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Companies
Wapic Insurance signs sponsorship deal with Nigeria Football Federation
Wapic Insurance has signed a Memorandum of Understanding (MOU) with the Nigeria Football Federation (NFF). The company revealed this in a notice to the Nigerian Stock Exchange (NSE). Managing Director of the firm, Yinka Adekoya signed on behalf of the firm, while NFF President Amaju Pinnick signed on behalf of the association.
Terms of the MOU
The partnership which commences immediately, will see commencing immediately, Wapic Insurance Plc. will provide comprehensive insurance coverage for all national team players and officials for every match to be played as well as all other events and programs organized by the NFF. The insurance partnership also covers all the assets of the NFF.
Wapic has been granted the rights , in the next 5 years, not only use a composite logo of Wapic & NFF brands, but also to use designations and the NFF logo, images, trademark, clips and footage for merchandising and advertising activities as well as on promotional and marketing materials – Print, TV, Point of Sale (POS), Digital and other media to indicate a sponsorship relationship.
Wapic customers will also be able to tap into a range of match and player exclusive content- highlights, club news and interviews.
Wapic insurance was founded in 1958 and listed on the Nigerian Stock Exchange in 1990. Wapic operates two business lines; Wapic Life Assurance Limited which operates in Nigeria, and; a regional footprint in Ghana, Wapic Insurance (Ghana) Limited. Wapic insurance closed at N0.57 in yesterday’s trading session on the NSE, up 14% year to date.
The Nigeria Football Federation (formerly known as Nigeria Football Association until 2008) is the body in charge of domestic and international football in Nigeria. It was formally launched in 1945 and formed the first Nigerian national football team in 1949. The NFF organises three leagues: The Nigerian Premier League, the Amateur League and the Women’s League.
Companies
Neimeth Pharmaceuticals to raise N5 billion in additional equity
The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.
Companies
Cutix Plc forecasts N148 million profit in Q4 2021
Cutix Plc has projected that its revenue will double and profit will increase by 9% to N148 million.
Cutix Plc has projected that in the fourth quarter of its financial year 2021, its revenue will double and profit will increase by 9% to N148 million.
These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Company’s CEO and CFO.
READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020
Key highlights of the earnings forecast for Q4 ended April 30, 2021
- Revenue to increase to N1.66billion, 100% Q-o-Q.
- Cost of Sales to increase to N1.16 billion, 70% Q-o-Q.
- Distribution, Admin & Other expenses to increase to N232.89 million, 14%% Q-o-Q.
- Other Income to remain unchanged at N2.50 million,
- Finance Charges to increase slightly to N47.38 million, 3% Q-o-Q.
- Operating income to increase to N227.83 million, 14% Q-o-Q.
- Taxation is projected at N79.74 million.
- While Profit attributable shareholders is projected at N148.10 million.
READ: Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021
Bottom line
The earnings forecast was made on the ground that the Nigerian economy will continue improve, as the country recovers from the impact of COVID-19. In this regard, revenue in the fourth quarter of 2021 will be slightly higher than the revenue projected in the third quarter of 2021.
READ: Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues
However, the increase in the cost of sales driven by the input cost will pressure profitability to the tune of N148.10 million, which is 9% higher than the profit after tax made in the corresponding quarter of 2020.
Companies
PZ Cussons proposes dividend payout of N397 million to the shareholders
The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397 million to the shareholders of the company.
