2020 FY Results: Okomu Oil Plc posts N7.8 billion profit.

Okomu Oil Palm Plc released its full-year audited results for the year ended 31st December 2020.

  • Revenue for the year was N23.4 billion. (+24% YoY)
  • Cost of raw materials and consumable was N5.29 billion. (+22% YoY)
  • Administrative expenses totaled N4.05 billion. (+32% YoY)
  • Profit on continuing operations after tax was N7.8 billion. (+54% YoY)
  • Earnings per share of N8.16 Vs N5.29 YoY.
  • Net assets per share was N36.46
  • A dividend of N7 was proposed by the Board.

See link to results.

International Breweries Plc moves registered office to Banana Island.

The Management of International Breweries Plc has notified the Nigerian Stock Exchange of the relocation of its registered office from 23/26 Glover road in the Ikoyi axis of Lagos state to Banana Island.

This was disclosed in a notice sent to the exchange by the brewing giant. The notice, which was signed by Muyiwa Ayojimi, the company secretary, stated that the company’s new registered address has changed to Plot 5A, Abuja Street, Banana Island, Ikoyi-Lagos.

The firm stated that the change has been effected in the statutory form and that the disclosure is in line with prescribed rules of the NSE.

What you should know:

  • According to Wikipedia, International Breweries Plc was listed on the Nigerian Stock Exchange on 26th of April, 1994 after it became a public limited liability company. It has a technical services agreement with Brauhaase International Management GMBH, a subsidiary of Warsteiner Group of Germany, which owned 72.03% equity.
  • International Breweries had earlier reported a loss of N12.4 billion for FY 2020.

Access Bank Plc announces Annual General Meeting.

Access Bank Plc has announced that it will be hosting its 32nd Annual General Meeting on the 30th of April, 2021.

According to a notice signed by the Company’s secretary, Sunday Ekwochi, the meeting will hold at the Bank’s Head Office at Oniru Estate, Victoria Island, Lagos by 10:00 am. The following will be discussed;

  • The audited financial statements of the Bank for the year ended 31st December 2020.
  • The proposed final dividend for the aforementioned period will be formally declared and subsequently paid.
  • Appointment into the Bank’s Board will be duly scrutinized and ratified.
  • Directors’ fees for FY 2021 amounting to N58.13 million will be discussed and ratified.
  • The remuneration of bank managers and auditors will also be considered and discussed.

What you should know:

  • Access Bank Plc had earlier reported a Profit after tax of N106.01 billion in FY 2020. Sequel to this, the bank proposed a final dividend of 55 kobo.
  • In line with CAC guidelines, attendance of the AGM will be by proxy only

For more information about the notice, click HERE.

Fidelity Bank Plc announces Board meeting.

Fidelity Bank Plc has announced that it will be hosting its Board of Directors meeting on the 26th of April, 2021.

This is according to a disclosure signed by the Company’s secretary, Ezinwa Unuigboje and sent to the Nigerian Stock Exchange.

The meeting is scheduled to consider among other things, the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021). Sequel to this, the bank will be observing a close period from 6th of April, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

What you should know:

  • During the close period, no insider of Fidelity Bank Plc will be able to deal with its shares, whether directly or indirectly.
  • Fidelity Bank Plc had earlier reported a Profit after tax of N26.7 billion in FY 2020. Sequel to this, the bank proposed a final dividend of 22 kobo.

For more information about the notice, click HERE.

AFRINVEST Limited appoints Onoise Onaghinon as new Chief Operating Officer.

Afrinvest West Africa Limited has announced the appointment of Mrs. Onoise Onaghinon as its Chief Operating Officer (COO).

This is according to information made available by the firm through its social media handle, as seen by Nairametrics.

As part of her responsibilities, Mrs. Onaghinon will oversee human resources, legal and compliance, internal control and general services, while leading the firm’s initiative to improve efficiency across its subsidiaries.

Profile

Mrs. Onaghinon is a veteran in the Nigerian capital market and investment landscape with over 18 years of experience in capital raising, restructuring, mergers and acquisition. She joined Afrinvest in 2003 as an analyst in the firm’s investment banking division.

In 2017, she took a sabbatical from the firm to head the Public-Private Partnership Agency of the Edo state government. Having acquainted herself creditably in the public sector, she has re-joined the firm as the new COO.

