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

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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.

Unilever Nigeria profit surge by 238% to N714.8 million in H1 2021.

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Unilever Nigeria Plc released its unaudited interim financial statements for the six months ended 30th of June, 2021.

  • Revenue for the period was N39.2 billion. (+43.2% YoY)
  • Cost of sales for the period was N29.3 billion. (+38.2% YoY)
  • Marketing and administrative expenses totalled N1.7 billion. (+34.3% YoY)
  • Operating profit for the period was N422.4 million. (+130% YoY)
  • Profit for the period was N714.8 million. (+237.7% YoY)
  • Earnings per share was 12 kobo (+233.3% YoY)

See link to results.

Prestige Assurance announces retirement of a Director.

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Prestige Assurance Plc has announced the retirement of Mr Gopalan Raghu from its Board as a Non-Executive Director, effective from 28th of April, 2021.

This is according to a disclosure signed by the Acting Secretary of the company, Chidinma Ibe-Louis, which reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and investing public that Mr Gopalan Raghu, a Non-Executive Director of the company, has retired from the Board, effective 28th April, 2021.’’

What you should know:

  • Mr Raghu is a Chartered Accountant and an Associate of Company Secretaries, India. He holds a Bachelor of Science degree from Loyola College, Madras, India.
  • Mr Raghu is a Director of various companies including; J. T. Chanrai & Co (PH) Ltd, Woollen & Synthetics Textile Mfg. Co Ltd, Standard Biscuits Nig. Ltd, Agro Products Nig. Ltd and Polythene Enterprises Nig. Ltd and a Trustee of Indian Language School, Lagos.
  • He was appointed into the Board of Prestige Assurance Plc on 12th of April, 2012. He also served as a member of the Establishment and Governance Committee, and Finance and Investment Committee until his retirement.

Meanwhile, Prestige Assurance Plc last traded its shares on the floor of the Nigerian Exchange Limited (NGX) at N0.46 per share.

 

 

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

United Capital Plc grows profit by 64% to N3.14 billion in H1 2021.

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United Capital Plc released its unaudited financial statements for the half-year ended 30th of June, 2021.

  • Gross Earnings for the period was N6.85 billion. (+54.1% YoY)
  • Fee and commission income of N3.12 billion. (+127.9% YoY)
  • Net operating income was N6.81 billion. (+56.5% YoY)
  • Total expenses of N3.11 billion. (+42.9% YoY)
  • Profit for the period was N3.14 billion. (+64.2% YoY)
  • Earnings per share of 105 kobo Vs 64 kobo YoY
  • Total shareholders fund for the period was N23.55 billion.
  • Net Assets Per Share of N3.93 Vs N4.07 YoY.

See link to results

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.

Coronation Insurance Plc announces Board Meeting.

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Coronation Insurance Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled to hold on Thursday July 29, 2021.

This is according to a disclosure signed by the Company’s secretary, Mary Agha and sent to the Nigerian Exchange Group Limited.

The meeting is scheduled to consider and approve the unaudited financial statements of the company for the second quarter of the year. In line with this, the company will be observing a closed period from 1st of July, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

Under the closed period, the Directors, employees, persons discharging managerial responsibility, adviser of Coronation Insurance Plc and their connected persons, are restricted from dealing either directly or indirectly in the securities of the company.

What you should know:

  • Coronation Insurance Plc had earlier reported a profit after tax N1.2 billion in FY 2020, indicating a massive surge of about 461% Year-on-Year.

For more information about the notice, click HERE.

Sterling Bank announces board meeting, close period ahead of H1 2021 result release.

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Sterling Bank Plc has announced that its Board of Directors will be meeting on Thursday 29th July, 2021 at 10:00am to take decisions on the company’s audited financial statements for the period ended 30th June, 2021.

Sterling Bank also informed stakeholders and the investing public that it would observe its closed period starting from 1st July, 2021 until 24 hours after the unaudited 2019 financial statements is released.

This is according to a notice signed by the company’s secretary, Temitayo Adegoke, and sent to the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The disclosure is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that: ‘’ The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange’’

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.’’

A close period is a period before the release of a company’s result when those with material information that could impact the firm’s share price, are prohibited from trading the shares of the company. Those with enough material information that could influence share price include company’s directors, audit committee members, managers etc.

 

SFS Real Estate Investment Trust Fund reports a 15% decline in Net Income to N77.04million in Q2 2021.

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SFS Real Estate Investment Trust Fund released its unaudited quarterly results for the period ended 30th of June, 2021.

  • Total income for the period was N112.1 million. (-4.7% YoY)
  • Distribution, administration and other expenses totalled N35.09 million. (+29% YoY)
  • Net income for the period was N77.04 million. (-14.8% YoY)
  • Basic earnings per unit of 3.9kobo Vs 4.5kobo YoY.
  • Net assets for the period was N2.32 billion

What you should know:

  • SFS Real Estate Investment Trust is a close-ended Real Estate Investment Trust Scheme in Nigeria which aggregates funds for the primary motive of investing in income-generating real estate. This includes residential homes, residential apartments, office blocks, shopping malls and warehouses

See link to results.

 

First Bank announces notice of board meeting, closed period.

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FBN Holdings Plc has announced that its board of directors would meet on Thursday, July 29, 2021 to consider the company’s unaudited Financial Statements for the half year period ended 30th of June, 2021.

The firm also announced that it would observe its closed period from July 1, 2021 until 24 hours after the half year accounts are filed with the Nigerian Exchange Group Limited.

The aforementioned disclosures are contained in a notice signed by the company’s secretary, Seye Kosoko and uploaded at the website of The Exchange.

According to the notice, the announcement of a close period is in line with Rule 17.18(a) (Closed Period Rules) of the NGX’s Rule Book (2015). The closed period allows the board to consider the company’s financial statements for the aforementioned period. Other company issues will also be discussed during the meeting.

What is a closed period?

A closed period is a period prior to the release of a company’s result or financial statement, when those with material information that could influence the firm’s share price are prohibited from trading. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

For more information about the board meeting, click HERE.