Corporate Actions for the Week ended 22 May 2020

A week have ended with a long weekend in place. However, with a new trading week in view, it is time to walk our readers through the actions that listed companies on the Nigeria Stock Exchange took last week. Several companies like Dangote Cement PLc, Lafarge Plc, Eterna Plc released Q1 2020 financial statements.

Despite several companies already releasing Q1 2020 reports others like BUA Cement Plc and Caverton Offshore Support Group are lagging behind with the release of full year 2019 financial statements. Other companies announced date of board meetings for the review and approval of Q1 2020 accounts as well as closed periods.

Here is a breakdown of some actions during week.

Dangote Cement Plc (DANGCEM) released its interim financial statements for Q1 2020, for the period ended 31 March 2020.

Revenue rose to N249.182 billion in 2020 from N240.157 billion recorded in the same period in 2019. Profit for the period remained relatively constant, moving to N60.592 billion from N60.254 in 2019. The basic EPS rose by 6 kobo to N3.6 from N3.54

The company also issued a notice of Annual General Meeting that will hold on Monday 15th, June 2020, at Eko Hotel and Suites, Victoria Island, Lagos at 11.00 a.m.

The agenda of the meeting is to receive the Audited Financial Statements for the year ended 31st December 2019, the Reports of the Directors, Auditors and the Audit Committee thereon, to declare a dividend and to elect/re-elect Directors, among others.

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BUA Cement Plc (BUACEMENT) released its annual report and financial statements for the year ended 31 December 2019. The company reported revenue growth of 47.5% to N175.518 billion in 2019 from N119.012 billion in 2018.

Despite the significant growth in revenue, the company’s profit after tax dropped by 5.4% to N60.61 billion in 2019 from N64.07 in 2018. The earnings per share dropped from N1.89 to N1.79.

Bua Cement Plc declared a final dividend of N1.75 per 50 kobo ordinary subject to appropriate withholding tax. The qualification date is 25 September 2020 while the payment date is 23 October 2020. The company’s registrar is Africa Prudential Plc.

Eterna Plc (ETERNA) released its Annual Report and Financial Statements For the year ended 31 December 2019. The company’s revenue dropped from N251.877 billion to N229.274 billion.

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The company recorded a loss of N144.29 million down from a profit of N1.01 billion recorded in the same period in 2019.

Eterna Plc also released its Q1 2020 report for the period ended 31 March 2020. The company reported a 70.99% drop in revenue to N17.545 billion from N60.472 billion in Q1 2019. The company posted a loss after tax of N358.28 million down from a profit of N341.443 million in Q1 2019.

Caverton Offshore Support Group (CAVERTON); released audited Financial Results for the Year Ended December 31, 2019.

The results show a Profit before tax of N7.2 billion, and an after-tax profit of N4.3 billion. Revenue increased by 5% to N34.98 billion from N33.21 billion in 2019. The profit after tax rose from N3.8 billion in 2018 to N4.35 billion in 2019.

The Directors recommend the payment of 20kobo per share dividend in respect of the year ended 31 December 2019 (2018 : 25kobo per share).

Lafarge Africa Plc (WAPCO) released its Q1 Unaudited Condensed Financial Statements for the period ended 31 March 2020. The company’s revenue rose to N63.696 billion from N58.016 billion in the same period in 2019.

The profit after tax jumped by 156.5% to N8.067 billion from N3.145 billion recorded in the same in period in 2019.

Wapic Assurance Plc (WAPIC) during the week released its Consolidated and Separate Financial Statements for the year ended 31 December 2019, together with Directors’ and Auditor’s reports and Q1 2020 Unaudited Interim Financial Statements for the period Ended 31st March 2020.

In its Consolidated and Separate Financial Statements for the year ended 31 December 2019, the company recorded a gross premium of N15.201 billion up from N13.892 billion recorded in 2018.

The profit after tax for the year dropped to N214.33 from N351.19 in 2018. There was no proposal for dividend in respect of the year ended 31 December 2019 (31 December 2018: Nil).

In Q1 2020, Wapic’s gross written premium dropped from N4.812 billion in Q1 2019 to N4.109 in Q1 2020. The profit after tax equally dipped to N361.254 million from N490.487 million in 2019.

The Company’s principal activities include underwriting the various classes of insurance such as general accident, fire, motor, engineering, marine insurance aviation, oil and gas and other special risks.

Fidson Healthcare Plc (FIDSON) released its annual report for the year ended 31 December 2019 to the NSE and investing public. The company reported a 13% decline in revenue from N16.23 billion in 2018 to N14.062 billion.

The profit after tax grew massively by 518% to N407.188 million in 2019 from a loss of N97.447 million in 2018

The directors proposed to pay dividend of 15 kobo amounting to N312.94 billion which is subject to the approval by the shareholders at the annual general meeting.

Ardova Plc (ARDOVA) formerly known as Forte Oil Plc released its Q1 2020 financial statements to the NSE and investing public. The company reported over N10 billion growth in revenue to N52.051 billion from N42.558 billion in Q1 2019.

However, Ardova Plc recorded 85% drop in profit after tax which slumped from N3.324 billion in Q1 2019 to N497.444 million in Q1 2020.

UACN Property Development Company Plc (UAC-PROP) released its Q1 2020 unaudited financial statements for the period ended 31 March 2020. The company’s revenue dropped from N507.745 million to N239.741 million. It recorded an increase in total loss from minus N1.027 billion to minus N2.648 billion.

United Capital Plc (UCAP) issued a press release that it has raised N10billion in Series 1 Bond issuance. “Aligning with its organizational objectives for the year 2020, United Capital Plc (“the Company”) has announced that the Company has successfully raised the sum ofN10 billion in its Series 1 Bond issuance under a N50billion Medium-Term Debt Programme registered with the SEC. The bond issuance, which opened on Monday, May 4, 2020 and closed on Friday, May 15, 2020, was oversubscribed by 24% investor orders, making United Capital the first Issuing House to issue a Corporate Bond in the history of the Nigerian Capital market.

Nigerian Breweries Plc (NB) issued a notice for the 74th Annual General Meeting that will be held at the Star Academy, NB’s Accommodation Centre, Plot 14, Abebe Village Road, Iganmu, Lagos State, Nigeria, on Tuesday, the 23rd of June, 2020 at 10.00 a.m.

The purpose of the meeting includes but not limited to the following: to lay before the meeting, the Report of the Directors and the Statement of Financial Position as at 31st December 2019, together with the Income Statement for the year ended on that date and the Reports of the Independent Auditor and the Audit Committee thereon.

To declare a dividend and to re-elect Directors including Chief Kolawole B. Jamodu, who is over 70 years old, special notice to that effect having been received by the Company in accordance with Section 256 of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004.

Stanbic IBTC Holdings Plc (STANBIC) issued a notice of Annual General Meeting by proxy. The meeting will be held at I.B.T.C. Place, Walter Carrington Crescent, Victoria Island, Lagos on Wednesday, 17 June 2020 at 10.00 am to transact the following among other things;

To receive and consider the Report of the Directors and the Financial Statements for the year ended 31 December 2019 and the Auditors’ Report thereon.
To declare a dividend.
To re-elect retiring Directors and to approve the appointment of additional Directors for the Company.
To authorize the Directors to fix the remuneration of the auditors for the ensuing year.
To elect members of the Audit Committee.
To consider and if thought fit pass the following as an ordinary resolution: “That the Directors’ annual fees for the year ending 31 December, 2020 be and is hereby fixed at ₦277,512,000.00”.

AIICO Insurance Plc and United Capital Plc issued notification of Share Dealing By Insider

Written by

Ifunanya Ikueze