Mutual Benefits Assurance Plc grows profit by 41% to N5.11 billion in FY 2020.

Mutual Benefits Assurance Plc released its full-year results for the year ended 31st of December, 2020.

  • Net premium income was N16.08 billion. (+5% YoY)
  • Net benefits and claims of N7.9 billion. (+35% YoY)
  • Underwriting profit was N3.7 billion. (-32% YoY)
  • Profit for the year was N5.11 billion. (+41% YoY)
  • Earnings per share of 46 kobo Vs 36 kobo YoY.
  • Total shareholders’ fund was N23.35 billion. (+74% YoY)
  • No dividend announcement was made.

See link to results.

Dangote Cement Plc completes issuance of N50 billion Series 1 fixed rate bond.

Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of a N50 billion Series 1 Fixed Rate Senior Unsecured Bonds.

According to an official disclosure sent to the Nigerian Exchange Group Limited, the recent issuance is part of the company’s N300 billion Multi-Instrument Issuance Programme. The bonds were issued on 26th of May, 2021 at coupon rates of 11.25%, 12.50% and 13.50% respectively for the 3,5, and 7 year tranches respectively.

The firm noted that the proceeds from the bond issuance will be used to further expand the company and meet its short-term debt refinancing and working capital requirements. It is worthy to note that a range of investors like pension funds, asset managers, insurance companies and high net-worth individuals, participated actively in the bond issuance.

Additionally, Dangote Cement revealed that it has registered a programme that will enable it consider different types of fixed income instruments that will serve the needs of different type of investors.

Commenting on the successful issuance of the Series 1 bond, the Chief Executive Officer of Dangote Cement, Michel Puchercos,  said : ‘’ This bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance.’’

What you should know:

  • Dangote Cement Plc is the largest cement producing firm in Africa’s with an installed capacity of 48.6Mta capacity across 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
  • Absa Capital Markets, Nigeria acted as Lead Issuing House for the Series 1 Bonds. On the other hand, Stanbic IBTC Capital, Standard Chartered Capital & Advisory Nigeria Limited, United Capital Plc, FBN Quest Merchant Bank, FCMB Capital Markets, Coronation Merchant Bank, Ecobank Development Corporation Nigeria, Futureview Financial Services, Meristem Capital Limited, Rand Merchant Bank, Quantum Zenith Capital and Vetiva Capital Management acted as Joint Issuing Houses.
  • The Bond will be listed on both the Nigerian Exchange Group Limited and FMDQ Securities Exchange.

Presco Plc announces emergency meeting, set to consider the acquisition of a private company.

 

Preso Plc, a public limited liability company based in Nigeria with a special focus on industrial as well as smallholder plantations of tree crops, has announced that it will be holding an emergency meeting on the 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Patrick Uwadia and sent to the Nigerian Exchange Group Limited.

According to the notice, the emergency meeting was scheduled to enable shareholders consider the company’s move to acquire all the shares of an existing private company limited by shares and in the same line of business with the company. The meeting will help determine subsequent decisions or actions that will be taken as regards the deal, especially at the company’s next General Meeting.

As at the period of reporting, the name of the company remains unknown. However, it is generally expected that after the emergency meeting, details concerning the deal, such as the name of the proposed company, will be further communicated to relevant stakeholders.

In line with statutory provisions, the company has consequently announced the commencement of a Closed Period from Wednesday, 16 June 2021 until 24 hours after the decisions taken at the Board Meeting are released to the public. During the close period, all insiders are generally prohibited from buying or selling shares of the company.

For more information about the recent disclosure, click HERE.

Linkage Assurance Plc projects a profit after tax of N700.84 million in Q3 2021.

Linkage Assurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross premium was projected at N2.07 billion.
  • Net claims projection of N495.5 million
  • Net operating income was projected at N2.2 billion.
  • Underwriting and management expenses projection of N1.47 billion.
  • Tax was projected at N36.9 million.
  • Profit after tax was projected at N700.84 million.

See link to results.

Ardova Plc buyout 100% stake in Enyo Retail and Supply Limited.

Ardova Plc has completed the acquisition of a 100% equity stake in Enyo Retail and Supply Limited.

In a notification signed by the company’s secretary, Oladeinde Nelson-Cole and uploaded on the website of the Nigerian Exchange Group Limited, the firm revealed that the recent deal is sequel to the execution of a share purchase agreement between the parties involved.

Recall that in January, Ardova Plc had announced entering into discussions with the shareholders of Enyo, in a bid to take over the assets of the latter. The firm further revealed that the Shareholders of Enyo had accepted its offer and acquisition framework in principle, although subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Sequel to this, the parties involved in the deal reiterated their commitments towards finalizing the transaction, in line with the share purchase agreement.  They also promised to remain transparent in terms of communicating details about the future progress made on the deal.

