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Companies

World Remit raises $40 million for expansion

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Payment transfer service World remit has announced it has received $40 million fresh funding from a consortium of investors. Investors that participated in the fund raise are Leapfrog investments,  Accel and TCV. This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.

Where will the funds go to ?

WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. Countries in Africa which now receive remittances through WorldRemit will become send countries. Simply put, consumers in Africa will be able to send money to other parts of the world.

Most importantly, the new service will make sending money within Africa faster, easier and at low cost.

About  World Remit

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet. Money can be received as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up. The company was founded in 2010 by Ismail Ahmed and is backed by venture capital companiesAccel Partners and Technology Crossover Ventures (TCV).

LeapFrog Investments, founded in 2007  by Jim Roth and Andrew kuper is a private investment firm that invests in high-growth financial services and healthcare companies in emerging markets. Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. Technology Crossover Ventures (TCV) founded by Jay Hoag in 1995 is a private equity and venture capital firm.

 

Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics.He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

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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on

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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