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Stock Analysis

Is this why UBA Capital gained 9% today?

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UBA Capital out of the blues topped gainers list with a 9% pop as investors continued with profit seeking. The stock that was N1.29 just under a month ago closed trading today at N1.73 gaining 34% within the period. Today’s gain was however more remarkable as the 9% gain was perhaps its biggest one day gain this month if not this year. The volume was also high topping the list of most traded stock with over 64million units exchanging hands today. So what exactly is going on? We have a thesis

Domino Effect

UBA ADS

Recent results released by Zenith Bank and GTB has impressed the market providing a morale booster for equities. Most investors now believe things may not be as bad as previously thought. They also realise how undervalued some of these stocks currently are and so are taking positions in anticipation of another good result. Ironically, UBA Capital’s most recent results (9months) showed EPS dropped 34.8% to 28kobo.

Family effect

UBA Capital, Africa Prudential, UBA and Transcorp all have common majority ownership in Hiers Holdings and Tony Elumelu. The quartet of stocks have all been posting gains in the last one week as investors take position in anticipation of any major announcements. Africa Prudential for example announced results yesterday followed by dividend announcement today. This must have sweetened the taste buds of investors, creating an appetite for other sister stocks.

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Dividend announcement

UBA Capital last year declared dividend of 25kobo per share. That amount at yesterdays price represents an indicative gross dividend yield of 15.8%!! That is an astonishing return by dividend standards. So if by any means it repeats the same dividend then the current price of N1.73 still represents a 10% Gross yield. Rumors circulating suggest the company may pay between 20 kobo and 25 kobo which probably is what is driving the share price higher.

Buy, sell or hold?

In terms of Fundamentals, UBA Capital doesn’t just cut it for this writer. However, the dividend proposition being rumored makes the stock difficult to resist. Any entry below N1.9 probably has a short term upside of 15% as we do not see this stock rising above N2.2 in the next one month.

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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  1. Ogus

    March 13, 2015 at 1:23 pm

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Blurb

The Wisdom behind Jaiz Bank

Not only have these business magnates from the northern part of the country created something of an oligarchy, they also obtained the backing of Saudi Arabia’s Islamic Development Bank.

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The idea of taking out loans without interest rates as the future of banking might still sound as foreign as flying cars to many, but it is already in motion.

Currently, there are over 300 Islamic banks in over 51 countries, including the United States. In Nigeria, Jaiz bank stands at the forefront of this revolution. The bank was created out of the former Jaiz International Plc, which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank.  

Jaiz and its unconventional Banking methods 

With Islamic banking, there are two main peculiarities and none of them confer a bias on only members of the religion. The first is the sharing of profit and loss, and the other is the prohibition of the collection of interest as stipulated in Islamic law – otherwise regarded asriba.”

Both concepts feed off each other in that to augment the lack of interest gains, equity participation is employed. In other words, the borrowing business will pay back the loan without interest and also give the bank a share of its profits.  

Jaiz bank is the first non-interest (Islamic) bank operating in Nigeria. Being that Islamic banking is grounded in Sharia or Islamic principles and morals, the financial institution does not support businesses that could impact the society negatively.

So even as it finances business, and shares their risks and profits accordingly, it does not partner with businesses involved in betting, alcohol, and so on. Needless to say, their methods have served them well.

From being founded in 2003, to 2011 when it received a license from the CBN to operate as a regional bank, to its official commencement as Jaiz Bank Plc in 2012, the institution has expanded its services exponentially.

Today, the company is owned by over 26,000 shareholders who are spread over Nigeria’s six geopolitical zones and its balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. The bank operates 27 branches and has a full service range of offerings.

The force behind  

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Behind the bank’s recorded success is a strong shareholder base, spread across one foreign shareholder, 108 Institutional, 220 Corporate, 26,157 Individuals, 156 Joint, 6 States and 106 Local Government shareholders.

However, seven major shareholders control a total of about 65% of the total share capital of the bank. They include: Dantata Aminu Alhassan having 5.24%, Altani Investment Limited with 7.47%, Dangote Industries Ltd wit 8.48%, Islamic Development Bank (IDB) with 8.50%, Indimi Muhammad with 9.28%, Dantata Inv’t & Sec. Ltd with 12.49%, and, former minister, Mutallab Umaru Abdul with the highest stake of 13.50%.  

