2020 FY Results: Flour Mills Nigeria Plc reports a 126% increase in profit to N25.72bn.

Flour Mills Nigeria Plc released its audited financial statements for the year ended 31st of March, 2021.

  • Revenue for the year was N771.61 billion. (+34% YoY)
  • Cost of sales was N664.85 billion. (+31% YoY)
  • Administrative expenses totalled N29.05 billion. (+24.4% YoY)
  • Profit for the year was N25.72 billion. (+126% YoY)
  • Earnings per share of N6.38 Vs N2.25 YoY.
  • A proposed dividend of N1.65 was announced by the board. (+18% YoY)
  • Total shareholders fund was N174.6 billion. (+12% YoY)

See link to results.

Red Star Express Plc announces retirement of 2 Directors, appoints 2 others as replacement.

Red Star Express Plc has announced the appointment of Messrs Peter Aletor and Emeka Ndu into its Board as Directors, effective from 28th of June, 2021.

This follows the retirement of Mr Sule Umar Bichi and Alhaji Aminu Dangana as Directors from the Board, with effect from 29th of April, 2021.

According to a notification signed by the Company’s Secretary, Frances Ndidi Akpomka, the decisions were approved during the recently concluded board meeting of the company, held on the 28th of June, 2021.

Profile of the newly appointed Directors

Mr Peter Surulere Aletor is an accountant and capital market experts with over 25 years’ experience in stock broking, asset management, deal structuring, etc. He is currently the Managing Director/Chief Executive Officer of Apel Asset Limited. In addition, he is a fellow of the Chartered Institute of Stockbrokers and an alumnus of the Executive Programmes of the Lagos Business School.

Mr Chukwuemeka Ndu is a chartered accountant with over 35 years’ experience in accounting, money market and project finance, audit, tax and consulting. He is a fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of the University of Nigeria, among others.

 

 

R.T Briscoe Nigeria Plc reports a loss of N498.5 million in Q1 2021.

R.T Briscoe Nigeria Plc released its unaudited financial results for the first quarter of the Year (Q1, 2021) ended 31st of March, 2021.

  • Revenue for the period was N1.13 billion. (-19% YoY)
  • Cost of sales was N826.17 million (-25% YoY)
  • Administrative expenses of N291.1 million. (+15% YoY)
  • Loss for the period was N498.5 million.
  • Loss per share of -42 kobo Vs -21 kobo YoY.

See link to results.

Neptune Hill Company Limited acquires additional 15.6m units of Julius Berger Nigeria shares worth N315.06m

Neptune Hill Company Limited, a significant shareholder has announced the acquisition of an additional 15.6 million units of Julius Berger Nigeria Plc shares, worth N315.06 million.

This is according to a notification signed by one of the company’s Director, Goni M. Sheikh, and sent to the Nigerian Exchange Group Limited.

In accordance with the NSE policy on insider transactions, Neptune Hill Company Limited through the disclosure revealed that a total of 15,643,579 units of Julius Berger Nigeria shares were purchased at an average price of N20.14, grossing N315, 061,681.06. It is pertinent to note that the deal took place in Lagos between 5th of March -2nd of June, 2021.

Given its antecedents over the years, the recent deal might be an indication of a continuous optimism in the capacity of Julius Berger Nigeria to continue to deliver good returns to its shareholders and other stakeholders.

What you should know:

  • Neptune Hill Company Limited is a significant shareholder in Julius Berger Nigeria Plc. As at 31st of December 2020, the firm held about 261,360,000 units of the total issued shares of the company, translating to about 16.5% of the total shareholding.
  • Neptune Hill Company Limited is a Nigerian based construction and maintenance company. It was registered on 11th of September, 2018.

 

 

Ellah Lakes Plc signs strategic deal with KJM Trading Ghana Limited to expand operations.

Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.

The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.

According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.

What they are saying:

Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.

Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’

On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.

What you should know:

  • It is pertinent to note that the value of the deal at the moment cannot be ascertained as negotiations between the aforementioned parties are currently going on. This was highlighted by the firm when it stated that: ‘’The agreement between the Company and KTLG is subject to negotiation and execution of definitive documentation in more detail with the terms of their collaboration.’’
  • Ellah Lakes is a diversified Nigerian agribusiness operator with focus on production of oil palm, cassava, maize, soya bean and their derivative products. The firm was established in 1980 and is currently listed on the mainboard of the Nigerian Exchange.
  • On the other hand, KJM Trading Limited is a private limited liability company incorporated under the laws of Ghana. It renders diversified services such as clearing, warehousing, haulage and transportation services .

 

 

3 Directors resign from the board of Aluminium Extrusion Industries Plc.

The Board of Directors of Aluminium Extrusion Industries Plc have announced the resignation of three Non-Executive Directors from its Board.

