as the re-appointment of two private sector directors—Ross Alexander and Robert Le Hunte.