Category: Industrials

You can add some category description here.

Presco Plc announces emergency meeting, set to consider the acquisition of a private company.

Chidi Emenike Leave a comment

 

Preso Plc, a public limited liability company based in Nigeria with a special focus on industrial as well as smallholder plantations of tree crops, has announced that it will be holding an emergency meeting on the 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Patrick Uwadia and sent to the Nigerian Exchange Group Limited.

According to the notice, the emergency meeting was scheduled to enable shareholders consider the company’s move to acquire all the shares of an existing private company limited by shares and in the same line of business with the company. The meeting will help determine subsequent decisions or actions that will be taken as regards the deal, especially at the company’s next General Meeting.

As at the period of reporting, the name of the company remains unknown. However, it is generally expected that after the emergency meeting, details concerning the deal, such as the name of the proposed company, will be further communicated to relevant stakeholders.

In line with statutory provisions, the company has consequently announced the commencement of a Closed Period from Wednesday, 16 June 2021 until 24 hours after the decisions taken at the Board Meeting are released to the public. During the close period, all insiders are generally prohibited from buying or selling shares of the company.

For more information about the recent disclosure, click HERE.

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

Chidi Emenike Leave a comment

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.

2020 FY Results: Bricklinks Africa Plc records a 115% surge in profit after tax.

Chidi Emenike Leave a comment

Bricklinks Africa Plc has released its full-year results for the period ended 31st of December, 2020.

  • Revenue for the period was N215.9 million. (+30.4% YoY)
  • Cost of sales was N181.08 million. (+29.14% YoY)
  • Operating expenses totalled N33.18 million. (+1.5% YoY)
  • Profit for the year was N1.1 million. (+115% YoY)
  • Earnings per share of 11 kobo. (+115.1% YoY)
  • No dividend announcement was made.

See link to results.

BUA Cement Plc amends FY 2020 dividend payment date, maintains proposal of N2.067/share.

Chidi Emenike Leave a comment

The Board of Directors of BUA Cement Plc has amended the timeline for the payment of its FY 2020 final dividend, from an initial proposed date of 23rd of July to 8th of July, 2021.

This is according to a recent notice sent to the Nigerian Exchange Group Plc (NGX) and captioned: ‘’Revised Corporation Actions Announcement,’’ as seen by Nairametrics. Key findings from the recent notice revealed that;

  • The proposed amount of N2.067 per share remained the same in both notifications.
  • The qualification date was however postponed from 9th June as contained in an earlier notification by the firm, to 18th of June, 2021.
  • The Company’s Annual General Meeting was rescheduled to 8th of July as against an initial date of 22nd of July, 2021.
  • The register of shareholders will now be closed between 21st of June-25th of June 2021, compared to an initial schedule of 12th of July-16th of July, 2021.

Sequel to this, a total sum of  about N70 billion has been earmarked as final dividend to be paid to  the shareholders of the company who currently hold the 33,864,354,060 fully paid ordinary shares of the company.

What you should know:

  • BUA Cement Plc had earlier reported a profit after tax of N72.3 billion in FY 2020.
  • The manufacturing giant had earlier issued a notice to shareholders dated 25th of March 2021, where it proposed a FY 2020 final dividend of N2.067 per share. In the notice, the firm stated that the proposed sum if ratified will be disbursed to qualified shareholders’, whose names appear in the Register of Members as at close of business on 9th of July, 2021.

For more information about the recent disclosure, click HERE.

Japaul Gold and Ventures Plc records a loss of N38.1 million in Q1 2021

Chidi Emenike Leave a comment

Japaul Gold and Ventures Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Turnover for the period was N209.4 million. (+8.2% YoY)
  • Cost of sales N120.6 million. (+69.4% YoY)
  • Administrative cost totalled N110.57 million. (-43.7% YoY)
  • Loss from continued operations was N38.11 million.
  • Net assets for the period was N2.86 billion. (+1.35% YoY)

See link to results.

