NAIRAMETRICS| COMPANY EARNINGS

Fidelity Bank CEO, 1 other splash N54.9million on additional 23.9m shares.

30 June 202130 June 2021 Chidi Emenike Leave a comment

Two highly ranked board members of Fidelity Bank Plc have purchased additional 23.9 million shares of the company in a deal cumulatively worth N54.9 million.

According to two separate disclosures signed by the company’s secretary, Ezinwa Unuigboje and made available on the website of the Nigerian Exchange Group Limited (NGX), the two board members that consolidated their equity stakes are; Mrs Nneka Onyeali-Ikpe (M.D/CEO) and Mr Nelson Nweke (Non-Executive Director).

Breakdown of the deal

The breakdown of the deal revealed that the Managing Director/CEO of Fidelity Bank purchased a total of 2,138,260 units at an average price of N2.30 per share. This puts the total consideration for the shares purchased by the M.D/CEO at N4, 917,998. Additionally, it is important to note that the deal occurred on the 28th of June, 2021.

On the other hand, Mr Nelson Nweke purchased a total of 21,805,180 units of the firm’s shares at an average price of N2.29, totalling N49, 933,862.2. This deal took place from 23rd-29th of June, 2021.

Cumulatively, the aforementioned board members spent a total of N54, 851,860.2 on additional 23,943,440 units of the firm’s shares.

Why it matters:

The disclosure is in line with the rule 17.15(C) of The Exchange, which demands that all dealings by insiders of listed companies be reported by the management. This is aimed towards ensuring transparency in the system and maintaining stakeholders’ confidence in the financial system.

Academy Press Plc reports a loss of N205.45 million in FY 2020.

30 June 202130 June 2021 Chidi Emenike Leave a comment

Academy Press Plc released its audited financial statements for the year ended 31st of March, 2021.

Revenue for the year was N1.7 billion. (-31.2%YoY)
Cost of sales was N1.51 billion. (-21.9% YoY)
Administrative expenses totalled N309.63 million. (-2.3% YoY)
Loss for the year was N205.45 million.
Loss per share of -316 kobo Vs -36 kobo YoY.
No dividend was announced.

See link to results.

2020 FY Results: Flour Mills Nigeria Plc reports a 126% increase in profit to N25.72bn.

30 June 202130 June 2021 Chidi Emenike Leave a comment

Flour Mills Nigeria Plc released its audited financial statements for the year ended 31st of March, 2021.

Revenue for the year was N771.61 billion. (+34% YoY)
Cost of sales was N664.85 billion. (+31% YoY)
Administrative expenses totalled N29.05 billion. (+24.4% YoY)
Profit for the year was N25.72 billion. (+126% YoY)
Earnings per share of N6.38 Vs N2.25 YoY.
A proposed dividend of N1.65 was announced by the board. (+18% YoY)
Total shareholders fund was N174.6 billion. (+12% YoY)

See link to results.

Red Star Express Plc announces retirement of 2 Directors, appoints 2 others as replacement.

30 June 202130 June 2021 Chidi Emenike Leave a comment

Red Star Express Plc has announced the appointment of Messrs Peter Aletor and Emeka Ndu into its Board as Directors, effective from 28th of June, 2021.

This follows the retirement of Mr Sule Umar Bichi and Alhaji Aminu Dangana as Directors from the Board, with effect from 29th of April, 2021.

According to a notification signed by the Company’s Secretary, Frances Ndidi Akpomka, the decisions were approved during the recently concluded board meeting of the company, held on the 28th of June, 2021.

Profile of the newly appointed Directors

Mr Peter Surulere Aletor is an accountant and capital market experts with over 25 years’ experience in stock broking, asset management, deal structuring, etc. He is currently the Managing Director/Chief Executive Officer of Apel Asset Limited. In addition, he is a fellow of the Chartered Institute of Stockbrokers and an alumnus of the Executive Programmes of the Lagos Business School.