Not only have these business magnates from the northern part of the country created something of an oligarchy, they also obtained the backing of Saudi Arabia’s Islamic Development Bank.

Whether or not the oligopoly poses a threat to the corporate governance and decision-making power of the rest of the bank’s shareholders is a question that can only be answered based on the happenings that arise. 

The Managing Director of the bank, Hassan Usman, had however noted that “fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs.” He also assured all that the bank is set to ensure maximum benefits is attained by all stakeholders. 

Performance and Investment Outlook 

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The company has done well in building up funding to keep its operations afloat especially given its style of banking. Just last year, it had secured a N3 billion financing facility from the Bank of Industry (BOI) to boost and develop their operations and give zero-interest loans to Micro, Small and Medium Enterprises (MSMEs) within the country.

The company’s performance has also been noteworthy. In 2019, the company declared a profit after tax of N1.79 billion which was a 114% growth as compared to the N834.36 million recorded at the end of 2018.

The company is on a growth trajectory; currently, with its low share price of N0.66 on a 52 week average of 0.34 and 0.82, it is a convenient buy.

With a price-to-earnings ratio of 9.27, it shows good signs of growth. Its model might just be the thing to spur economic growth as its result-based gains will not just increase the income of the bank but also aid the growth of small businesses within the nation. 

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Markets

List of Dividends announced so far in 2020 (June)

List of Dividends announced so far in 2020 (June)

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Dividends announced on the Nigerian stock exchange

As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved and when it will be paid. Dividend payment also affects share prices.

This page will be updated from time to time.

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READ ALSO: Updated: Gender Balance, looking at the board composition of top banks on the NSE

Legend

Date Announced – The date the company announced dividends evidenced by a corporate action published on the website of the NSE.

Qualification date – Shareholders who own shares as of this date will receive dividends. If you buy shares and want to receive dividends make sure it is at least three days before this date. Shares get transferred to you on the basis of the T+3 rule (the date you bought plus 3 working days).

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Payment date – This is when the dividend will be paid to you, either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).

Calculate Dividends

Closure of Register – Only shareholders who own shares listed in their register before this date will be paid dividends.

You can also scroll sideways to view the rest of the columns if using a mobile phone.

READ MORE: How to read stock market tables

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2020 Dividends from companies quoted on the Nigerian Stock Exchange

