The earnings season is still well underway as the Nigerian Stock Exchange published a blitzer of results during the week. Whilst the likes of GTB, Zenith Bank and Access Bank are yet to release their half year audited accounts, we still had enough results to whet our appetite.

This week, we review some of the Corporate actions released on the website of the Nigerian Stock Exchange from quoted companies. By the way, 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 to take place this week.

Corporate Actions that held last week

Seplat Plc

Seplat Plc released its financial statements for the period ended June 2018 on Monday, 29th of July, 2018. The company also held an investor conference call following the release of the results.

Management stated that completion of the Amukpe Ecravos route has been shifted to the fourth quarter of 2018. Revenue from gas was also playing an increasingly key role, while it had received outstanding receivables from the Nigerian Petroleum Development Company (NPDC).

MRS Oil Plc held its Annual General Meeting (AGM) on the 1st of August 2018, while, Ikeja Hotel Plc, and John Holt Plc all held theirs on the 2nd of August, 2018 respectively.

STACO Insurance Plc

The board of STACO Insurance Plc, in a notice, released to the Nigerian Stock Exchange (NSE) after trading hours on Friday, announcing the dismissal of the company’s Chief Executive Officer (CEO), Sakiru Oyefeso. The board hinged its decision on his misappropriation of funds and breach of corporate governance best practice. Bayo Fakorede has been appointed CEO, subject to the approval of the National Insurance Commission (NAICOM).

Following the completion of a N1.6 billion private placement in May 2017, three new investors came on board: Imperial Asset Managers, Electron ENergy Limited and Ventry Development Limited.  They collectively control about 34.2% of the company’s issued share capital.

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The new stakeholders had tried to get the CEO to step down following the discovery of financial misappropriation, but no avail. They were then forced to take up the matter with the National Insurance Commission (NAICOM).

EKO Corp Plc

EKO Corp (parent company of the popular EKO Hospital) released its results for the first quarter ended March 2018 after closing hours. Turnover dropped from N367 million in 2017 to N362 million in 2018.

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The company made a loss before tax of N66.5 million in 2018, as against a profit before tax of N56.2 million in the comparative period of 2017. Loss after tax stood at N66.5 million, as against a profit after tax of N54.7 million made in 2017.

Geoff Ohen Limited, the investment vehicle controlled by Gregory Ohen has asked the court of appeal to set aside the judgement of a federal high court which voided its purchase of a 110 million shares at N4 per share. Failing that, the company has asked that it be refunded the sum of N440 million and accrued interest since August 2007.

The squabble between Ohen and the hospital’s founders which has lasted nearly a decade, had been close to a resolution before an Extra Ordinary General Meeting (EGM) meant to ratify the resolutions made in 2007 was suspended due to a court order.

Nairametrics had previously covered what led to the tussle, in one of our corporate stories.

Unity Kapital Assurance Plc

Unity Kapital released its full-year 2017 results after trading hours on Friday. Gross premium written increased from N2.1 billion in 2016 to N2.4 billion in 2017. The company made a loss before tax of N558 million in 2017, as against a profit before tax of N408 million in 2016.

It also made a loss after tax of N700 million in 2017, as against a profit after tax of N285 million made in the comparative period of 2016.

Nigerian Breweries Plc

Nigerian Breweries Plc released its result for the half year ended June 2018. Revenue dipped slightly from N95.4 billion in 2017 to N95.2 billion in 2018. Profit before tax dropped from N16.2 billion in 2017 to N12.3 billion in 2018. Profit after tax also fell from N12.32 billion in 2017 to N8.23 billion in 2018. The company paid N11 billion as excise duty tax. Competition in the sector got to a new height with the fierce introduction of Budweiser into the country. The outlook for Nigeria Breweries is a bit cloudy and at N103 per share the stock has basically been flat over a 3 year horizon.

Cutix Plc 

The company, in a notice released this week, stated that the qualification date for its bonus and dividend payment is October 12, 2018. Th firm’s shareholders’ register will be closed from October 15 to October 19, 2018.

The company’s Annual General Meeting will be held on October 26, 2018. Payment date is November 6, 2018. The company will be paying a dividend of N0.20 per share and a bonus of 1 new share for every 1 share held.

This has led to the stock rallying sharply in the last few weeks. Cutix is currently the second-best performing stock on the Nigerian Stock Exchange up 117.91% year to date.

Forte Oil Plc

Forte Oil released its results for the half year ended June 2018. Revenue increased from N46.7 billion in 2017 to N61.8 billion in 2018. Profit before tax, however, fell sharply from N677 million in 2017 to N390 million in 2018.

Profit after tax (including profit from discontinued operations), however, jumped from N4.1 billion in 2017 to N7.9 billion in 2018.

The results appear not have had any positive impact on the company’s share price, as the stock closed down 4.49% on Friday’s trading session.


UAC of Nigeria Plc released its results for the period ended June 2018. Revenue dropped from N47.3 billion in 2017 to N36.9 billion in 2018. Profit before tax, however, rose from N1.8 billion in 2017 to N2.1 billion in 2018. Profit after tax also increased from N1.3 billion in 2017 to N1.5 billion in 2018.

The conglomerate’s subsidiaries all witnessed improved results year on year with the exception of the Animal Feeds (Livestock Feeds Plc) and Real Estate (UAC Properties) division which recorded losses.

Diamond Bank Plc

Diamond Bank released its results for the half year ended June 2018. Gross earnings increased from N97.8 billion in 2017 to N98.5 billion in 2018. Profit before tax, however, fell sharply from N9.5 billion in 2017 to N2.9 billion in 2018. Profit after tax also dropped from N8.0 billion in 2017 to N1.7 billion in 2018.

The poor results could lead to investors exiting the stock and a further drop in the company’s share price. Diamond Bank closed Friday’s trading session down 6.40% at a year low of N1.17 per share. There seem to be no end in sight for this stock. We wouldn’t be surpirsed if it ends the quater below N1.

Corporate Actions taking place this week

Flour Mills of Nigeria Plc

Flour Mills of Nigeria Plc will be closing its shareholders register from 6th of August to the 10th of August. This is in preparation of the company paying a dividend of N1.00 for the 2017 financial year.

Union Diagnostic and Clinical Services Plc

Union Diagnostic will be holding its Annual General Meeting on Tuesday the 6th of August 2018.

C&I Leasing Plc

C&I Leasing will be holding a Facts Behind the Figures presentation at the Nigerian Stock Exchange on Tuesday, August 7, 2018.


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