Unilever Nigeria Plc ratifies separation of tea business.

The Board of Directors of Unilever Nigeria Plc has approved the steps required to implement the separation of the Tea business in Nigeria.

Recall that on the 23rd of July 2020, Unilever Nigeria Plc had announced its intention to separate its global tea business, including the retail and food solutions businesses, plantations, T2 and Pukka (the ‘’Tea Business’’), after a strategic review between the firm and its group of companies. This was followed by a subsequent circular issued on the 25th of February, 2021, reminding key stakeholders of the earlier announcement.

Sequel to these notices, Unilever Nigeria Plc finally announced that it obtained approval from its Board of Directors on the 30th of April, 2021 to finalize the separation of the tea business into a distinct company.

According to a recent disclosure issued by the firm,  if ratified by the Company’s shareholders and other regulatory stakeholders, the Nigeria Tea Business will be transferred to a newly-incorporated tea company in Nigeria (“New TeaCo”), held under a newly incorporated tea holding company to create a dedicated tea group within the Unilever Group (“TeaCo Group”).

Some of the assets being transferred by Unilever Nigeria plc to New TeaCo include production assets and other tangible assets used exclusively in relation to the Tea Business; distribution rights to Tea products in Nigeria and export markets; and locally owned unregistered intellectual property rights. However, Unilever Nigeria plc will retain ownership of the site at Agbara and will also provide certain intercompany services to the New TeaCo and the TeaCo Group for a transitional period.

Nigeria Breweries Plc appoints Hans Essaadi as new MD/CEO.

The Board of the Nigerian Breweries Plc has announced the appointment of Mr Hans Essaadi as its new Managing Director/CEO effective from 31st of July, 2021.

This is according to a disclosure signed by the company’s secretary, Uaboi Agbebaku and seen by Nairametrics..

The appointment of Mr Essaadi is sequel to the resignation of the incumbent Managing Director/CEO, Mr Jordi Borrut Bel, who will be completing his assignment in the company on the 30th of July, 2021. Mr Bel resigned in a bid to enable him take up another assignment within the Heineken Group, his resignation has since been accepted by the Board effective by the close of business on the 30th of July, 2021.

On the other-hand, the CEO-Elect, Mr. Essaadi is currently the Managing Director of Al Haram Beverages, the Heineken Operating Company (‘’OpCo’’) in Egypt. He joined the Heineken Group as a Sales Representative in 1991. He rose through the echelons to the present position he is occupying, serving in various leadership capacities and countries en route.

Commenting on his recent appointment as MD/CEO elect, a statement from the company read: ‘’ The Board is pleased to have a person of Mr. Essaadi’s experience and knowledge to take up the position of Managing Director/CEO of the Company, and to continue the turnaround work started by Mr. Borrut Bel.’’

Okomu Oil proposes dividend worth N6.7 billion for shareholders.

The Board of Okomu Oil Palm Company Plc has proposed a dividend of N6.7 billion to its shareholders for the period ended 31st of December, 2020.

The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of N7 per share will be paid on all the issued 953,910,000 ordinary shares of the company.

All things being equal, the dividends will be paid electronically to qualified shareholders on 26th of May, 2021. Qualified shareholders are those, whose names appear on the Register of Members as at close of business on 13th of May, 2021. Other qualifying conditions are;

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

What you should know:

  • Okomu Oil had earlier reported a profit after tax of N7.8 billion in FY 2020.
  • The firm closed trading for the week ended 7th of May, 2021 with a share price of N103.

   Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.

The Board of Cadbury Nigeria Plc has announced that it will be hosting its 56th Annual General Meeting on the 16th of June, 2021.

This is according to a notification signed by the company’s secretary, Fola Akande and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend will be considered and officially declared.
  • 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:

  • Cadbury Nigeria Plc had earlier reported a profit after tax of N931.83 million in FY 2020, and subsequently proposed a dividend of 18 kobo per share
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of five (5) representatives authorized to represent shareholders, have been made available.
  • If approved, dividends are expected to be paid to qualified shareholders on 17th of June, 2021.
  • The link for the Annual General Meeting will be made available on the company’s website: www.cadburynigeria.com

For more information about the AGM, click HERE.