CompanyDPSDate AnnouncedBonusClosure of RegisterAGM DatePayment DateQualification date
Prestige Assurance PlcNil4th June 20202 New shares for every 11 existing shares22nd - 26th June 202030th June 2020N/A19th June 2020
Presco PlcN2.00k3rd June 2020Nil20th - 22nd July 20205th August 20207th August 202017th July 2020
Trans-Nationwide Express PlcN0.03k1st June 2020Nil6th - 10th July 202016th July 202020th July 20203rd July 2020
Nigeria Aviation Handling Company PLCN0.30k28th May 2020Nil1st - 3rd July 202016th July 202016th July 202030th June 2020
Skyway Aviation Handling Co. PlcN0.16k1st June 2020Nil17th - 23rd June 202030th June 202030th June 202016th June 2020
11 PlcN8.2528th May 2020Nil30th Sept - 5th Oct 2020to be announcedto be announced29th Sept 2020
Glaxo SmithKilne Consumer Nig. PlcN0.55k22nd May 2020Nil23rd June - 2nd July 202023rd July 202024th July 202022nd June 2020
Airtel Africa0.0313th May 2020Nil6th July 2020Not applicable24th July 2020NA
Caverton Offshore Support Group PlcN0.20k22nd May 2020Nil16th June 202025th June 202025th June 202015th June 2020
Nigerian Breweries Plc (Revised)N1.51k20th May 2020Nil5th-11th March 202023rd June 202024th June 20204th March 2020
BUA CementN1.75k19th May 2020Nil28th Sept - 2nd Oct 202022nd October 202023rd October 202025th September 2020
NASCON Allied Industries PlcN0.40k13th May 2020Nil15th - 16th July 202027th July 202029th July 202014th July 2020
Total Nigeria PlcN6.7113th May 2020Nil5th - 11th June 2020to be announced24hrs after meeting4th June 2020
Cadbury Nigeria PlcN0.49k13th May 2020Nil25th - 29th May 202024th June 202025th June 202022nd May 2020
May and Baker PlcN0.25k13th May 2020Nil27th - 29th May 20204th June 20208th June 202026th May 2020
NPF Microfinance Bank PlcN0.20k11th May 2020Nil17th - 22nd June 202030th June 202030th June 202016th June 2020
Okomu Oil Palm PlcN2.0023rd April2020Nil19th - 22nd May 202028th May 202029th May 202018th May 2020
Lafarge Africa PlcN127th April 2020Nil4th - 8th May 20203rd June 20203rd June 202030th April 2020
Wema Bank PlcN0.04k23rd April 2020Nil7th - 12th May 202018th May 202018th May 20206th May 2020
UAC of Nigeria PlcN0.10k20th April 2020Nil19th - 22nd May 2020to be announcedto be announced18th May 2020
Union bank of NigeriaN0.25k13th April 2020Nil27th - 30th April 20206th May 20206th May 202024th April 2020
FBN HoldingsN0.38k6th April 2020Nil21st - 22nd April 202027th April 202028th April 202020th April 2020
Lafarge Africa PlcN1.00k6th April 2020Nil4th - 8th May 202026th May 202026th May 202030th April 2020
Ikeja Hotel PlcN0.023rd April 2020Nil2nd - 8th July 202030th July 20207th August 20201st July 2020
McNichols Consolidated PlcN0.03k1st April 2020Nil2nd - 8th July 202030th July 20207th August 20201st July 2020
NEM InsuranceN0.15k1st April 2020Nil4th - 8th May 2020to be announcedto be announced30th April 2020
FCMB Group PlcN0.14k31st March 2020Nil15th - 17th April 202028th April 202028th April 202014th April 2020
Beta Glass Nigeria PlcN1.67k30th March 2020Nil15th - 19th June 20202nd July 20203rd July 202011th June 2020
Capital Hotel PlcN0.05k26th March 2020Nil20th - 24th April 202027th May 20203rd June 202017th April 2020
Sterling bank PlcN0.03k26th March 2020Nil5th - 8th May 202020th May 202020th May 20204th May 2020
Boc GasesN0.30k26th March 2020Nil8th - 10th June 202025th June 202026th June 20205th June 2020
Fidelity Bank PlcN0.20k23rd March 2020Nil20th - 24th April 202030th April 202030th April 202017th April 2020
Seplat Petroleum Dev. Company Plc0.0523rd March 2020Nil13th May 202028th May 20204th June 202012th May 2020
Julius Berger Nig. PlcN2.75k13th March 20200.0021st to 3rd June 202018th June 202019th June 202029th May 2020
Nigeria Energy Sector Fund (NESF)N75.0010th March 2020Nil20th March 20206th April 202019th March 2020
Access Bank PlcN0.40k6th March 2020Nil15th April 202030th April 202030th April 202014th April 2020
Nestle Nig PlcN45.00k28th February 2020Nil18th - 22nd May 20202nd June 20202nd July 202015th May 2020
