Corporate actions are decisions taken by a company’s board of directors or management, that could have impact on the firm itself or shareholders.

Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.

Here is a review of corporate actions that held last week, and those expected this week.

Portland Paints and Products Nigeria Plc

Portland Paints and Products Nigeria Plc held its Annual General Meeting (AGM) on Friday, the 20th of July, 2018.

NAHCO Aviance Plc

Nigerian Aviation Handling Company Plc (NAHCO Aviance) held its Annual General Meeting (AGM) on Friday, the 20th of July, 2018.

The company announced a new investor, Godsmart Nigeria Limited, which is now the single largest individual shareholder. Godsmart has also brought forward two nominees to the company’s board, while representatives of the exiting shareholder have stepped down. An Executive Director of the firm, Folashade Ode, also resigned.

RAK Unity Petroleum Plc

Rak Unity Petroleum Plc had its qualification date on the 20th of July. Investors holding the company’s shares on that date were eligible for dividends.

ABC Transport Plc

ABC Transport last Friday announced that it had appointed two Executive Directors, Rex Okoro and Ifeanyi Izuka, and a non Executive Director, Bamidele Asijie, who represents Drolemac Farms Limited.

Unilever Plc

Unilever has released its results for the Half Year ending June 2018. Revenue increased from N42 billion in 2017 to N48 billion in 2018. Profit before tax increased from N4.8 billion in 2017 to N7.5 billion in 2018. Profit after tax also rose from N3.5 billion in 2017 to N5.5 billion in 2018.

Medview Airlines Plc

Medview Airlines has taken delivery of a Boeing 777-200ER aircraft for Hajj and international operations. The company also expects its other aircraft back from scheduled maintenance.

Dangote Cement Plc

Dangote Cement released its results for the half year ended June 2018. Revenue increased from N412 billion in 2017 to N484 billion in 2018. Profit before tax also increased from N155 billion in 2017 to N185 billion in 2018. Profit after tax also grew from N109 billion in 2017 to N113 billion in 2018.

Ecobank Transnational Incorporated (ETI)

Ecobank released its results for the six months ended June 2018.

Gross Earnings dipped slightly from N386 billion in 2017 to N384 billion in 2018. Profit before tax however jumped from N46.2 billion in 2017 to N65 billion in 2018. Profit after tax (from continuing operations) also rose from N37.6 billion in 2017 to N51.3 billion in 2018.

The bank also announced the appointment of Patrick Akinwuntan as its Managing Director Designate for Ecobank Nigeria. He replaces Charles Kie, who will be leaving the Ecobank Group.

Transnational Corporation of Nigeria Plc  

Transcorp Plc released its 2nd quarter results for the period ended June 2018. Revenue increased from N34.1 billion in 2017 to N54 billion in 2018. Profit before tax jumped from N4.5 billion in 2017 to N11.9 billion in 2018. Profit after tax also surged from N4.1 billion in 2017 to N10.8 billion in 2018.

First Aluminium Plc

First Aluminium Plc held a board meeting on Thursday, 19th of July 2018, to discuss urgent issues pertaining to the company.

United Capital Plc

United Capital released its results for the half year ended June 2018. Gross earnings increased from N3.87 billion in 2017 to N3.88 billion in 2018. Profit before tax moved up slightly from N2.37 billion in 2017 to N2.38 billion in 2018. Profit after tax also increased from N1.9 billion in 2017 to N2.0 billion in 2018.

Corporate Actions for this week

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria will be holding its Annual General Meeting on the 26th of July 2018. The proposed dividend, if approved, will be paid the next day. The company has proposed a dividend of N1.25.

RAK Unity Petroleum Plc

Rak Unity Petroleum Plc will be closing its shareholders register from the 23rd to 27th of July 2018.

Conoil Plc

Conoil will be paying a dividend of N2.00 on the 23rd of July 2018.

Coronation Research
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 onome.ohwovoriole@nairametrics.com

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