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Companies

Moet boss says Nigeria is its biggest Champagne market in Africa

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In what many may take as a sign of Nigerians love for imported items, Moet and Chandon Global Ambassador Pierre Louis Arraud says Nigeria may be its biggest market in Africa, ahead of South Africa and Kenya.

Nigeria according to him, has the largest economy in Africa, as well as population. The company plans to introduce premium versions of champagne into the market.

What this means ?

Arraud’s statement clearly shows Nigerians have maintained their appetite for imported goods, despite a recession, and policies by the Central Bank of Nigeria (CBN) to control the demand for foreign exchange.

The cheapest bottle of Moet Champagne goes for around N15,000 and premium versions for as high as N100,000. At a conservative consumption rate of 10,000 bottles in a month, the company’s annual revenue from Nigeria could run into billions of Naira.

Implications for the economy

Importation of wines and spirits acts as a drain on the nation’s foreign exchange reserves. Competitors seeing the fantastic sales made by the firm will also come into the market.

Belaire, another champagne brand has recently stepped up its promotion in Nigeria. Guinness Nigeria, has also gotten distributorship rights for Diageo’s range of spirits and wines.

Moet and Chandon  was founded by a French wine merchant Claude Moet in 1794.  Moet merged with Hennessy Cognac in 1971 and with Louis Vuitton in 1987 to form the luxury group (LVMH).

Popular brands produced by the company include Moet and Dom Perignon.  Results for the half year ended June 2017 show the company sold 25 million bottles of Champagne.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

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Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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