Category: Industrials

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

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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

Arbico Plc projects profit after tax of N25.61million in Q3 2021.

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Arbico Plc, a leading construction and civil engineering company in Nigeria, has released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Revenue was projected at N914.55 million
  • Cost of sales was projected at N548.73 million
  • Total operating expenses projection of N3359.5 million
  • Operating profit was projected at N37.7 million
  • Tax was projected at N122.05 million
  • Profit after tax was projected at N25.61 million.

See link to forecasts.

BUA Cement approves N70b dividend to shareholders.

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The Shareholders of BUA Cement Plc have approved a total dividend of N70billion representing N2.067 per share for the 2020 financial year at the 5th Annual General Meeting of the Company, held on Thursday 8th of July 2021.

This is according to a notice signed by the company’s secretary, Ahmed Aliyu and filed with the Nigerian Exchange Group Limited.

BUA Cement Plc in an earlier circular dated 5th of May 2021 had announced a revision in its dividend payment timeline. According to the notice, the firm postponed its qualification date from 9th of June to 18th of June. The closure of shareholders register was moved to 21st-25th of June as opposed to an initial date of 12th -16th of July. The firm’s AGM was also rescheduled to 8th of July as against an initial date of 22nd of July.

Consequently, a dividend of N2.067 per share was approved to be paid to the shareholders of the company who currently hold 33,864,354,060 fully paid ordinary shares, totalling N69.998 billion.

It is imperative to note that the approved dividend worth approximately N70 billion is 18.11% higher than the amount the company paid to its shareholders in corresponding period of last year (N59.26 billion: FY 2019).

BUA Cement Plc declared in its audited financial statement for 2020 that its profits grew by 19.4% year-on-year to N72.34 billion, compared to last year’s figure of N60.34 billion. The double-digit growth in profit reflected the cement maker’s focus on efficiency, excellent cost optimization strategies, among others.

As at the period of reporting this, BUA Cement Plc share price is down by 4.79% and currently trading at N67.6

 

BUA Cement Director spends N74.25million on additional 1m units of shares.

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An Independent Non-Executive Director in BUA Cement Plc, Mr. Shehu Abubakar, has purchased additional 1 million units of the firm’s shares worth N74.25 million.

This is according to a notification signed by the firm’s secretary, Ahmed Aliyu and sent to the Nigerian Exchange Group Limited, as seen by Nairametrics.

The disclosure revealed that the transaction took place on the 21st of May, 2021 at Lagos, with the Director purchasing an additional 1 million units of the firm’s share at N74.25 per share. This put the total consideration for the shares purchased by the Independent Non-Executive Director at N74, 250,000.

It is pertinent to note that the disclosure is in line with the statutory requirements pre-specified by the Exchange and needed to entrench transparency and confidence in the system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

BUA Cement Plc closed trading today 12th of July, 2021 with a share price of N71.

 

 

Distilled Trading International, Heineken B.V, elect to receive scrip dividend of 19.45m shares.

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Two substantial shareholders of Nigeria Breweries Plc, Distilled Trading International B.V and Heineken Brouwerijen B.V, have elected to receive 19.45 million shares as scrip dividend for the period ended 31st of December, 2020.

According to two separate disclosures signed by the company’s secretary, Uaboi Agbebaku and made available on the website of the Nigerian Exchange Group Limited (NGX).

According to the disclosure, Distilled Trading International B.V elected to receive 16,541,036 units of Nigerian Breweries shares as scrip dividend, at a reference share price of N47.75, totalling N789, 834,469. On the other hand, Heineken B.V also elected to receive a further 2,904,397 units of Nigerian Breweries shares as scrip dividend for the aforementioned period, at a reference share price of N47.75, totalling N138,684,956.75.

Cumulatively, both firms elected to receive a total of 19,445,433 units of Nigerian Breweries shares at a reference price of N47.75 per share, totalling N928, 529,425.75.

Recall that Nigerian Breweries Plc reported a profit after tax of N7.53 billion in FY 2020, and consequently declared a final dividend of 69 kobo for the aforementioned period. The final dividend dipped by about 54.3% when compared to what was declared in similar period in 2019 (N1.51: FY 2019). The decline was basically due to a slump in the profit after tax of the company, which contracted by a similar percentage.

What you should know:

  • Last week, Heineken B.V announced that it elected to receive 40.56million units of Nigerian Breweries shares as scrip dividend. With the addition of the latest scrip dividend, Heineken B.V has so far voted to receive a total of 43.46million units of the latter’s shares as a scrip dividend.
  • Recall that Nigerian Breweries Plc had earlier announced a ‘Scrip Dividend Election Scheme’, an option that gives qualified shareholders the opportunity to choose to receive their final dividends in the form of new ordinary shares of the company instead of cash.
  • Nigerian Breweries Plc closed trading today 12th of July, 2021 with a share price of N60.

SEC approves renewal of Dangote Cement Share Buyback programme.

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The Securities and Exchange Commission (SEC) has approved the renewal of Dangote Cement Share Buyback Programme effective until 21st of January, 2022.

According to a notice signed by the deputy secretary of Dangote Group, Edward Imoedemhe, the share buy-back programme will be executed under the approval granted by the Company’s shareholders at the recently concluded Annual General Meeting of the company.

In line with the recent development, the notice stated that the share buyback will be undertaken through an open market offer or self-tender, at a period and term determined by the company, subject to prevailing market conditions.

