Notore Chemicals Industries Plc reports a loss of N6.4 billion in FY 2020.

Notore Chemicals Industries Plc released its audited full-year results for the period ended 30th September 2020.

  • Revenue for the period was N18.8 billion.(-12% YoY)
  • Cost of sales was N21.7 billion. (+24% YoY)
  • Administrative expenses totalled N5.9 billion.(-10.4% YoY)
  • Operating profit was N9.49 billion. (+177% YoY)
  • Loss for the year was N6.4 billion.
  • Loss per share of -N3.97 Vs -N3.57 YoY.

Commenting on why the firm recorded a massive loss despite a surge in its operating profit, the Chairman of Notore Chemical Industries Plc, General Yakubu Gowon said: ‘’ Our operating profit in the financial year increased by 177% from ₦3.42 billion in FYE 2019 to ₦9.48 billion in FYE 2020. Despite the positive operating profit, we recorded a loss for the year of ₦6.39 billion during the period (FYE 2019: ₦5.75 billion). This was due to the offsets caused by Finance Cost— which rose from ₦13.69 billion in FY 2019 to ₦23.40 billion in FY 2020—and an Exchange loss on US dollar-denominated loans of ₦7.72 billion as a result of the CBN’s devaluation of the Naira from ₦306/$ to ₦380/$ during the period.’’

See link to results.

CAP Plc appoints Yomi Adenson as new Chief Financial Officer.

The Board of Directors of Chemical and Allied Products Plc, has announced the appointment of Mr. Yomi Adenson as the new Group Chief Financial Officer of the company effective from 1st of June, 2021.

This is according to a disclosure signed by the company’s secretary, Ayomipo Wey and sent to the Nigerian Exchange Group Plc (NGX Group).

As part of his responsibilities, Yomi will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders.

Profile

Yomi is a Chartered Accountant with over 15 years of professional experience and technical competence in treasury management, financial control, process improvement, financial planning, tax and regulatory compliance, among others.  Prior to joining CAP Plc, he worked with Promasidoe Nigeria Limited as a Senior Manager/General Manager, Finance. He also worked in reputable brands like May and Baker Plc and Dunlop Nigeria Plc.

Yomi has a master’s degree in Finance and a certificate in Leadership programme from the prestigious Manchester Business School.  He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), and a serving board member of the Taxation and Fiscal Committee of ICAN.

What you should know:

  • Chemical and Allied Products Plc is a subsidiary of UAC of Nigeria Plc. It specializes in the manufacturing and distribution of paints, personal and household products, crop protection and public health products. It also provides decorating and renovation services.

See link to the recent announcement.

Japaul Gold and Ventures Plc reports loss of N996.7 million in FY 2020

Japaul Gold and Ventures Plc released its full-year audited financial statements for the year ended 31st December, 2020.

  • Revenue for the period was N689.6 million. (-4.94% YoY)
  • Administrative expenses totalled N1.12 billion. (+75.95% YoY)
  • An operating loss of N826.44 million was incurred during the period.
  • Loss from continuing operations was N996.7 million. (-102.4% YoY)
  • Loss from discontinued operations was N1.18 billion.
  • Loss per share of -19 kobo. (-102.91% YoY)
  • No dividend announcement was made.

See link to results.

2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.

UPDC Real Estate Investment Trust released its audited full-year results for the period ended 31st of December, 2020.

  • Total revenue for the period was N2.42 billion. (+2,279% YoY)
  • Rental Income was N1.5 7 billion. (-7.1% YoY)
  • Operating expenses totalled N480.5 million. (-11.5% YoY)
  • Profit after tax was N1.93 billion. (+530.1% YoY)
  • Earnings per unit of 72 kobo. (+523.5% YoY)

See link to results.

Transcorp Plc profit surges exponentially by over 2,000% to N2.04 billion in Q1 2021.

Transnational Corporation of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N24.4 billion. (+58.8% YoY)
  • Cost of sales was N14.01 billion. (+38.3% YoY)
  • Administrative expenses totalled N3.7 billion. (+9.4% YoY)
  • Operating profit of N6.9 billion. (+67.3% YoY)
  • Profit for the period was N2.04 billion. (+2,426.5% YoY)
  • Earnings per share of N0.018. (+244.4% YoY)

See link to results.

Transcorp Group Plc announces appointment of 4 executives across the group.

The Board of Transnational Corporation of Nigeria Plc (Transcorp) has announced the appointment of 4 key executives across the group, effective 22nd April 2021.

This is according to a disclosure signed by the company’s secretary, Chike Anikwe and published on the website of the Nigerian Stock Exchange (NSE). According to the press release, the new appointments cut across Transcorp Plc Group and its subsidiaries, Trans-Afam Power Limited and Transcorp Energy Limited.

Appointed Executives

Mr Victor Famuyibo will be joining the firm’s Board of Directors effective from the aforementioned date. Prior to joining the Board, Mr Famuyibo gained valuable experience with some multinational companies such as UAC Nigeria, Heineken and the Nigerian Breweries. He retired from the Nigerian Breweries as a Director of Human Resources and a member of the Board after 32 years of service.

