Nestle Nigeria Plc’s Board of Directors will meet on October 29th, 2018 to deliberate on several company issues, including the possibility of an interim dividend payment.
This was disclosed yesterday by the company’s Legal Advisor, Bode Ayeku, through a signed statement that was issued to the Nigerian Stock Exchange, NSE. According to the statement, the Board members will also discuss the company’s unaudited financial report for the quarter ended September 31, 2018.
In the meantime, Nestle Nigeria Plc has notified the investing public and the NSE of its Closed Period, during which time none of its representatives shall deal in the securities of the company. The Closed Period will commence tomorrow October 12th and end on October 30th, 2018.
Note that the company’s Board is comprised of eight members, including the Chairman, Mr David Ifezulike, and the Managing Director, Mr Mauricio Alarcon.
Nestle is continuing a culture of dividend payments
The company’s proposal to pay an interim dividend to its shareholders is in line with its culture of constant dividend payment. In 2017, it paid an interim of N11.8 billion which translated to N15 per ordinary share. Nestle later paid a final dividend of N21.8 billion in 2017 which translated to some N27.50.
An overview of Nestle’s recent financial statements
Nestle Nigeria Plc, which is a major player in the fast moving consumer goods (FMCG) market, has recorded impressive growth so far this year. According to its half-year result as reported by Nairametrics, the company the company recorded revenues to the tune of N135.3 billion. This was an 11% increase compared to the same period in 2017.
The company’s profit after tax had also increased from N16.5 billion in half-year 2017 to N21.4 billion in half-year 2018; marking a 30% growth rate.
Based on the results released so far by the company, it is safe to forecast that its Q3 result will equally be good.
The company is one of the biggest companies on the Nigerian Stock Exchange. Its shares are currently trading at N1,420.30 on the Nigerian bourse.
Hyundai and Kia to set up an assembly plants in Ghana by 2022
The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.
Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.
Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.
Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development programme = 3,600 assembly & 6,600 manufacturing parts jobs in Ghana. #InvestforJobs pic.twitter.com/JMHAmlM5VI
— Alan John Kyerematen (@AlanKyerematen) April 22, 2021
“Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.
“The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”
Why this matters
More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.
Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.
Passports: Backlog of undelievered passports to be fixed before May 31st – Minister
The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.
The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.
This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.
What the Minister said
“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.
“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.
The new passport process
The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.
“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.
What you should know
- Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
- The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.
Nairametrics | Company Earnings
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