Ardova Plc posts N1.78 billion profit in Half Year 2021.

Ardova Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N86.8 billion. (-0.62% YoY)
  • Cost of sales was N79.4 billion. (-3.1% YoY)
  • Administrative expenses totalled N3.49 billion. (+6.2% YoY)
  • An operating profit of N2.65 billion was recorded.
  • Profit for the period was N1.78 billion. (+75.9% YoY)
  • Earnings per share of N1.36 Vs 78 kobo YoY.

See link to results.

2021 Half Year Results: Conoil Plc reports 214% increase in profit to N1.06 billion.

Conoil Plc released its unaudited half year results for the period ended June 30, 2021.

  • Revenue for the period was N67.64 billion. (+17.7% YoY)
  • Cost of sales was N62.44 billion. (+18.5% YoY)
  • Administrative expenses totalled N2.59 billion. (-13.2% YoY)
  • Retained earnings of N16.4 billion. (+5.0% YoY)
  • Profit after tax was N1.06 billion. (+213.7% YoY)
  • Earnings per share of N1.53 Vs 49 kobo YoY.
  • Total shareholders’ fund was N20.58 billion. (+3.9% YoY)

See link to results.

MRS Oil Nigeria Plc grows profit by 146% to N151.54m in Half Year 2021.

MRS Oil Nigeria Plc released its unaudited financial results for the period ended June 30, 2021.

  • Revenue for the period was N36.75 billion. (+53.2% YoY)
  • Cost of sales was N34.4 billion. (+54.2% YoY)
  • Administrative expenses totalled N2.21 billion (+19.2% YoY)
  • Profit for the period was N151.54 million.(+146% YoY)
  • Earnings per share of 50 kobo (+146.3% YoY)
  • Total assets as at the period stood at N32.61 billion.

See link to results.

Seplat Energy Plc grows half year profit by 137% to N14.12 billion, declares interim dividend.

Seplat Energy Plc released its unaudited financial results for the six months period ended 30th of June, 2021.

  • Revenue for the period was N120.4 billion. (+50.4% YoY)
  • Cost of sales was N85.8 billion. (+27.6% YoY)
  • An operating profit of N42.7 billion was recorded
  • General and administrative expenses totalled N14.2 billion. (-13.0% YoY)
  • Profit for the period was N14.12 billion. (+137% YoY)
  • An interim dividend of US 2.5 cents was declared.

See link to results

 

BOC Gases Nigeria Plc reports profit after tax of N168.44 million in H1 2021.

BOC Gases Nigeria Plc released its unaudited half-year results for the period ended 30th of June, 2021.

  • Revenue for the period was N1.77 billion. (+20% YoY)
  • Cost of sales for the period was N864.5 million. (+19% YoY)
  • Administrative expenses totalled N355.4 million. (+20% YoY)
  • An operating profit of N297.6 million was reported in the period.
  • Profit after tax for the period was N168.44 million.(+27% YoY)
  • Earnings per share of 40 kobo Vs 32 kobo YoY.

See link to results.

Total Nigeria declares interim dividend of N1.36 billion for 2021 half-year.

The Board of Directors of Total Nigeria Plc in a recent meeting held on the 19th of July 2021, has declared an interim dividend of N4.00 per ordinary share of 50 kobo for the period ended June 30, 2021.

According to a notice signed by the company’s secretary, Bunmi Popoola-Mordi and filed with the Nigerian Exchange Group Limited (NGX), the dividend will be paid on the 13th of September, 2021, to all qualified shareholders whose names appear on the Register of Members as at 13th of August, 2021. Other qualifying conditions include;

  • The completion of the e-dividend registration
  • The authorization of the Registrar (CardinalStone Registrars Limited) to pay the dividends directly into the respective shareholder’s bank account.

In light of the above, the Register of Shareholders will be closed from Monday, August 16, 2021 to Friday, August 20, 2021. Similarly, the energy giants scheduled its qualification date for August 13, 2021.

Compared to last year, the recent dividend declaration is a major boost to shareholders and an indication that the firm has returned back to the profit path. Recall that in comparable period of last year, the firm did not declare any interim dividend due to its unfavourable financial standing as at that time.

