Author: Chidi Emenike

Vine Foods Limited purchases additional 1m units of United Capital shares worth N7.23m.

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Vine Foods Limited, a company to linked to a Non-Executive Director in United Capital Plc, Mr Emmanuel Nnorom, has purchased an additional 1 million units of the latter’s shares, worth N7.23 million.

This is according to a notification signed by the firm’s secretary, Leo Okafor and sent to the Nigerian Exchange Limited (NGX), as seen by Nairametrics.

The notice revealed that the transaction took place on the 2nd of September, 2021, as the firm purchased an additional 1 million units of United Capital shares at a unit price of N7.23 per share, totalling N7, 230,000.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.

United Capital Plc closed trading for the week ended 3rd of September, 2021 at N7.34 per share on the floor of the Nigerian Exchange Limited (NGX).

 

See link to disclosure.

 

 

FCMB projects profit after tax of N8.51 billion in Q4 2021.

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First City Monument Bank Plc (FCMB) released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross earnings is projected at N48.22 billion
  • Net interest income is projected at N27.5 billion
  • Net operating income is projected at N35.92 billion.
  • Operating expenses projection of N20.4 billion.
  • Tax is projected at N751.4 million.
  • Profit after tax is projected at N8.51 billion.

See link to results.

 

Abbey Mortgage Bank Plc projects profit after tax of N131.7 million in Q4 2021.

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Abbey Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross earnings is projected at N876.4 million
  • Interest income is projected at N713.8 million
  • Net operating income is projected at N551.6 million.
  • Operating expenses projection of N357.9 million.
  • Tax is projected at N62 million.
  • Profit after tax is projected at N131.7 million.

See link to results.

 

Trans Nationwide Express Plc projects profit after tax of N46.5 million in Q4, 2021.

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Trans Nationwide Express Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Revenue is projected to hit N1.19 billion
  • Cost of sales is projected at N482.7 million.
  • Administrative expenses projection of N646.9 million
  • Tax projection of N20.9 million
  • Profit after tax is projected at N46.5 million.

See link to forecasts.

International Energy Insurance Plc forecasts loss after tax of N155.3 million in Q4, 2021.

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International Energy Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross premium income is projected to hit N810 million
  • Claims Incurred projection of N119 million.
  • Underwriting profit is projected at N199.4 million
  • Management expenses projection of N596.8 million
  • Tax projection of N1.54 million
  • Loss after tax projection of N155.3 million.

See link to forecasts.

MEDVIEW AIRLINE PLC: Notice of Board Meeting.

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Med-View Airline Plc has announced that it will be hosting a virtual Board of Directors meeting on the 20th of September, 2021 at 9:00am prompt,

This is according to a notice signed by the company’s Executive Director in charge of Business Development and Commercial, Na’Allah I.S, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the disclosure, the following issues will be discussed during the meeting;

  • The resignation of the Company Secretary and proposal on the appointment of a new Acting Company Secretary.
  • Proposal to appoint a new CEO and COO/AM
  • Presentation of update on the financial position of the company-ED Finance/CFO.
  • Restart of Operation

Here is a link to the notice.

 

Eterna Plc projects profit after tax of N582.9 million in Q4 2021.

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Eterna Plc has released its earnings forecasts for the fourth quarter of 2021 (Q4 2021).

  • Revenue is projected to hit N70.43 million during the period.
  • Cost of sales projection of N64.53 million.
  • Marketing, distribution and administrative expenses are projected to hit N3.91 million.
  • Tax is projected at N274.3 million.
  • Profit after tax is projected at N582.9 million.

See link to forecasts.

Guinea Insurance Plc to hold 63rd Annual General Meeting (AGM) on September 23

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The Board of Guinea Insurance Plc has announced that it will be hosting its 63rd Annual General Meeting on the 23rd of September, 2021. The meeting will be held at the company’s head office in Jibowu Lagos, by 11:00 am prompt,

This is according to a statement issued by the company and signed by its secretary, Chinenye Nwankwo. Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.guineainsurance.com/agm

What you should know:

  • Guinea Insurance Plc had earlier reported a loss after tax of N90.59 million in HY 2021.
  • As at the period of reporting this, the firm is currently trading at 20 kobo on the floor of the Nigerian Exchange Limited (NGX).

For more information about the AGM, click HERE.

 

2021 Half Year: Access Bank to pay N10.7 billion interim dividend to shareholders.

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The Board of Directors of Access Bank Plc has earmarked a total sum of N10.7 billion as dividends to shareholders for the period ended 30th of June, 2021.

This is according to a disclosure signed by the company’s secretary, Sunday Ekwochi, and sent to the Nigerian Exchange Limited (NGX).

According to the notice, the banking giant proposed to pay out a dividend of 3 kobo for each of the outstanding 35,545,225,622 ordinary shares of the company, held by its shareholders, amounting to N10,663,567,686.6

It is also pertinent to note that the proposed  interim dividend of 30 kobo per share is about 20% higher than the amount proposed in the corresponding period of last year (HY 2020: 25 kobo). This increase might be attributed to a much improved financial performance reported by the bank during the just concluded half year period.

Recall that the bank recently released its 2021 half year results, where it posted a 42.4% increase in its Profit After Tax (PAT) figures.  Net interest income after impairment also surged by 56% to N171.4 billion, customers deposit grew to N5.97 trillion within the period, while its earnings per share (EPS) grew to N2.48 from N1.73 recorded in corresponding period of last year.

What you should know:

  • The first-tier bank revealed that the interim dividends will be paid electronically on the 29th of September, 2021 to qualified shareholders, whose names appear on the Register of Members as at Thursday, 16th of September, 2021. To qualify, shareholders must have completed the e-dividend registration and mandated the Registrar (United Securities Limited) to pay the Registrar to pay their dividends directly into their Bank accounts.
  • To facilitate the disbursement of the dividends, the bank announced that the Register of its Shareholders will be closed on Friday, 17th of September, 2021.
  • Meanwhile, Access Bank Plc closed trading yesterday 1st of September,  2021 with a share price of N9 per share.

 

Access Bank grows half year profit by 42% to N86.94 billion in HY 2021.

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Access Bank Plc released its interim financial statements for the period ended 30th of June, 2021.

  • Net interest income after impairment charges was N171.4 billion. (+56.2% YoY)
  • Net fee and commission income of N58.73 billion. (+44.7% YoY)
  • Personnel expenses totalled N43.6 billion. (+20.3% YoY)
  • Deposits from customers grew to N5.97 trillion.
  • Profit for the period was N86.94 billion. (+42.4% YoY)
  • Earnings per share of N2.48 Vs N1.73 YoY.
  • A dividend of 30 kobo per share was proposed by the board.

See link to results.