NAIRAMETRICS| COMPANY EARNINGS

VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.

21 April 202121 April 2021 Chidi Emenike Leave a comment

The Board of Directors of VFD Group has announced that it will raise an additional capital of N9.01 billion through rights issue and private placement.

In a signing ceremony attended by Board members, the firm revealed that it will be raising the sum of N4.13 billion through rights issue to existing shareholders. To achieve this, the firm intends to issue a total of 7,452,054 ordinary shares of 50 kobo each at N556 per share on the basis of 1 new ordinary share for 16 ordinary shares held by existing shareholders.

On the other hand, the firm also announced that it will be raising the sum of N4.88 billion through private placement by issuing 7,985,090 ordinary shares of 50 kobo each at N612 per share to selected investors.

Cumulatively, a total sum of N9.01 billion will be raised from both actions, that is, Private placement and rights issue, strengthening the capacity of the Group to execute its key capital projects and further consolidate on its drive of being a pan-African institution.

Recall that VFD Group had earlier announced its intention to expand its operations to Ghana and other African countries, in a quest to be a pan-African financial powerhouse.

GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.

21 April 202121 April 2021 Chidi Emenike Leave a comment

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

Net interest income after loan impairment charges was N50.57 billion. (-19.8% YoY)
Net fee and commission income of N14.61 billion. (+7.8% YoY)
Personnel expenses totalled N9.97 billion. (+7.91% YoY)
Customers’ deposits during the period increased to N3.6 trillion
Profit for the period was N45.55 billion. (-9.03% YoY)
Earnings per share of N1.60 Vs N1.77 YoY.

See link to results.

Secure Electronic Technology Plc records a 121% surge in Profit after tax in Q1 2021.

21 April 202121 April 2021 Chidi Emenike Leave a comment

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

Net income for the period was N58.35 million. (+29.1% YoY).
Administrative expenses totalled N56.55 million. (+8.8% YoY)
Operating profit was N1.8million. (+126.6% YoY)
Profit after tax was N1.57 million. (+121.4% YoY)
Earnings per share of 3 kobo. (+123.1% YoY)

See link to results.

Lafarge Africa Plc notifies stakeholders of 62nd Annual General Meeting.

21 April 202121 April 2021 Chidi Emenike Leave a comment

The Board of Lafarge Africa Plc has notified the investing public and other relevant stakeholders of its imminent 62nd Annual General Meeting (AGM) scheduled to hold on 25th of May, 2021 at Civic Centre, Mbadiwe Road, Victoria Island, Lagos by 10:00am.

According to a disclosure signed by the company’s secretary, Adewunmi Alode and seen by Nairametrics, the Register of members and Transfer Books of the company will be closed from 4th to 7th of May, 2021 (both dates inclusive) to enable the Registrar update its records. Sequel to this, the following issues will be discussed at the AGM;

The audited financial statements of the company for the period ended 31st December 2020.
The dividend of N1 per share recommended by the Board will also be deliberated upon and if approved, will be paid to qualified shareholders on the 25th of May, 2021 (Ceteris Paribus)

Auditors and Directors remuneration for the year 2021 will be discussed and fixed.
To approve a general mandate authorizing the company to procure goods and services for its operational activities during the year, from related parties or interested persons on normal commercial terms.
To elect members of the audit committee.
To consider and ratify board appointments.

What you should know:

In line with CAC guidelines, the AGM will be conducted through the use of proxies.
Recall that Lafarge Plc had earlier declared a profit after tax of N30.8 billion in FY 2020.
To stream the AGM live, visit: https://youtu.be/nuGqMjIn2Y0

For more information about the AGM, click HERE.

GlaxoSmithKline (GSK) announces Annual General Meeting.

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The Board of Unilever GlaxoSmithKline Plc has announced that it will host its Annual General Meeting on the 27th of May, 2021.

According to a notice issued by the company and seen by Nairametrics, the meeting will hold at the company’s head office at 1 Industrial Avenue, Ilupeju-Lagos by 11:00am. Sequel to this, the following issues will be discussed;

To consider the audited financial statements of the company for the period ended 31st December 2020, and declare a dividend.

To fix Auditors and Directors remuneration for the year 2021.
To approve a general mandate authorizing the company to procure goods and services for its operational activities during the year, from related parties or interested persons on normal commercial terms consistent with the NSE Rules Governing Transactions.
To elect members of the audit committee.
To consider and ratify board appointments.

What you should know:

In line with CAC guidelines, the AGM will be conducted through the use of proxies. Sequel to this, a list of comprising of 8 proxies was made public the company, available for members (shareholders) to choose from.
Recall that GSK Plc had recently declared a profit after tax of N622.2 million in FY 2020.

For more information about the AGM, click HERE.

Airtel signs $500million loan facility to partially refinance €750million Euro dominated bond.

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Airtel Africa Plc has announced the successful signing of a new $500million credit facility with a consortium of banks, in a bid to partially refinance its €750million Euro dominated bond due 20th of May, 2021.

This is according to a disclosure signed by the Group Company’s Secretary, Simon O’Hara and seen by Nairametrics.

According to the disclosure, the new facility consists of a combination of a revolving credit facility and term loans with tenor of up to 4 years. It also has prepayment flexibilities that will enable the Group to maximize the efficiency of its capital structure with the free cash flows and cash receipts expected over the next 12 months.

The Group also noted that while the new loan will be used to refinance its €750million bond commitments which translate to about (c. $880 million), the remaining balance of the Euro dominated bond will be repaid with existing Group cash to reduce gross debt and associated interest charges.

According to the notice, the banks which participated in the facility include a diverse group of existing global relationship banks, Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank and two Indian relationship banks, Axis Bank and Kotak Mahindra Bank.

What you should know:

Airtel Africa had earlier announced an agreement with Mastercard, for the latter to invest $100 million in its Mobile Commerce BV (Airtel Mobile Commerce BV).
On the other hand, the Group in about a month ago announced that it reached an agreement with Helios Tower Plc to sell its (Airtel) telecommunications tower companies in Madagascar and Malawi for a gross value of about $93.7million.

DEAL: Nigerian Exchange Group (NGX) lists Fidelity Bank’s N41.2 billion series 1 bond.

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The Nigerian Exchange Group (NGX) has announced the successful listing of Fidelity Bank’s 10-year subordinated unsecured fixed rate series 1 bond worth N41.2 billion, on its platform.

This is according to a notification by the NGX Group which reads; ” This is to inform the General Public that Fidelity Bank Plc’s N41,213,000,000 10 year 8.5% Subordinated Unsecured Fixed Rate Series 1 Bonds due 2031, issued on January 7th, 2021 under Fidelity Bank’s N100,000,000,000 Debt Issuance Programme were listed on the Daily Official List of NGX on Tuesday, 20 April 2021.”

The successful issuance of the bond demonstrates strong investors confidence in the brand, and highlights the capability of the bank to expand its funding sources. In light of this, the proceeds from the bond issuance will be used to fund key activities which will ultimately translate in the development of the banking sector and the Nigerian economy at large.

What you should know:

Nairametrics had earlier reported the listing of Fidelity’s N41.2 billion series 1 bond on FMDQ Securities Exchange.
This is in addition to a N30 billion series 1 bond earlier issued on the same platform in 2015. The bond had a face value of N1000, tenor of 7 years and a coupon rate of 16.48%.

For more information about the disclosure, click HERE.