What they are saying: Commenting on the recent development, the Group Managing Director of Afrinvest, Mr. Ike Chioke said: ‘’ Over the years, Mrs. Onaghinon has demonstrated great leadership, professional excellence and outstanding client commitment in driving the firm’s business unit, particularly our investment banking division. We are delighted to have her back and we look forward to leveraging her cross-disciplinary experience across the Afrinvest Group.’’

What you should know:

  • Afrinvest is a leading wealth advisory firm involved in investment banking, securities trading, asset management and investment research with a focus on West Africa.

Africa Prudential Plc announces Board meeting.

Africa Prudential Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 22, 2021.

This is according to a disclosure signed by the Company’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange.

The meeting is scheduled to consider among other things, the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021). Sequel to this, the company will be observing a close period from 6th of April, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

What you should know:

  • During the close period, no insider of Africa Prudential Plc will be able to deal with its shares, whether directly or indirectly.
  • Africa Prudential Plc had earlier reported a Profit After Tax of N1.45 billion in FY 2020.

For more information about the notice, click HERE.

Nigerian Breweries announces option for shareholders to receive final dividend as new shares instead of cash.

The Nigerian Breweries Plc has proposed a ‘’Scrip Dividend Election Scheme’’, that gives qualified shareholders the opportunity to choose to receive their final dividends in the form of new ordinary shares in the company instead of cash.

This is according to a notification sent by the company to the Nigerian Stock Exchange platform, as seen by Nairametrics.

Outlining the benefits of the scheme, the notice remarked that qualified shareholders who opted to receive new ordinary shares would thus be able to increase the number of shares they hold in the company without incurring capital market transaction costs. In addition, the scheme has the potential of helping the company to retain cash (for working capital purposes) that it would have paid out in dividends.

It is pertinent to note that ‘Qualified Shareholders’ in this context are those, whose names appear in the company’s register of members as at close of business on the 10th of March, 2021.

What you should know:

  • Recall that Nigeria Breweries Plc had earlier announced a profit of N7.53 billion in FY 2020. Sequel to this, a final dividend of 69 kobo per share was proposed by the Board.
  • Qualified shareholders who wish to opt for the scheme are expected to complete an Election form (available HERE) and return same to First Registrars and Investors Service Limited on or before the 12th of April, 2021.
  • It is pertinent to note that the number of new ordinary shares to be received by qualifying shareholders who elect for new shares, will depend on their respective cash dividend entitlements (less withholding tax) and the reference share price.

Julius Berger Nigeria Plc proposed final dividend of N633.6 million for shareholders.

The Board of Directors of Julius Berger Nigeria Plc has proposed a final dividend of 40 kobo for every share of 50 kobo held by shareholders, amounting to a total of N633.6 million for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, C.E Madueke, and sent to the Nigerian Stock Exchange.

According to the notice, dividends will be paid electronically to qualified shareholders’ on 18th of June, 2021. The qualified shareholders are those, whose names appear in the Register of Members as at the close of trading on 28th of May, 2021.  Other qualifying conditions are;

  • Shareholders must have completed the e-dividend registration.
  • In addition, shareholders must have mandated the Registrar (Greenwich Registrars and Data Solution Limited) to pay their dividend directly into their bank accounts.

On the other hand, the board of the company also proposed a bonus issue of one (1) new ordinary share for every ninety-nine (99) existing ordinary share held by shareholders.

What you should know:

  • The Bank is expected to discuss this proposed dividend in its Annual General Meeting scheduled to hold on 17th of June, 2021 at Shehu-Musa Yar’Adua center, Abuja.
  • The company had earlier reported a 72.2% surge in its Profit before tax YoY.
  • The company currently has 1,584,000,000 units of outstanding shares

For more information about the proposed dividend, click HERE

2020 FY Results: Studio Press Plc records a decline of 87% in Profit after tax.

Studio Press Plc released its full-year results for the year ended 31st December 2020.

  • Revenue for the year was N11.5 billion. (+11% YoY)
  • Cost of sales was N10.02 billion. (+19% YoY)
  • Administrative expenses totaled N893.82 million. (+0.5% YoY)
  • Operating profit was N620.3 million (-44% YoY)
  • Profit after tax was N37.6 million. (-87% YoY)
  • Earnings per share of 6 kobo Vs 48 kobo YoY.
  • No dividend announcement was made.

See link to results.