Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.
Examples of corporate actions include the release of quarterly and full year results, payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.
Corporate Actions that held last week
Last week saw a flurry of results released, as companies strove to beat the 90–day deadline after their financial year. Companies releasing their results after the deadline, are fined.
Majority of listed firms have December as their financial year end. Regulatory deadline, therefore, is March 31st, 2019.
Dangote Flour Mills
Dangote Flour Mills released its results after closing hours. The company recorded a N1.1 billion loss for the 2018 financial year, as against a N15 billion profit after tax recorded in 2017.
UACN impairs N9.5 billion
UAC of Nigeria Plc also recorded a loss. The conglomerate made a loss after tax of N9.5 billion for the 2018 financial year.
The poor results were due to other operating losses of N8.9 billion pertaining to UPDC and its joint ventures which were impaired.
The firm however declared a dividend per share of N0.64.
Fewer palm kernels
Okomu Oil Palm also released its full year 2018 results. Revenue was flat at N20.2 billion, while profit before and after tax dipped slightly. The firm recorded a profit after tax of N8.5 billion, N800 million lower than the N9.3 billion recorded in 2017. Nevertheless, it has declared a dividend of N3 per share.
A mega loss
Medview Airlines recorded a N10.3 billion loss after tax for the 2018 financial year. The firm attributed this to lack of aircraft and a high cost of maintenance.
A higher spectrum
Global Spectrum Plc, an oil and gas servicing company, saw an increase in both top and bottom lines for the 2018 financial year. The company made a profit after tax of N547 million, nearly 5 times the N110 million recorded in 2017.
Smaller profits at Capital Hotel
Capital Hotel (parent company of the popular Sheraton Abuja) recorded a slight increase in revenue, but profit after tax dipped sharply from N935 million in 2017 to N379 million in 2018. The fall was due to smaller earnings from the other operating income segments. The directors have recommended a dividend for the 2018 financial year.
Smaller losses at Scoa
Scoa Plc had an increase in revenue for the 2018 financial year, with revenue hitting N2.4 billion. Loss after tax dropped sharply to N45.8 million due to an income tax write back of N461 million.
Increase in expenses cause ETranzact losses
ETranzact international Plc recorded a loss after tax of N3.1billion for the 2018 financial year, as against N208 million profit made in 2017. This was largely due to a spike in operating expenses. The company also had to make provision for an N11 billion fraud case.
Union Dicon Salt Plc
Union Dicon Salt Plc recorded a loss after tax of N135 million, for the second consecutive year running. The loss is also the fourth in almost half a decade of operations.
End of a drought
Wema Bank ended an almost 10–year dividend drought, with its proposed three kobo dividend. The company released its full year 2018 results on Friday.
Gross earnings for the group rose from N65.2 billion in 2017 to N71.5 billion in 2018. Profit after tax also rose from N2.2 billion in 2017 to N3.3 billion in 2018.
A pharma loss
Pharmadeko Plc recorded a N265 million loss after tax for the 2018 financial year, as against a N12.6 million profit recorded in 2017. The company may also have been hard hit by the codeine ban, which led to the stoppage of sales of its key product, Parkalin cough syrup.
Berger Paints
Berger Paints declared a final dividend of N0.65 for the 2018 financial year.
Initiates on a roll
The initiates Plc, a company involved in waste management, recorded an increase in both top and bottom lines. Revenue hit N700 million in 2018, while profit after tax stood at N102 million.
NCR profits dips sharply
NCR Nigeria Plc saw a slight decline in revenue and a sharp fall in profit. Revenue fell by N300 million to N6.9 billion.
CHI’s flat profit
Consolidated Hallmark Insurance had an uptick in gross premium written, but a flat profit after tax, due to an increase in premiums paid. Gross premium rose by 21% to N6.8 billion in 2018, while claims paid rose by 26% to N1.7 billion. Profit after tax came in at N406 million.
The company has declared a N0.02 dividend.
Forte Oil profit falls sharply
Forte Oil’s profit after tax (and continuing operations) dipped sharply, despite a rise in revenue. Revenue rose from N86.1 billion to N134 billion in 2018. Profit after tax, however, fell from N1.3 billion in 2017 to N361 million in 2018. This was due to financing costs which rose from N2 billion in 2017 to N3 billion in 2018.
Eterna profit dips
Eterna Plc saw an increase in revenue, but a decline in profit due to an exchange rate loss and an increase in finance costs. Revenue rose from N173 billion in 2017 to N251 billion in 2018. Profit after tax, however, fell from N2 billion in 2017 to N1 billon in 2018.