Stanbic IBTC Holdings PlcN2.005th March 2020Nil19th - 26th March 202030th June 202018th June 202018th March 2020
Guaranty Trust Bank PlcN2.50k2nd March 2020Nil19th March 202030th March 202030th March 202018th March 2020
United Bank of AfricaN0.80k2nd March 2020Nil16th - 20th March 202027th March 202027th March 202013th March 2020
Transcorp PlcN0.01k28th February 2020Nil18th - 23rd March 202025th March 202027th March 202017th March 2020
MTN Nigeria PlcN4.97k28th February 2020NilFebruary 17, 19008th May 202019th May 202017th april 2020
Transcorp Hotels PlcN0.07k28th February 2020Nil13th-17th March 202024th March 202026th March 202012th March 2020
United Capital PLCN0.50k18th February 2020Nil9th-13th March 202024th March 202026th March 20206th March 2020
Infinity Trust Mortgage Bank PLCN0.035K30th January 2020Nil9th-13th March 20207th May 202014th May 20206th March 2020
Zenith bank PlcN2.50k21st February 2020Nil10th March 202016th March 202016th March 20209th March 2020
Africa Prudential PlcN0.70k25th february 2020Nil9th-13th March 202023rd March 202023rd March 20206th March 2020
Dangote Cement PlcN16.0025th february 2020Nil26th May 202015th June 202016th June 202025th May 2020
Tripple Gee & Company PlcN0.05k8th July 2019Nil2nd-6th September 201916th September 201928th September 201930th August 2019
Presco PlcN2.006th June 2019Nil8th-10th July 201924th July 201929th July 20195th July 2019
C & I Leasing PlcN0.07525th June 2019Nil15th-19th July 201930th July 201931st July 201912th July 2019
NPF Microfinance Bank PlcN0.0525th June 2019Nil8th-12th July 201925th July 201925th July 20195th July 2019
Learn Africa PlcN0.15k2nd July 2019Nil23rd-27th September 201917th October 201918th October 201920th September 2019
Academy Press PlcN0.05k1st Juky 2019Nil5th-9th August 201919th September 201926th September 20192nd August 2019
University Press PlcN0.15k1st July 2019Nil2nd-6th September 201926th September 201926th September 201930th August 2019
Redstar Express PlcN0.43k2nd July 2019Nil17th-19th July 20198th August 201916th July 2019
Veitva Griffin 30 PlcN0.27NilN/AN/A31st May 2019
Vetiva S&P Nig. Sovereign Bond ETFN13.00Nil31st May 2019N/A7th June 2019
Law Union & Rock Insurance PlcN0.029th May 2019Nil3rd - 7th June 201925th June 201926th June 201931st May 2019
NEM InsuranceN0.1330th April 2019Nil3rd - 7th June 201925th June 201925th June 201931st May 2019
Forte OilN1.153rd June 2019Nil4th - 7th June 2019N/A10th june 20193rd June 2019
Smart ProductsN0.1530th April 2019Nil1st - 5th July 201929th August 20195th Septemner 201928th June 2019
AIICO Insurance PlcN0.0616th April 2019Nil10th - 17th May 201920th May 201920th May 2019May 9 2019
Consolidated Hallmark Insurance PlcN0.0223rd April 2019Nil7th - 13th March 2019to be announcedto be announced6th May 2019
FBN HoldingsN0.2612th April 2019Nil24th - 29th April 20193rd May 20196th May 201922nd
Lotus Halal Fixed Income FundN28.00NilN/AN/A12th April 2019
Nigerian Aviation Handling Coy PlcN0.2517th April 2019Nil9th - 11th July 201926th July 201926th July 20198th July 2019
Prestige Assurance PlcN0.0317th April 2019Nil6th - 10th May 2019to be announcedto be announced3rd May 2019
Regency Alliance Insurance PlcN0.0315th April 2019Nil13th - 17th May 201918th June 201919th June 201910th May 2019
Cement Coy. Of Northern Nig. PlcN0.4029th March 2019Nil2nd - 8th July 201925th July 201926th July 20191st July 2019
Dangote Sugar Refinery PlcN1.104th April 2019Nil3rd - 5th June 201918th June 201919th June 201931st May 2019
The Initiates PlcN0.052nd April 2019Nil3rd - 7th June 2019to be announcedto be announced31st May 2019
Aluminium Extrusion Ind. PlcN0.08526th March 2019Nil17th - 21st June 2019to be announcedto be announced14th June 2019
Beta Glass Nigeria PlcN1.3029th March 2019Nil17th - 21st June 20194th July 20195th July 201914th June 2019
UAC of Nigeria PlcN0.6429th March 2019Nil21st - 24th May 201926th June 201927th June 201920th May 2019
