CEOs of some NSE companies that may declare losses for 2018 (Part 1)

It is the dream of every shareholder to earn dividends at the end of every financial year. In fact, the whole essence of investing is to earn returns on investments. But sometimes, it becomes impossible for shareholders to receive dividends, especially so whenever companies run at a loss. After all, it is from earned profits that dividends are paid.

We are currently at the peak of the audit period, when companies disclose their financial statements for the previous year. And as the results continue to pour in, millions of shareholders are hopeful for the best. Unfortunately, some of these shareholders would not be getting any dividend this year. The reason is simple – the companies they have invested in might be declaring losses instead of profits.

Seeing as the typical Chief Executive Officer is the poster child of the company he or she leads, it is only apt that this article focuses on them and how their leadership styles, more or less, failed to produce the desired results for investors. Today is Tuesday, which means that it’s time for CEO profile. So, here are your CEOs of the week.

Mrs Rose Okwechime, the CEO of Abbey Mortgage Bank Plc

Appointed in 1992, Mrs Okwechime has been the Managing Director/Chief Executive Officer of Abbey Mortgage Bank Plc for nearly thirty years. And inasmuch as she must have done well for the company over these years, available figures suggest that the company might run at a loss when it finally announces its 2018 result.

According to the company’s unaudited financial report for the third quarter ended September 30th, it recorded a gross earning of N982.4 million, as against N1 billion worth of revenue that was generated during the comparable period in 2017. In the same vein, the company recorded a 294.17% loss after tax of N95.7 million. It had made a profit tax of N49.2 in Q3 2017.

Based on the foregoing, the chances that the company could avoid a 2018 loss depends entirely on if it had performed incredibly well during the last three months of the year.

Regardless, it is important to note that Mrs Okwechime is an experienced professional with many years of experience. For almost a decade, she worked at the Bank of England as a cost analyst, after which she went ahead to work in a number of other companies, including Deltic Energy Limited, and Africa International Bank. Mrs Okwechime currently sits on the board of United Bank for Africa as a Non-Executive Director.

She is an alumnus of the Ogun State University, where she graduated with an MBA degree in banking and Finance in 2000. She also studied Business Programmes at the International Institute for Management Development.

Mrs Abosede Ayeni, the Chief Executive Officer of Tantalizers Plc

Much like Abbey Mortgage Bank Plc, Tantalisers Plc is expected to declare a loss for the year ended December 31st, 2018. And when this happens, Mrs Ayeni will be the woman many investors would be looking to for some explanations. After all, she is the person in charge.

Unaudited results so far released by the fast food company shows that though it recorded a total revenue of about N1.1 billion for Q3 2018, it ran at a loss of N213.5 million as against a profit after tax of N760 million during the same period in 2017. Based on these, the possibility of a full year loss abounds.

Mrs Abosede Ayeni is the founder and current Chief Executive Officer of Tantalizers Plc. She is an alumnus of the University of Ife, graduating in 1979 with a B.A in Language Arts. In 2006, she bagged a Master’s in Business Administration (MBA) degree from the Pan African University. Prior to starting Tantalizers in 1997, she worked in Lever Brothers Nigeria Limited, and Senkay Nigeria Limited.

Chief Suresh Murli Chellaram, the CEO of Chellaram Plc

All things being equal, Chellarams Plc will declare a loss after tax at the end of its 2018 financial year which will end in March this year. So far, the conglomerate’s third quarter 2018 financial report shows that though it generated some N3.3 billion worth of revenue, its profits are in the negative. As a result, it reported a loss after tax of N1.1 billion. The loss, most likely, might continue till the end of the financial year unless something drastic happens between now and March ending.

The company’s Chief Executive Officer is Mr Suresh Murli Chellaram. He studied at the University of California, graduating in 1976 with a degree in Business Administration.
His professional career spans decades as a top executive in the company. First, he headed Chellarams Group USA until 1984 and later joined Chellarams Nigeria Plc. He was appointed as the company’s Managing Director in 1989. He has since played a major role towards the transformation of the company.

Asides being successful in boardrooms, Mr Chellaram is also a philanthropist who is affiliated with quite a number of charities in Nigeria and elsewhere. He has also been involved in the Nigeria Economic Summit Group, the Young Presidents Organisation, etc.

The CEO of Austin Laz & Company Plc

According to its recently disclosed financial report for the period ended September 30th, only a total revenue of N297.1 million was recorded for Austin Las & Company Plc. The company also recorded a loss after tax of N25.3 million. This puts it in the list of companies Nairametrics expects to report overall loss for full-year 2018 – except, of course, something unexpected happens along the line.

The company’s CEO is Dr Austin Lazarus Ashinmonye, who has been occupying the position since 1982. Available information says that he is an accomplished engineer who designed/invented the first ice block making machine in Nigeria.

To be continued…