Mallam Ahmadu Hamman Sambo was also appointed into the Board of Transcorp as a Director. He is a veteran with over three decades of experience spanning across private and public sectors in Nigeria. He served in various leadership capacities, occupying esteemed positions in public service, such as the Managing Director of NNPC Oilfield Services Limited, NIDAS Marine Limited and NNPC Pension Fund Limited among others.

Engr Vicent Ozoude was appointed as the MD/CEO of Trans-Afam Power Limited. Prior to joining the Transcorp Group, he was a Sales Director at General Electric Inc- Sub Saharan Africa. Engr Ozoude has over 20 years of experience in the power generation services sector.

Peter Ikenga was appointed as the MD/CEO of Transcorp Energy to lead the conglomerate integrated energy strategy with focus on gas, renewables and alternative energy. Prior to his appointment, he was a Refining Director for an indigenous oil and gas operator.

What Transcorp Plc is saying:

While commenting on the appointments, Mr Tony Elumelu, Chairman, Transcorp Group Plc, said: “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment to Nigeria’s economy and the rapid advance in our integrated power strategy. We are delighted to complement these with further investment in human capital. These announcements illustrate the depth, diversity and quality of experience of our leaders, both executive and non-executive. Our Board and management team, led by the President/Group CEO, Mrs. Owen Omogiafo, are further capacitised to deliver our vision. Mr. Famuyibo, with his considerable experience in human resources, will be invaluable in working with management to deliver cutting edge employee management practices. Mallam Sambo brings crucial knowledge of the energy sector, further accelerating our integrated energy strategy”.

Transnational Corporation of Nigeria Plc is a public quoted conglomerate, with a diversified shareholder base of over 300,000. Some of its portfolio includes; Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and Aura by Transcorp Hotels.

 VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.

The Board of Directors of VFD Group has announced that it will raise an additional capital of N9.01 billion through rights issue and private placement.

In a signing ceremony attended by Board members, the firm revealed that it will be raising the sum of N4.13 billion through rights issue to existing shareholders. To achieve this, the firm intends to issue a total of 7,452,054 ordinary shares of 50 kobo each at N556 per share on the basis of 1 new ordinary share for 16 ordinary shares held by existing shareholders.

On the other hand, the firm also announced that it will be raising the sum of N4.88 billion through private placement by issuing 7,985,090 ordinary shares of 50 kobo each at N612 per share to selected investors.

Cumulatively, a total sum of N9.01 billion will be raised from both actions, that is, Private placement and rights issue, strengthening the capacity of the Group to execute its key capital projects and further consolidate on its drive of being a pan-African institution.

Recall that VFD Group had earlier announced its intention to expand its operations to Ghana and other African countries, in a quest to be a pan-African financial powerhouse.

UACN Property Development Company Plc appoints Ojo Odunayo as new CEO.

The Board of Directors of UACN Property Development Company Plc has announced the appointment of Mr Ojo, Odunayo Abiodun as the new Chief Executive Officer of the company effective from 3rd of May, 2021.

This is according to a disclosure signed by the company’s secretary, Folake Kalaro and sent to the Nigerian Exchange Group Plc (NGX Group).

Profile

Mr Ojo is a consummate real estate professional with a wealth of experience in property development, asset management, private equity and advisory services. Prior to his recent appointment, Mr Ojo had held various leadership positions including but not limited to, CEO of Alaro City, Vice President of Ocean and Oil Holdings among others.

Mr Ojo is an alumnus of the University of Lagos where he obtained a Bachelor’s degree and an MBA in Estate Management. He is a member of the Royal Institution of Chartered Surveyors (RICS), The Nigerian Institution of Estate Surveyors and Valuers (NIESV) and a Registered Surveyor and Valuer (RSV).

What you should know:

  • UACN Property Development Company (UPDC) Plc is an indigenous real estate and property development firm. It acquires, develops, sells, leases, and manages choice residential and commercial real estate.

See link to the recent announcement.

BUA Cement Plc announces Board Meeting

BUA Cement Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 28, 2021.

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

The meeting is scheduled to consider the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021) along with other corporate actions. In line with this, the company will be observing a closed period from 7th 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 BUA Cement Plc will be able to deal with its shares, whether directly or indirectly.
  • BUA Cement Plc had earlier reported a Profit before tax of N72.3 billion in FY 2020.

For more information about the notice, click HERE.

Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.

Lotus Capital Limited has declared its Q1, 2021 dividend distribution of N20/unit to unit holders in the Lotus Halal Fixed Income Fund whose names appear on the company’s register as at April 13, 2021.

According to a notification issued by the firm and seen by Nairametrics, the payment of the distribution will be made by the fund manager of the Lotus Halal Fixed Income on April 15, 2021.

It is pertinent to note that the firm had earlier paid its fixed income fund unit holders a dividend of N33 per unit for Q4, 2020 on 22nd of January, 2021.  Sequel to this, the recent declaration of N20/ unit indicates a decline of about 39.4% QoQ.

What you should know:

  • Lotus Capital is a full-fledged halal investment management company, specializing in Shari’ah compliant asset management, private wealth management and financial advisory services.

For more information about the disclosure, click HERE