Okomu Oil Palm PlcN3.0027th March 2019Nil14th - 17th May 201913th June 201920th June 201913th May 2019
Wema Bank PlcN0.0329th March 2019Nil29th April - 6th May 20198th May 201913th May 201926th April 2019
Berger Paints PlcN0.6519th March 2019Nil29th April - 3rd May 201923rd May 201924th May 201926th April 2019
Caverton Offshore Support Group PlcN0.2529th March 2019Nil8th May 201921st May 201924th May 20197th May 2019
Eterna PlcN0.2529th March 2019Nil14th - 17th May 201913th June 201914th June 201913th May 2019
Infinity Trust Mortgage Bank PlcN0.0329th March 2019Nil25th April - 9th May 201916th May 201923rd May 201924th April 2019
CAP PlcN2.5029th March 2019Nil27th - 31st May 201920th June 201921st June 201924th May 2019
Portland Paints and Products Nig. PlcN0.0528th March 2019Nil6th - 10th May 201930th May 201931st May 20193rd May 2019
Glaxo SmithKilne Consumer Nig. PlcN0.058th March 2019Nil24th April - 6th May 201923rd May 201924th May 201922nd April 2019
Chams PlcN0.034th April 2019Nil18th - 24th April 2019to be announcedto be announced17th April 2019
Fidson Healthcare PlcN0.153rd April 2019Nil18th - 24th April 2019to be announcedto be announced17th April 2019
Capital Hotel PlcN0.052nd April 2019Nil24th - 29th April 2019April 22, 20009th May 201923rd April 2019
May and Baker PlcN0.2029th March 2019Nil23rd - 26th April 201930th May 20193rd June 201918th April 2019
Unilever of Nigeria PlcN1.5029th March 2019Nil15th - 23rd April 20199th May 201910th May 201912th April 2019
Total Nigeria PlcN14.0028th March 2019Nil23rd - 29th April 201927th June 201928th June 201918th April 2019
FCMB Group PlcN0.1429th March 2019Nil12th - 18th April 201926th April 201929th April 201911th April 2019
Fidelity Bank PlcN0.1129th March 2019Nil15th - 19th April 201926th April 201926th April 201912th April 2019
Custodian Investment PlcN0.3521st March 2019Nil12th - 17th April 201924th April 201924th April 201911th April 2019
11 PlcN8.2522nd MarchNil3rd - 10th May 201916th May 201917th May 20192nd May 2019
NASCON Allied Industries PlcN1.0022nd March 2019Nil31st May - 3rd June 201913th June 201917th June 201930th May 2019
Cadbury Nig. PlcN0.2521st March 2019Nil20th - 24th May 201918th June 201919th June 201917th May 2019
Julius Berger Nig. PlcN2.0021st March 2019Nil3rd - 7th June 201920th June 201921st June 201931st May 2019
UBA PlcN0.6515th March 2019Nil3rd - 9th April 201923rd April 201923rd April 20192nd April 2019
Access Bank PlcN0.25k14th March 2019Nil12th April 201925th April 201925th April 201911th April 2019
Stanbic IBTC Holdings PlcN1.50k7th March 2019Nil21st March 201919th June 201920th June 201920th March 2019
Guaranty Trust Bank PlcN2.456th March 2019Nil9th April 201918th April 201918th April 20198th April 2019
Seplat Petroleum Dev. Company PlcUS$0.056th March 2019Nil21st March 201916th May 201923rd May 201920th March 2019
Nestle Nig PlcN38.50k4th March 2019Nil13th - 17th May 201928th May 201929th May 201910th May 2019
McNichols Consolidated PlcN0.05k1st March 2019Nil9th - 15th April 201916th April 201926th April 20198th April 2019
Dangote CementN16.0028th February 2019Nil4th - 10th June 201917th June 201918th June 20193rd June 2019
Africa Prudential PlcN0.50k26th February 2019Nil14th - 20th March 201926th March 201926th March 201913th March 2019
United Capital Plc30kobo21st February 2019Nil14th - 20th March 201928th March 20192nd April 201913th March 2019
Zenith Bank PlcN2.5019th February 2019Nil11th - 15th March 201918th March 201918th March 20198th March 2019
Transnational Corp. of Nig. Plc3k18th February 2019Nil1st - 5th March 201915th March 201919th March 201928th February 2019
Nigerian Breweries PlcN1.83K18th February 2019Nil7th - 13th March 201917th May 201920th May 20196th March 2019
Transcorp Hotel15k15th February 2019Nil28th February - 1 March 201915th March 201919th March 201927th February 2019
Newrest ASL NIG Plc20kNil29th April - 3rd May 201915th May 201916th May 2019
SIAML Pension ETF 40N1.17Nil25th January 2019N/A28TH January 2019