The Initiates Plc reports a loss of N39.3 million in Q1 2021.

The Initiates Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N54.45 million. (-66.3% YoY)
  • Cost of sales was N50.3 million. (-54.5% YoY)
  • Administrative expenses totalled N15.8 million. (-25.8% YoY)
  • A loss after tax of N39.26 million was incurred. (-610.04% YoY)
  • Loss per share of -0.05 kobo was incurred.
  • Gross profit margin for the period was 7.59%.

See link to results.

International Breweries Plc reports a loss of N2.6 billion in Q1 2021.

International Breweries Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N38.96 billion. (+10.2% YoY)
  • Cost of sales was N32.5 billion. (+11.3% YoY)
  • Administrative, marketing and promotion expenses totalled N8.98 billion. (+4.9% YoY)
  • Loss for the period was N2.6 billion.
  • Earnings per share of 10 kobo Vs 21 kobo YoY.

See link to results.

Berger Paints Nigeria Plc profit declines to N45 million in Q1 2021

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

  • Revenue for the period was N1.19 billion. (+10% YoY)
  • Cost of sales was N617.8 million. (+24.1% YoY)
  • Administrative expenses of N300.17 million. (+6.3% YoY)
  • Operating profit of N79.8 million. (-32% YoY)
  • Profit for the period was N44.99 million. (-32% YoY)
  • Earnings per share of 16 kobo Vs 23 kobo YoY
  • Net assets per share of N11.01 Vs N10.8 YoY

See link to results.

Vitafoam Nigeria Plc posts profit of N1.4 billion in Q2 2020

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

  • Revenue for the period was N10.7 billion. (+65.5% YoY)
  • Cost of sales was N6.9 billion. (+79.7% YoY)
  • Administrative expenses totalled N1.35 billion. (+11.8% YoY)
  • Operating profit of N2.14 billion. (+55.4% YoY)
  • Profit for the period was N1.4 billion. (+76.7% YoY)
  • Earnings per share of N2.17 Vs N1.30 YoY.

See link to results.

UAC of Nigeria Plc records a 64% dip in profit to N669 million in Q1 2021.

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

  • Revenue for the period was N22.02 billion. (+12.7% YoY)
  • Operating expenses totalled N2.98 billion. (-6.1% YoY)
  • Profit for the period was N669 million. (-64.1% YoY)
  • EBIT margin of 5.2% (+60bps)
  • Earnings per share from continuing operations of 12 kobo Vs 27 kobo YoY

Commenting on the result, the Group Managing Director of the company, Fola Aiyesimoju said: “Growth across our operating platforms translated to 13% revenue growth. Operational improvement initiatives resulted in a 6% reduction in operating expenses which supported marginal operating profit growth in spite of a 5% decline in gross profit. Raw material cost escalation remains a key concern and as such we are carefully assessing pricing. Our Paints business suffered production disruptions which impacted performance and our interest income declined materially in light of the low interest rate environment. These together with losses from our associates UPDC and MDS resulted in a 42% decline in profit from continuing operations. Performance in Q1 2020, being the comparative quarter last year, benefited from N717 million in exceptional income from discontinued operations relating to net gains from the divestment of a stake in MDS which impacts quarter on quarter comparisons.”

For more information about the result, click HERE.

Tripple Gee & Company Plc reports a loss of N19.8 million in Q1 2021.

Tripple Gee & Company Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Turnover for the period was N461.4 million. (+48.8% YoY)
  • Cost of sales was N400.5 million. (+89.1% YoY)
  • Administrative expenses totalled N25.9 million. (-41.7% YoY)
  • Operating profit of N34.99 million. (-35.2% YoY)
  • Loss after tax of N19.81 million was incurred
  • Loss per share for the period was 4 kobo

See link to results.