Drivers: 

Total Nigeria Plc reported an impressive result in the 2021 half-year period. The firm’s revenue in the aforementioned period stood at N151.3 billion as against N106.7 billion recorded in corresponding period of 2020, indicating an increase of about 42% Year-on-Year.

Similarly, the firm reported a profit after tax of N8.07 billion in June 2021 as against a loss of N537.19 million incurred in June 2020, indicating a surge of about 1,601% Year-on-Year. Other key financial metrics such as Earnings per Share, Dividend per Share, etc., all recorded a massive boost.

What you should know: 

  • A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
  • The distribution to shareholders may either be in cash (usually a deposit into their bank accounts) or in issuance of further shares.
  • Total Nigeria Plc is expected to pay the interim dividend of N4.00 on all the outstanding 339,521,837 ordinary shares of the company.

As at the time of reporting this, Total Nigeria Plc shares trade N184.8/unit on the floor of The Exchange, up by 10%.

2021 H1 Results: Total Nigeria Plc grows profit after tax by over 1,000% to N8.1 billion

Total Nigeria Plc released its unaudited half-year results for the period ended 30th of June, 2021.

  • Revenue for the period was N151.3 billion. (+42% YoY)
  • Cost of sales for the period was N125.8 billion. (+33.4% YoY)
  • Administrative expenses totalled N13.8 billion. (+16.3% YoY)
  • Profit for the period was N8.1 billion.(+1,601% YoY)
  • Earnings per share was N23.8 (+1,601% YoY)
  • Total shareholders fund for the period was N32.8 billion.
  • An interim dividend of N4.00 was declared for the period.

See link to results.

Seplat’s subsidiary, Westport Oil secures $50m offtake lending facility.

Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027.

The Offtake Facility is subordinated to the $110 million senior reserve based lending facility (the ‘’RBL’’). It attracts an initial interest of Libor +10.5% payable semi-annually and is scheduled to commence repayment from March 2023.

Affirming this, a notice signed by the Chief Financial Officer of Seplat, Mr Emeka Onwuka read: ‘’ Seplat Energy Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”). The Offtake Facility is subordinated to the US$110 million senior reserve based lending facility (the “RBL”). The Offtake Facility carries initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.’’

What you should know:

  • An offtake agreement is an arrangement between a producer and a buyer to purchase or sell portions of the producer’s yet-to-be-manufactured goods. It is usually negotiated in advance and it helps buyers lock in price, while guaranteeing supply of a product. One of the advantages of this agreement is that it grants producers  easy access to finance.
  • Westport Oil Limited had earlier refinanced its existing $100 million reserve-based lending (RBL) facility due November 2023, with a new five-year $100 million reserve-based lending (RBL) facility due March 2026.
  • The RBL carries initial interest of Libor +8% payable semi-annually and is scheduled to commence repayment from March 2023. It also includes a $75 million accordion to accommodate further commitments in the future.

Japaul Gold and Ventures Plc delays submission of Q2 2O21 financial results

The Management of Japaul Gold and Ventures Plc (formerly known as Japaul Oil and Maritime Services Plc), has notified stakeholders of its inability to meet up with the regulatory time frame earmarked for the submission of its Unaudited Financial Statements for the second quarter of the year ended 30th of June, 2021.

This is according to a notice signed by the legal officer of the company, Babatunde Adewale, and sent to the Nigerian Exchange Group Limited (NGX).

According to the disclosure, the company was unable to meet up with the regulatory due date of 30th of July, 2021 due to an ongoing business diversification process which has not been finalized. In line with this reality, the firm sought and obtained the approval of NGX Regulation Limited (NGX RegCo) for an extension of time to file the accounts on or before 29th of September, 2021.

In addition, the company seized the opportunity to apologize for any inconveniences the delay might cause. It also reiterated commitments to ensuring that the accounts are filed within the extended timeframe granted by NGX RegCo.

Rationalizing the on-going diversification move, the firm noted that it is part of a strategic engagement aimed at repositioning the firm, from a loss position to a consistent and sustainable profit inclined position.

What you should know:

  • This is not the first time Japaul Gold and Ventures Plc will default in filing its financial statements in due time. Recall that similarly, the firm announced that it won’t be able to file its Q1 2021 results within the regulatory due date of 30th of April, 2021