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Patricia

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Company Results

Analysis: Is this a Lafarge rebirth?

Lafarge Africa Plc, one of the biggest building and concrete solutions companies in the world’s three biggest Achilles’ heels.

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Lafarge Africa Plc, Analysis: Is this a Lafarge rebirth?

Lafarge Africa Plc, a unit of LafargecHolcim Group – one of the biggest building and concrete solutions companies in the world, has had a pretty long run in the construction sector. With projected growth in urbanization and inevitable population expansion, the leading producer of building materials and construction solutions has its stake in the huge Nigerian housing market. The company had served customers in Nigeria and South Africa (now discontinued) for decades, their customer base cutting across individuals requiring small building projects to major construction and infrastructure projects. All of these do well to place the company as an active participant in the economic growth of Africa.

Yet, so much has plagued the company in the past few years, curtailing its success with avoidable losses and below-par profits. While it, no doubt, has a series of challenges to worry about – like most organizations – three of its biggest Achilles’ heels had been its failing South African operations, its incessant changes in its corporate leadership, and of course, the one pandemic threatening to rip the global economy to shreds – COVID-19.

UBA ADS

Lafarge South Africa

The company’s experience with its South African subsidiary gives credence to the phrase, “If anything is not serving you well, cut it off.” After years of dragging the African cement-maker down, the subsidiary was eventually spun off in July last year – not before it incurred a final loss of N3.2 billion in the first quarter of 2019. It was only after, when Lafarge restated its accounts by adjusting figures from the discontinued operations from its books, that the company set off on a positive growth trajectory.

Following the sale of Lafarge South Africa Holdings (LSAH) in Q3, there was a remarkable improvement in gross and operating margins, clearly showing that the sale of LSAH was valued accretive to shareholders. For one, the total debt reduced drastically. Short term loans and long term loans also had a drop of 79% and 75% respectively in comparison with the first quarter of last year. Other financial assets increased significantly from N1.7 billion in 2019 to N4.8 billion in Q1 2020. Also resulting from the sale was the increase in EPS from Q1 2019 of 0.36 to Q1 2020 of 0.93.

(READ MORE: Analysis: Total Nigeria needs a financial overhaul)

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Khaled El Dokani, CCEO of Lafarge Africa had stated, “Our turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business, have delivered strong results. The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.”

Lafarge Africa, Lafarge dismisses Alleged SEC probe , Analysis: Is this a Lafarge rebirth?

Its Changing Leadership

In 2018 alone, the firm appointed four directors in the space of three months. 9 months ago, in September, former CFO of Lafarge Africa Plc., Bruno Bayet, resigned.  Just a month later, the board had announced the appointment of Lolu Alade Akinyemi as the new CFO. Next, the group CEO, Michel Puchercos, also resigned leaving Khaled Abdelaziz El Dokani in charge. Even amidst the challenges of 2020, Jean-Philippe Benard resigned from being a Non-Executive Director in January 2020 and by April, the retirement of two Non-Executive Directors was announced, as well as the appointment of three new directors. The high turnover of its leadership means one (or both) of two things. The first is the possibility that there could be more than meets the eyes within the company and the second is the truth that the newer leadership will need time to adjust to the company’s operations before the wins.

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COVID-19

Just when things started looking up, COVID-19 came with all its challenges and it didn’t help that the first carrier of the virus – an Italian man, had been visiting Lafarge Africa’s factory in Ogun State. The loss in the demand for cement with the stalled construction activities will pose an additional challenge for the organization. In the performance summary released alongside the financials, the company had noted that the pandemic “will adversely affect the company’s results in Q2, 2020.” This is also coupled with the burgeoning competitive landscape with bigger brands like BUA and Dangote owning larger market shares.

While the company seems to be moving in the right direction, it might take a while for things to pick up. At its current price of N11.65 juxtaposed with its indicative dividend yield of 8.58%, the company could serve as an easy buy capable of yielding dividend income while investors wait patiently and hopefully for its wins to come.

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Patricia
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