About Dangote Cement Share Buyback Programme

Pursuant to a resolution of the Company on 22nd of January 2020, Dangote Cement Plc (DCP) announced a Share Buyback Programme that will see the firm buy back up to 10% of its issued 10.04billion ordinary shares. The firm announced that the shares bought back will be held as Treasury Shares and subsequently cancelled.

To effectively execute this, the firm announced that programme will be implemented in tranches. The first tranche which commenced on 30th of December and ended on 31st of December 2020, saw the company re-purchase about 40,200,000 ordinary shares (representing about 0.24% of the total issued and fully paid ordinary share of the company) at an average share price of N243.02, totalling N9.77billion.

However, with the rising tide of the COVID-19 pandemic and its debilitating impact on the economy, it became apparently difficult to continue in the effective implementation of the programme as planned.

Efforts to salvage the situation paid off on the 26th of May 2021, when shareholders passed a special resolution renewing the Share Buyback Programme. The decision to renew the programme was premised on renewed optimism in the improvement in economic conditions.

In line with this development, the firm noted that it will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buyback programme.

What you should know:

  • A Share Buyback Programme involves the company buying back her issued shares from shareholders at a prevailing market price. This is tantamount to the company investing in itself.
  • The Share Buy-Back Programme is in line with the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Stock Exchange (“The NSE”).
  • Dangote Cement is a subsidiary of Dangote Industries Limited, and the largest cement producer in Sub-Saharan Africa with an installed 48.6Mta capacity across 10 African countries.

 

 

BOC Gases Nigeria Plc appoints Aderonke Segun-Alabi as Company Secretary.

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The board and management of BOC Gases Nigeria Plc, a leading industrial gases and engineering company, have notified the Nigerian Exchange Group Limited (NGX) of the appointment of Mrs. Aderonke Omowunmi Segun-Alabi as the new company secretary.

In a notice dated 8th July, 2021 and signed by the Finance Director, Adeshinai Alayaki, the company announced that the appointment of Mrs. Aderonke became effective from 28th of June, 2021 following the resignation of the erstwhile secretary, Mr. G.A Oriseh.

Assessing her qualities and commenting on the recent appointment, the firm noted that: ‘’ Aderonke is a consummate professional with strong work ethics and committed to continuous improvement. Endued with a rare mix of subtle but intensely focused ability, she is driven with an overall goal of aligning her intuition with organizational leadership, for the goal of achieving success.’’

Profile

Aderonke is a corporate legal practitioner with over two decades of experience that cuts across several areas. She is adept in Tactical Legal Advisory on Commercial Law, Corporate Law, Regulatory & Statutory Compliance, Client and Investors Advisory, Company Secretarial Services and Corporate Governance, Contract Management, among others.

In terms of education, Aderonke is an alumna of the Olabisi Onabanjo University where she obtained her LLB degree. She is currently pursuing her Master’s in Business Administration from University of Suffolk and her LLM from the University of East London; both in the United Kingdom. She is a member of the Nigerian Bar Association and an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

 

Cutix Plc projects profit after tax of N169.08 million in Q2 2022.

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Cutix Plc has released its earnings forecast for the second quarter (Q2) of the 2022 financial year.

  • Revenue was projected at N1.84 billion.
  • Cost of sales was projected at N1.27 billion.
  • Distribution, administrative and other expenses were projected at N268.4 million.
  • Operating profit was projected at N260.13 million.
  • Profit after tax is projected at N169.08 million.

See link to forecasts.

Heineken B.V elects to receive scrip dividend of additional 40.56m Nigerian Breweries Shares.

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Heineken Brouwerijen B.V, a substantial shareholder in the Nigerian Breweries Plc, has elected to receive its final dividend for the period ended 31st of December 2020, in form of additional 40.56 million shares of the latter.

This is according to an official notice signed by the company’s secretary, Uaboi Agbebaku and made available on the website of the Nigerian Exchange Group Limited (NGX).

Recall that in April this year, the Nigerian Breweries Plc announced the ‘Scrip Dividend Election Scheme’, an option that gives qualified shareholders the opportunity to choose to receive their final dividends in the form of new ordinary shares of the company instead of cash.

The Scrip Dividend Election Scheme permits qualified shareholders to increase their stake in the company by acquiring new ordinary shares without paying transaction fees.

In light of the above, Heineken Brouwerijen B.V elected to receive 40,555,281 units of Nigerian Breweries Shares at a reference share price of N47.75 per unit. The reference share price was calculated using the 10-day average closing share price of the company’s traded shares starting on the 11th of March, 2021.

What you should know:

  • Nigerian Breweries Plc had earlier reported a profit after tax of N7.53 billion in FY 2020, indicating a decline of about 54.3% when compared with the amount declared in similar period of 2019. In line with the decreased earnings, the proposed final dividend of the company declined from N1.51 as at FY 2019 to 69 kobo in FY 2020.
  • Heineken Brouwerijen B.V holds the highest stake in the Nigerian Breweries Plc. As at 31st of December 2020, the former holds about 37.94% of the latter’s issued and fully paid-up shares.
  • Additionally, it is imperative to note that the recent action will help Heineken Brouwerijen B.V tighten its grip on the Nigerian Breweries by an additional 1.34%.

In case you missed it:

Nairametrics had earlier reported that Nigerian Breweries Plc is set to pay Heineken BV a mega dividend of about N2.9 billion.