Mr Chukwuemeka Ndu is a chartered accountant with over 35 years’ experience in accounting, money market and project finance, audit, tax and consulting. He is a fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of the University of Nigeria, among others.

R.T Briscoe Nigeria Plc reports a loss of N498.5 million in Q1 2021.

29 June 202129 June 2021 Chidi Emenike Leave a comment

R.T Briscoe Nigeria Plc released its unaudited financial results for the first quarter of the Year (Q1, 2021) ended 31st of March, 2021.

Revenue for the period was N1.13 billion. (-19% YoY)
Cost of sales was N826.17 million (-25% YoY)
Administrative expenses of N291.1 million. (+15% YoY)
Loss for the period was N498.5 million.
Loss per share of -42 kobo Vs -21 kobo YoY.

See link to results.

Neptune Hill Company Limited acquires additional 15.6m units of Julius Berger Nigeria shares worth N315.06m

29 June 202129 June 2021 Chidi Emenike Leave a comment

Neptune Hill Company Limited, a significant shareholder has announced the acquisition of an additional 15.6 million units of Julius Berger Nigeria Plc shares, worth N315.06 million.

This is according to a notification signed by one of the company’s Director, Goni M. Sheikh, and sent to the Nigerian Exchange Group Limited.

In accordance with the NSE policy on insider transactions, Neptune Hill Company Limited through the disclosure revealed that a total of 15,643,579 units of Julius Berger Nigeria shares were purchased at an average price of N20.14, grossing N315, 061,681.06. It is pertinent to note that the deal took place in Lagos between 5th of March -2nd of June, 2021.

Given its antecedents over the years, the recent deal might be an indication of a continuous optimism in the capacity of Julius Berger Nigeria to continue to deliver good returns to its shareholders and other stakeholders.

What you should know:

Neptune Hill Company Limited is a significant shareholder in Julius Berger Nigeria Plc. As at 31st of December 2020, the firm held about 261,360,000 units of the total issued shares of the company, translating to about 16.5% of the total shareholding.
Neptune Hill Company Limited is a Nigerian based construction and maintenance company. It was registered on 11th of September, 2018.

Ellah Lakes Plc signs strategic deal with KJM Trading Ghana Limited to expand operations.

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Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.

The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.

According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.

What they are saying:

Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.

Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’

On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.

What you should know:

It is pertinent to note that the value of the deal at the moment cannot be ascertained as negotiations between the aforementioned parties are currently going on. This was highlighted by the firm when it stated that: ‘’The agreement between the Company and KTLG is subject to negotiation and execution of definitive documentation in more detail with the terms of their collaboration.’’
Ellah Lakes is a diversified Nigerian agribusiness operator with focus on production of oil palm, cassava, maize, soya bean and their derivative products. The firm was established in 1980 and is currently listed on the mainboard of the Nigerian Exchange.
On the other hand, KJM Trading Limited is a private limited liability company incorporated under the laws of Ghana. It renders diversified services such as clearing, warehousing, haulage and transportation services .

3 Directors resign from the board of Aluminium Extrusion Industries Plc.

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The Board of Directors of Aluminium Extrusion Industries Plc have announced the resignation of three Non-Executive Directors from its Board.

According to a notification sent to the Nigerian Exchange Group Limited (NGX) and seen by Nairametrics, the affected Directors are; Chief (Dr) Jinesh Chandra Dugad, Messrs Vivek Goel and Prasanta Kumar Ganguly.

In line with statutory procedures, the Board during its meeting held on the 20th of March 2021, deliberated on the requests by the aforementioned Directors to resign from their positions, and subsequently granted approval.

Sequel to this, it is pertinent to note that the resignation of Chief (Dr) Jinesh Chandra Dugad and Mr Prasanta Kumar Ganguly will be effective from 20th of July and 7th of August, 2021 respectively.

Aluminium Extrusion Industries Plc is a leading manufacturing company in Nigeria producing and marketing extruded aluminium products, coloured and wood products.

For more information about the recent disclosure, click HERE.