The company paid N74.1 million to the state government as part of its share of the profit.
The Kwara Government-owned Harmony Holdings Limited, on Saturday declared N308 million profit before tax.
The Chairman of the company, Halidu Abubakar, disclosed this while addressing shareholders during its maiden Annual General Meeting, AGM in Ilorin.
Mr. Abubakar also said that the company declared a dividend of 75 Kobo per N1 ordinary share to the shareholders for the year ended December 31, 2013.
He said the dividend represented an appropriation of N30 million out of the profit after tax, adding that the company also paid N74 million as tax to the Federal Inland Revenue Service, FIRS, for the 2013 financial year, with deferred tax liability of N71 million.
The Chairman said that the company paid N74.1 million to the state government as part of its share of the profit.
He acknowledged the support the company received from the state government, saying it helped remove all encumbrances that could have hindered the company’s performance.
The state governor, Abdulfatah Ahmed, said that all companies and asset owned by the state government were not for social service as they must be made to generate funds.
He expressed happiness that Harmony Holdings had come to stay, pointing out that he was also optimistic that it would continue to grow.
The governor also noted that as Harmony Holdings continued to grow, it would be owned by the people of the state and not the government alone.
He said that as soon as the company stabilised, its shares would be sold to the people of the state to make them co-owners.