Vitus Ezinwa resigns as a Director from the Board of Portland Paints and Products Nigeria Plc.

Chidi Emenike Leave a comment

The Board of Portland Paints and Products Nigeria Plc has announced the resignation of Dr. Vitus Ezinwa as a Non-Executive Director of the company.

This announcement was made in a notification issued by the Company’s Secretary, Olumide Osundolire and seen by Nairametrics.

According to the notice, the resignation of Dr. Ezinwa as a Non-Executive Director from the Board of Portland Paints and Products Nigeria Plc became effective on 28th of May, 2021. His resignation was considered and ratified by the Board.

Sequel to this, the Management of the company wished him all the best in his future endeavours.

About Dr. Vitus Ezinwa

Vitalis is a seasoned business manager and human resource professional with experience in leading multinational corporations. Prior to Joining Portland Paints and Product Nigeria Plc, Vitus worked as Group Human Resources Director for Promasidor Africa and a host of other reputable multinational companies like Coca-Cola, British American Tobacco etc.

Vitus holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Masters in Applied Business Research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland

 

CAP Plc appoints Yomi Adenson as new Chief Financial Officer.

Chidi Emenike Leave a comment

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.

Neimeth International Plc to raise N5billlion additional capital through rights issue and private placement

Chidi Emenike Leave a comment

Neimeth International Pharmaceuticals Plc has explained how it plans to raise an additional capital of N5 billion that was ratified by its Shareholders during its last Annual General Meeting.

According to a notice sent to the Nigerian Exchange Group Plc (NGX), the firm explained that it plans to raise the additional capital through rights issue and private placement.

Recall that Nairametrics had earlier reported a resolution reached at the Boards of Directors meeting held by the company on the 15th of January 2021, where it was resolved that the company would raise an additional capital of N5 billion

Sequel to this, the firm in its recently concluded emergency meeting explained that it intend to raise the additional N5 billion capital through the following means;

  • Rights Issue of 2,373,947,500 ordinary shares at N1.55 per share, totalling N3, 679,618,625.00. The Rights Issue will be on the basis of 5 new shares for every 4 shares held.
  • Special/Private Placement of 628,753,036 ordinary shares at N2.10 per share, totalling N1, 320,381,375.60.

Additionally, the Board agreed to raise the Issued Share Capital of the company from N1, 000,000,000 to N2, 450,929,268 by creating additional 2,901,858,536 units of ordinary shares of 50 kobo per share to accommodate the capital raise.

It is pertinent to note that the fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope of delivering better returns on investment to shareholders.

NASCON Allied Industries Plc approves FY 2020 dividend payment of 40 kobo per share.

Chidi Emenike Leave a comment

The Board of NASCON Allied Industries Plc has approved a dividend payment of 40 kobo per share, to all shareholders whose names appeared in the Company’s Register of Members at the close of business on April 22, 2021.

This is part of the resolutions reached during the recently concluded Annual General Meeting of the firm, held on the 28th of May, 2021.

An abstract of the ordinary resolutions reached during the AGM reads: ‘’ It was resolved that a dividend of 40k per ordinary share of 50k be and is hereby approved in respect of year 2020 and payable to shareholders whose names are in the Register of members on 22nd April, 2021.’’

Other resolutions reached at the Annual General Meeting include;

  • The re-appointment of Mr. Olakunle Alake, Professor Chris Ogbechie and Alhaji Ladan Sada Baki into the company’s Board as Directors were reviewed and approved.
  • PricewaterhouseCoopers (PWC) was appointed as the Auditors of the company till the next AGM.
  •  The remuneration of the Directors for the year ending 31st December, 2021 were fixed as follows; Chairperson (N3 million), Non-Executive Directors (N2.5 million).

What you should know:

  • Recall that NASCON Allied Industries Plc had earlier reported a profit after tax of N2.7 billion in FY 2020.

For more information about the disclosure, click HERE.

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

Chidi Emenike Leave a comment

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.