As a new week begins, it is time to sit back and walk you through the events that took place in the corporate world in the course of the previous week. As the first quarter of 2020 has ended, listed companies on the Nigeria Stock Exchange have started releasing the first quarter 2020 financial results. While others like UAC of Nigeria Plc released audited report for full year 2019. Here is the summary of what happened in the corporate world for the companies listed on the Nigerian Stock Exchange during the week ended 17th April, 2020.
Africa Prudential Plc (NSE Ticker – AFRIPRUD) became the first company to release its unaudited financial report for 1st quarter 2020 for the period ended 31st March 2020. The company reported a double-digit decline in both revenue and profit after tax which was attributed to the economic impact of Coronavirus (Covid-19) pandemic.
Unilever Nigeria Plc (NSE Ticker – UNILEVER) also released its unaudited financial report for 1st quarter of 2020 for the period ended 31st March 2020. The result was unimpressive as the company saw a huge decline in revenue, profit after tax and earnings per share.
UAC of Nigeria Plc (NSE Ticker – UACN) posted a huge loss from discontinued operations in its audited financial statements for the period ended 31st December, 2019 despite reporting a significant profit from continuing operations
Fidelity Bank Plc (NSE Ticker – FIDELITYBK) issued notice of board meeting to approve unaudited accounts for 1st quarter of 2020 financial year. The bank will hold its board meeting on Thursday, 24th April 2020 having announced a closed period that started on 1st April 2020.
FBH Holdings Plc (NSE Ticker – FBNH) announced the beginning of its closed period and a date for its board meeting to consider Q1 2020 accounts. Closed period commenced on 10th April 2020 while Board meeting will be held on Friday, 17th April 2020.
In a separate statement FBNH notified the exchange of its intention to divest from FBN Insurance Limited. FBNH is discussing with Sanlam (PTY) Limited, the owners of the 35% equity of FBN Insurance limited with a view towards selling its 65% holdings to Sanlam.
Union Bank Plc (NSE Ticker – UBN) announced a proposal to pay a Final Dividend of N0.25 kobo per share to Shareholders. Dividend qualification date and payment date is Friday, 24th April, 2020 and Wednesday, 6th May 2020 respectively. Annual General Meeting will be held on Tuesday, 5th May 2020. Venue of the meeting is yet to be disclosed.
Seplat Petroleum Development Company Plc, (NSE Ticker – SEPLAT) issued notice of board meeting to discuss Q1 2020 financial results which will be held on 28th April, 2020 at the board room, Seplats head office. Meanwhile closed period commenced on 1st April 2020.
Sterling Bank Plc (NSE Ticker – STSERLNBANK) issued a notice of annual general meeting to be held on 20th May 2020 at 10am. The key agendas include but not limited to receiving the audited financial statements for the year ended 31st December 2019, reports of Directors, auditors, and committee, and to declare a dividend for the shareholders.
Zenith Bank Plc (NSE – Ticker – ZENITHBANK) notified the NSE and investing public of its forthcoming board meeting for the consideration and approval of the Group’s unaudited account and financial statement for the first quarter of 2020, for the period ended 31st March 2020 which will be held on Wednesday, 29th April 2020. Closed period commenced on 17th April, 2020.
Flour Mills Nig. Plc (NSE Ticker – FLOURMILL) issued series 13 & 14 of its N100 billion commercial paper programme with the FDMQ OTC Plc registered on 24th August 2018. The Effective yield is 6.75% and 7.75% for series 13 & 14 respectively while the Discount rate is 6.53% and 6.96% for series 13 & 14 respectively. The Management of FMN disclosed that “the commercial paper programme will help the company to strengthen its balance sheet, while it continues to focus on its strategic objective of sustaining its market leadership position within the foods and agro-allied space”.
Meanwhile several companies including Stanbic IBTC Holdings, United Capital Plc, Sterling Bank Plc, Vita Foam Nig. Plc, Wapic Assurance Plc and Consolidated Hallmark Insurance Plc notified the NSE and general public of insider dealing on the shares of the company.
As we embark on a new week, more first quarter results are expected to be released. Investogist will continue to keep you updated in the current happenings of the corporate world.
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