According to a notification sent to the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics, the affected Directors are; Chief (Dr) Jinesh Chandra Dugad, Messrs Vivek Goel and Prasanta Kumar Ganguly.

In line with statutory procedures, the Board during its meeting held on the 20th of March 2021, deliberated on the requests by the aforementioned Directors to resign from their positions, and subsequently granted approval.

Sequel to this, it is pertinent to note that the resignation of Chief (Dr) Jinesh Chandra Dugad and Mr Prasanta Kumar Ganguly will be effective from 20th of July and 7th of August, 2021 respectively.

Aluminium Extrusion Industries Plc is a leading manufacturing company in Nigeria producing and marketing extruded aluminium products, coloured and wood products.

For more information about the recent disclosure, click HERE.

RT Briscoe Nigeria Plc reports a loss of N760.9 million in FY 2020.

RT Briscoe Nigeria Plc released its audited financial results for the year ended 31st of December, 2020.

  • Revenue for the year was N6.5 billion. (-6.6% YoY)
  • Cost of sales was N5.14 billion. (-2.8% YoY)
  • Administrative expenses totalled N1.23 billion. (-3.02% YoY)
  • Operating profit was N537.27 million. (+176% YoY)
  • Loss for the year was N760.9 million.
  • Loss per share from continuing operations of –N0.93 Vs -N1.06 YoY.
  • No dividend was declared.

See link to results.

Tripple Gee and Company Plc reports a 129% increase in profit to N85.9 million in FY 2020.

Tripple Gee and Company Plc released its audited financial results for the year ended 31st of March, 2021.

  • Revenue for the year was N2.01 billion. (+51.9% YoY)
  • Cost of sales was N1.59 billion. (+58.2% YoY)
  • Distribution and administrative expenses totalled N244.1 million. (+6.21% YoY)
  • Profit after tax was N85.9 million. (+128.8% YoY)
  • Earnings per share of 17.4 kobo Vs 7.6 kobo YoY.
  • No dividend announcement was made

See link to results.

Mutual Benefits Assurance Plc set to hold 25th General Meeting on July 29.

The Board of Mutual Benefits Assurance Plc has announced that it will be hosting its 25th Annual General Meeting on the 29th of July, 2021.

According to a notice issued and signed by the company’s secretary, Jide Ibitayo, the meeting will be held at Radisson Hotel, GRA Ikeja-Lagos by 10:00am on the aforementioned date.

Some of the key issues that will be discussed 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.

What you should know:

  • Mutual Benefits Assurance Plc had earlier reported a profit after tax of N5.11 billion in FY 2020, indicating an increase of about 41% when compared with FY 2019 figures.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
  • Register of Members will be closed from 19th-23rd of July, 2021 to enable the Registrar prepare for the Annual General Meeting.
  • The link for the Annual General Meeting will be made available on the company’s website: www.mutualng.com

 

For more information about the AGM, click HERE.

 

 

Chams Plc completes balance sheet restructuring exercise.

Chams Plc, a leading integrated identity management, payments system and solutions provider, has announced the successful completion of its balance sheet restructuring exercise.

This is according to a notification issued by the company which reads: ‘’ This is to inform the Nigerian Exchange Limited (The Exchange) and the investing public that following the receipt of regulatory approvals, the Balance Sheet Restructuring exercise by Chams Plc which was approved by a special resolution at the Extra-Ordinary General Meeting of the Company held on April 24, 2018 has been completed.’’

In light of the above, the exercise was executed in the following manner;

  • The Balance Sheet Restructuring Account (“BSRA”) was created for the purpose of effecting all necessary accounting entries in line with statutory requirements
  • The sum of N5,458,750,000 as at October 31,2017 was transferred from the Share Premium as a credit to the BSRA
  • The negative balance of N5,458,750,000 as at 31st October 2017 was transferred from the Retained Earnings Account to the BSRA
  • The Solicitors to the Balance Sheet Restructuring sought an order or orders to the following effect from the court
  • An order of the Court confirming the above stated Balance Sheet Restructuring of Chams Plc was approved by Special resolution of its shareholders
  • All incidental, consequential and supplemental orders as are necessary to ensure that the Balance Sheet Restructuring were fully and effectively implemented
  • The Directors of the Company were authorized to take all actions that were within their powers and/or necessary to effect the Balance Sheet Restructuring.

What you should know:

  • A balance sheet restructuring refers to the sort of multiparty agreement that takes place when equity and debt holders of a firm agree to concessions that will make the balance sheet stronger.
  • It is pertinent to note that the decision to restructure the balance sheet of Chams Plc was taken at the Extraordinary General Meeting of the shareholders which held on 24th of April, 2018 at ACE-Olivia Hall, City Mall, Onikan-Lagos.