Regency Alliance Insurance Plc forecasts profit after tax of N392.27 million in Q3 2021.

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Regency Alliance Insurance Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Net Premium is projected to hit N2.52 billion.
  • Net claims incurred are projected to hit N870.29 million.
  • Net operating income projection of N1.8 billion.
  • Underwriting and management expenses are projected at N895.7 million.
  • Tax is projected at N69.2 million
  • Profit after tax is projected at N392.27 million.

See link to forecasts.

Abbey Mortgage Bank Plc projects profit after tax of N93.58 million in Q3 2021.

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Abbey Mortgage Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Interest Income is projected to hit N645.65 million.
  • Net operating income is projected at N493.14 million.
  • An operating expenses projection of N354.52 million.
  • Tax is projected at N44.04 million
  • Profit after tax is projected at N93.58 million.

See link to forecasts.

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

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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.

2021 Q1 Results: Conoil Plc reports a 63% increase in profit to N423.9 million.

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Conoil Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N22.09 billion. (-13.2% YoY)
  • Cost of sales N30.7 billion. (-12.9% YoY)
  • Administrative expenses totalled N1.29 billion. (-21.1% YoY)
  • Profit for the period was N423. 9 million. (+62.8% YoY)
  • Earnings per share of 61 kobo Vs 38 kobo YoY.
  • Total shareholders fund for the period was N19.94 billion (+1.1% YoY)
  • Net assets per share of N28.74 Vs N28.43 YoY.

See link to results.

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

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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.

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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.

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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.

NEM Insurance Plc set to hold 51st Annual General Meeting on June 24.

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The Board of NEM Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip Akede, and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend of 9 kobo per share will be considered and approved. It is worthy to note that if ratified, the dividend will paid on 24th of June, 2021.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

Special Business

  • A proposal to reconstruct the firm’s shares in the ratio two (2 )ordinary shares held by each shareholder for one (1) new ordinary share, will be discussed.
  • The company’s Memorandum and Articles of Association will be amended to reflect the changes.

 

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. A list of 7 proxies  have been made available for shareholders to choose from,
  • The link for the Annual General Meeting will be made available on the company’s website: www.nem-insurance.com

 

For more information about the AGM, click HERE.

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

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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.