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Meyer Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
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.
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.’’
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;
What you should know:
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;
What you should know:
For more information about the AGM, click HERE.
The Initiates Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
International Breweries Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
Berger Paints Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
Vitafoam Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).
See link to results.
UAC of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).
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.