Oando profit rises due to a tax credit.
Oando Plc saw an increase in both revenue and profit after tax. Revenue rose from N497 billion in 2017 to N679 billion in 2018. Profit after tax rose from N13.4 billion in 2017 to N28.7 billion in 2018.
MRS Oil slips into loss territory
MRS Oil had a decline in revenue and a loss after tax in the 2018 financial year. Revenue fell from N107 billion in 2017 to N89 billion in 2018. Loss after tax stood at N1.2 billion in 2018, compared to a N1.3 billion profit recorded in 2017.
A recovery at Japaul
While Japaul’s revenue dipped, the company cut down on its losses. Revenue dipped from N1.9 billion in 2017 to N936 million in 2018. Losses, however, dropped from N13.2 billion in 2017 to N6.5 billion in 2018.
STI rebounds
Sovereign Trust Insurance released its full year 2018 results. Gross premium written rose by 23% to N10.5 billion, while profit after tax jumped 118% to N344 million.
AXA Mansard profit dips
AXA Mansard profit dipped slightly for the 2018 financial year. While gross premium written increased from N26.8 billion in 2017 to N33.9 billion in 2018, profit after tax dipped from N2.6 billion in 2017 to N2.4 billion in 2018.
Unilever Nigeria
Unilever Nigeria saw an increase in both topline and bottom-line. Revenue rose from N85.1 billion in 2017 to N92.8 billon in 2018. Profit after tax also rose from N7.4 billion in 2017 to N10.5 billion in 2018.
A dividend of N1.50 per share has been declared.
Total Nigeria Plc
Total Nigeria Plc had a slight increase in revenue and a dip in profit. Revenue rose by 7% from N288 billion in 2017 to N307 billion in 2018. Profit after tax, however, dipped from N8 billion in 2017 to N7.9 billion in 2018.
The company declared a final dividend of N14 per share.
Tranex slips into loss mode
Trans-Nationwide Express slipped into a loss in its 2018 financial year. Revenue rose by 11% in 2018 to N775 million. Loss after tax stood at N26.4 million in 2018, as against a N3.6 million profit recorded in 2017.
Good times at Berger
Berger Paints Plc had an uptick in both topline and bottom-line. Revenue rose by 12 % to N3.7 billion in 2018. Profit after tax rose by 30% to N320 million in 2018.
The company has declared a N0.65 dividend, N0.15 higher than 2017.
Mixed fortunes at Meyer
For Meyer Plc, 2018 saw a slight dip in revenue, with the company returning to profitability. Revenue dipped slightly from N1 billion in 2017 to N970 million in 2018. Profit after tax stood at N319 million, as against a N267 million loss for the corresponding period of 2017.
MRS has a new director
The board of directors of MRS Nigeria Plc has appointed Chris Okorie as a director. Okorie is the Group Executive Director at MRS Holdings Limited.
RAK Unity’s numbers dip
RAK Unity, a small company in the downstream petroleum space, saw a slight dip in its numbers. Revenue fell from N10.3 billion in 2017 to N9.5 billion in 2018. Profit before tax was essentially flat at N45.2 million. Profit after tax dipped slightly by 2.43% to N29.6 million.
Unity returns to profit
Unity Bank returned to profit in its 2018 financial year. While gross earnings fell sharply from N89.9 billion in 2017 to N37.3 billion in 2018. The bank however made a N1.2 billion profit after tax in 2018, as against a N14.9 billion loss recorded in 2017.
Ikeja Hotel’s profit jumps
Ikeja Hotel’s profit after tax rose sharply in 2018. While turnover rose from N12.1 billion in 2017 to N13.2 billion in 2018, profit after tax jumped from N603 million in 2017 to N1.1 billion in 2018.
Livestock Feeds Plc
Livestock Feeds had a lower turnover, but declined in losses in 2018. Revenue fell from N10.1 billion in 2017 to N7.8 billion in 2018. However, losses declined from N725 million in 2017 to N620 million in 2018.
Ekocorp still swimming in losses
Ekocorp Plc’s losses dropped in the 2018 financial year. While revenue remained essentially flat year on year at N1.4 billion, loss after tax dropped from N1.2 billion in 2017 to N328 million in 2018.
A Jaiz Bounce
Jaiz Bank had a slight increase in gross earnings, and a sharp increase in profit after tax in 2018. While gross earnings increased by 11% to N8.7 billion, profit after tax rose by 55% to N823 million in 2018.