Commenting on the recent acquisition, the Chief Executive Officer of Ardova Plc, Olumide Adeosun said: ‘On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.’’

What you should know:

  • Enyo Retail and Supply Limited was established in 2017 with a focus of integrating first level customer service experience with fuels retailing and renewable energy products in Africa. The firm is technologically driven and currently operates over 90 stations across Nigeria, servicing over 100,000 retail customers daily across 15 states of the country.
  • Currently, Stanbic IBTC Capital Limited and Banwo & Ighodalo are acting as Financial and Legal Advisers respectively to Ardova Plc. On the other hand, Rand Merchant Bank and Herbert Smith Freehills Paris LLP are acting as Financial and Legal Advisers to Enyo Retail and Supply Limited and certain of its shareholders.
  • When completed, Ardova Plc will look to retain Enyo branded stations which will operate side by side with its brand, leveraging on its strengths.

To read other stock related contents, visit HERE.

 

Okomu Oil Plc announces Chukwuebuka Omerole as new company secretary representative.

Okomu Oil Palm Company Plc has announced the deployment of Mr Chukwuebuka Arthur Omerole, Esq., as the new representative of its company secretary (P.C. Obi & Co.)

This is according to a disclosure signed by the Managing Director of the company, Dr G.D. Hefer, dated 15th of June, 2021 and sent to the Nigerian Exchange Limited.

According to the notice, the appointment of Mr Omerole is sequel to the death of the firm’s former representative, Mr Chibuike Onwusoro, earlier communicated to The Exchange.  Confirming the recent development, the notice from the firm read thus: ‘’The Okomu Oil Palm Company Plc (the Company) wishes to notify The Nigeria Exchange Limited (The Exchange), and the investing public that its Company Secretary is the Law Firm of P.C Obi & Co., and that following the demise of the firm’s representative Mr Chibuike Onwusoro, (which The Exchange had earlier been notified), the firm has now deployed a new representative in the person of Mr Chukwuebuka Arthur Omerole, Esq., to render all Company Secretarial services to the Company.’’

Omerole holds a Bachelor degree in Law (LLB) from the prestigious University of Lagos. He joined the Law firm of P.C Obi & Co as a Legal Practitioner in February 2020.

Red Star Express Plc announces Board Meeting.

Red Star Express Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on June 28, 2021 by 2:00pm.

This is according to a disclosure signed by the Company’s secretary, Frances Ndidi-Akpomuka and sent to the Nigerian Exchange Limited.

The meeting is scheduled to consider and approve the audited financial statements of the company for the year ended 31st of March 2021, evaluate the proposed dividend for the aforementioned period (if any) and ratify the appointment of eminent individuals into the company board as Non-Executive Directors, amongst other issues.

In line with this, the company will be observing a closed period from 11th of June, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange. Under the closed period, the Directors and other insiders of Red Star Express Plc are restricted from dealing in the securities of the company.

What you should know:

  • Red Star Express Plc is a leading courier and package delivery company in Nigeria. It provides a portfolio of full logistic solutions in Nigeria which includes, but not limited to International and Domestic express delivery, Freight Forwarding, Integrated Logistics Solutions, etc.
  • The firm had earlier reported a loss after tax of N2.44 million in 9M 2020. This is 21% lower than a profit of N377.52 million it declared earlier in corresponding period in 2019.

For more information about the notice, click HERE.

 

Lasaco Assurance Plc projects profit of N299.17 million in Q3 2021.

Lasaco Assurance Plc released its earnings forecast for the third quarter of the year (Q3, 2021).

  • Net premium was projected at N2.98 billion.
  • Net claims were projected at N906.63 million
  • A total underwriting expenses of N732.03 million was projected.
  • An underwriting profit of N752.35 million was projected.
  • Profit for the period was projected at N299.17 million.
  • Tax was projected at N57.14 million.

See link to forecasts.

eTranzact International Plc foresees N209.1 million profit in Q3 2021.

eTranzact International Plc released its earnings forecast for the third quarter of the year (Q3, 2021).

  • Revenue was projected at N5.93 billion.
  • Cost of sales was projected at N5.12 billion.
  • An operating expenses of N510.49 million was projected.
  • Operating profit projection of N293.24 million.
  • Tax was projected at N98.41 million.
  • Profit after tax was projected at N209.1 million.

See link to forecasts.

Unity Bank Plc projects profit after tax of N380.82 million in Q3 2021.

Unity Bank Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Gross earnings were projected at N10.9 billion.
  • Interest income projection of N7.2 billion.
  • Net operating income was projected at N4.65 billion.
  • Operating expenses projection of N4.23 billion.
  • Tax was projected at N35.4 million.
  • Profit after tax was projected at N380.82 million.

See link to results.