2003 Press Release

EXPRESS DISCOUNT LIMITED ANNOUNCES RESULTS FOR FULL YEAR ENDED 31ST MARCH 2003
Lagos Island, Lagos – August 5th, 2003

Express Discount Limited, one of the five registered discount houses in Nigeria, held its 10th Annual General Meeting at the MUSON Centre on Lagos Island.

In the results of the company released at the occasion, the company recorded a 13% growth in its net earnings from N=738 million in 2002 to N=832 million in 2003. Profit before tax increased by 8% from N=551 million to N=597 million while profit after tax improved by 5% from 376 million to N=396 million. The shareholders’ funds of Express Discount Limited was increased by 31% from N=973 million to N=1.27 billion.

“This result is a manifestation of the sharp focus and discipline in implementing our strategic initiatives, which has held us in good stead, with positive reflections on our core business despite the difficulties faced during the year.” said Akin Kekere-Ekun, Chairman of the company at the occasion.

To provide the company with necessary leverage to carry out transactions and a capacity to withstand shocks in the business environment, the shareholders approved a bonus issue of 234 million to be utilised in allotting 234,000,000 ordinary shares of N1.00 each to existing shareholders in the proportion of three new ordinary shares for every 10 ordinary shares previously held. This increases the paid-up share capital of the company to N=1.0 billion.

With the newly approved share capital, the company is placed on the same pedestal as existing banks in the country. Shareholders also approved a dividend of 12.5 kobo per ordinary share of N=1.00 amounting to N97.5 million.

Speaking on the future outlook of the company, the Chairman expressed optimism that “a favourable outcome of the survey being conducted by the Technical Committee on the Review of Discount House operations will provide emerging opportunities for an expanded scope of business”.

For more information: (Media Only Please)
Jumoke Gbajabiamila
Tel: (234)-01-2641650-5
Email: corp_aff@expdisc.com