A good year for Caverton
Caverton Offshore Support Group (commonly known as Caverton) had a decent performance in 2018. Revenue rose by over 50% to N32 billion in 2018. Profit after tax also rose by 61% to N4.2 billion in 2018.
The company declared a dividend of N0.25 per share, up from the N0.15 paid in 2017.
SUNU Assurances
SUNU Assurances had a slight decline in gross premium written, but slipped into a loss in 2018. Gross premium fell from N3.1 billion in 2017 to N3 billion in 2018. The firm made a loss after tax of N41 million, as against a N5.6 million profit made in 2017.
CAP Plc
Revenue rose by 9% to N7.7 billion in 2018. Profit after tax rose by 35% to N2 billion in 2018. The company declared a dividend of N2.50 per share.
ABC Transport Plc
ABC Transport had a dip in revenue and suffered a loss in 2018. Revenue dipped from N7.1 billion in 2017 to N6.8 billion in 2018. The company however made a loss after tax of N110 million in 2018, as against a profit after tax of N513 million in 2017.
CCNN Plc
CCNN had a sharp increase in revenue and profit in 2018. Revenue rose by 62% to N31.7 billion in 2018. Profit after tax rose even higher by 78% to N5.7 billion in 2018.
The firm declared a dividend of N0.40 per share.
A N1.30 Glass
Revenue rose from N22.1 billion in 2017 to N26.3 billion in 2018. Profit after tax also increased from N4.1 billion in 2017 to N5 billion in 2018.
Beta Glass declared a dividend per share of N1.30 for the 2018 financial year.
Sterling Bank
Sterling Bank had an increase in gross earnings and profit in 2018. Gross earnings increased from N133 billion in 2017 to N152 billion in 2018. Profit after tax however rose at a much smaller rate from N8 billion in 2017 to N9.2 billion in 2018.
The bank declared a dividend of N0.02 per share.
Fidelity Bank Plc
Fidelity Bank had an increase in gross earnings and profit in 2018. Gross earnings increased from N180 billion in 2017 to N188 billion in 2018. Profit after tax also rose from N17.7 billion in 2017 to N22.9 billion in 2018.
The bank initially declared a N0.22 dividend, before issuing a notice stating a N0.11 dividend.
FCMB
FCMB had a sharp increase in profit in 2018. Gross earnings increased from N169 billion in 2017 to N177 billion in 2018. Profit after tax however rose sharply from N8.6 billion in 2017 to N14.9 billion in 2018.
The bank declared a dividend of N0.14 per share.
Portland Paints
Revenue rose from N2.3 billion in 2017 to N2.8 billion in 2018. Profit after tax rose sharply from N58.1 million in 2017 to N206 million in 2018.
The firm declared a dividend of N0.05 per share
Ecobank profit rises sharply
Gross earnings rose by 1% to N773 billion in the 2018 financial year. Profit after tax rose sharply by 46% to N102 billion in 2018.
GSK Consumer Nigeria
The pharma giant had an increase in its topline and bottom-line in 2018. Revenue rose from N16 billion in 2017 to N18.4 billion in 2018. Profit after tax also increased from N486 million in 2017 to N617 million in 2018.
The firm declared a dividend of N0.50 per share.
A new MD
UAC of Nigeria Plc announced the appointment of a new MD in the person of Fola Aiyesimoju. Fola is the founder of Themis Capital Management. Themis, a private equity firm, took a key stake in the conglomerate last year.
Custodian Investments Plc
Custodian Investments Plc released its results for the 2018 financial year. Gross revenue increased from N43 billion in 2017 to N50 billion in 2019. Profit before tax rose slightly, but profit after tax dipped. Profit before tax increased from N8.9 billion in 2017 to N9.5 billion in 2018. Profit after tax dipped from N7.3 billion in 2017 to N7.1 billion in 2018.
The company declared a final dividend of N0.35 kobo, bringing the total dividend paid to N0.45 in 2018.
Bad year loading for PZ Nigeria
PZ Cussons Nigeria released its results for the nine months ended February 2019. Topline and bottom–line dipped. Revenue fell by 12% to N55 billion in 2018. Profit before tax fell by 52% from N1.9 billion in 2017 to N936 million in 2018. Profit after tax also dropped from N1.3 billion in 2017 to N807 million in 2018.
Corporate actions for this week
Fidelity Bank Plc will also be holding an investor call on Monday the 1st of April to discuss its FY 2018 results which were released on Friday.
FCMB Group Plc will be holding an investor call on Tuesday the 2nd of April, following last week’s release of its full-year 2018 audited results.
