Connect with us
nairametrics

Company Profile

Nigeria’s only listed waste management company serves a very specific market

There are firms dedicated to the managment of industrial waste. One of such is the little-known, NSE-listed The Initiates Plc.

Published

on

Nigeria’s only listed waste management company serves a very specific market

Oftentimes, when we talk about waste management in Nigeria, all that comes to mind is the disposal of solid waste materials from our homes to dumpsites. But there is so much more to waste management. There are even companies that are solely engaged in the management of industrial waste. One of such companies is the little-known, NSE-listed The Initiates Plc.

On that note, welcome to Nairametrics’ company focus, a weekly column that sheds light on some of the not-so-popular companies that are listed on the Nigerian Stock Exchange (NSE). Today, we shall be focusing on The Initiates’ business model, its target market, ownership structure, competitors, and most especially, its overall financial performance.

Information contained in this article is meant for equity investors who may be prospecting new investment opportunities. Let this serve as a guide to you and help you make informed investment decisions.

Corporate information about The Initiates Plc

Nature of its business model – Although the company’s rather unique name may have you thinking otherwise, The Initiates Plc is actually an industrial waste management company based in Port Harcourt. According to information made available by the company, its business model entails the provision of industrial cleaning and decontamination services. Other companies pay hefty sums of money for the services rendered by our company focus.

Incorporation and listing on the NSEThe Initiates Plc was initially incorporated as a limited liability company on March 3rd, 1995. On June 24th 2015, it became a public limited company. And then it was listed on the Nigerian Stock Exchange on October 25th, 2016.

GTBank 728 x 90

L – R: shows Haruna Jalo-Waziri, ED, Capital Markets Division, NSE; Oscar Onyema, CEO, NSE; Ossai Reuben Mustapha, MD/CEO; Joseph Ogbonna Anosike, Chairman, The Initiates Plc at listing of The Initiates Plc at the Exchange

A total of 889, 981, 552 units of shares were listed by way of introduction on the Alternative Securities Exchange Market (ASeM) of the NSE. As at the time of listing, the company’s share price was N0.85 per share. Two years since its NSE debut, the company’s shares outstanding have not changed one bit, as it is still standing at 889, 981, 552, with a market capitalisation of N649.6 million. However, share price has dropped from the initial N0.85 to N0.73.

A closer look at the company’s services

Being an industrial waste/hazardous content management company, services rendered by The Initiates Plc include:
1. E-waste processing
2. Decontamination
3. Thermal Desorption
4. Industrial Cleaning
5. Incineration
6. Onsite Drilling Waste management
7. Municipal Waste Management
8. Asbestos Management
9. Remediation
10. Provision of waste management facilities
11. Consultancy services, etc.

Deal book 300 x 250

A look at the company’s target market

As already mentioned, The Initiates Plc is not just a general waste management company. Instead, it serves a very specific market audience, offering industrial waste management services to both public and private companies. Note that most of these companies operate in the oil and gas sector. According to information available to the public, some of The Initiates Plc’s customers include the following:
• West Africa Ventures
• Total, SNEPCO, Shell
• Shebah Marine Services Limited
• Shlumberger, Spetralon Energy,
• Pan Ocean
• National Petroleum Development Company Limited
• NigerStar 7
• Nigeria LNG Limited
• Globe Star Engineering, CAMAC Energy Inc.
• ADDAX Petroleum, etc.

The company’s ownership structure

An analysis of the company’s shareholding structure shows that it is 100% owned by Nigerians. According to the company’s full-year 2018 financial report, some of the notable entities with majority shareholding include:

• Dvcf Oil and Gas Plc: This company owns 37.85% of The Initiates Plc’s entire shareholding.
• Ossai Reuben Mustapha: 21.43%
• Samuel Afolayan: 7.35%
• Ozoherebe Gordon: 6.58%

A look at the competition

The Initiates Plc may be the only waste management company currently listed on the Nigerian Stock Exchange, but it is definitely not the only industrial waste management firm in the country. What this means, is that it has competitors, some of which include: Del Waste Management Company, Universal Care Ltd, Fedoz Nigeria Limited, etc.

Here are the company’s top executives

1. Mr Joe Ogbonna Anosikeh: Chairman
2. Mr Reuben Mustapha Ossai: Managing Director
3. Prof. Edward Alikor: Non-Executive Director
4. Chief Charles Oboh: Non-Executive Director, and
5. Mr Joseph Ebinum: Non-Executive Director

GTBank 728 x 90
Fidelity ads

A look at The Initiates Plc’s recent financial performance

The Initiates Plc earned a total revenue of approximately N700.8 million in full year 2018, which marked a 5.12% increase, compared to the N664.9 million earned in 2017.

Profit after tax for the period stood at N102.2 million, marking a 19.81% increase compared to N81.9 million profit after tax recorded in 2017.

A breakdown of the company’s 2018 full year result shows that its Thermal Desorption Unit generated the most revenue of N314.6 million. This is followed by the Waste Treatment and Disposal Unit, which generated N226.6 million. Industrial Cleaning and Decontamination Unit generated a total revenue of N134.7 million, followed by the Incineration unit which generated only N24.7 million.

In conclusion

Note that the Equipment supply and E-waste units did not generate any revenue during the period. And in 2017, these two units did not generate any meaningful revenue either. This either implies that the two segments require more investment, or they are simply irrelevant to The Initiates Plc’s overall scheme of business. That said, the company should look into this and figure out the right way forward.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

1 Comment

1 Comment

  1. Itohowo David

    April 1, 2019 at 5:49 am

    To me the three areas that gives them ROI is the company oasis(company main product) and they should focus on the three.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Company Profile

Jaiz Bank: First shared-profit bank in Nigeria approaches 10 years

Nigeria’s first non-interest bank has moved from being a regional bank to a national bank.

Published

on

Jaiz Bank Plc, First shared profit bank in Nigeria approaches 10 years

When the idea of a Non-interest banking was first broached in Nigeria in the late 90s, it was greeted with suspicion. This was probably because its more popular name ‘Islamic banking’ had non-muslim Nigerians thinking it was a ploy to eventually Islamize the country.

Two decades and several sensitization campaigns later, Nigeria’s first non-interest bank has moved from being a regional bank to a national bank, with several branches and customers.

Nairametrics company profile this week looks at this trail-blazing bank; how it has survived its first decade, while operating a system that is completely different from that of other banks in the country, yet still holds its own in the industry.

READ: UBA Plc H1’2020 results, a true reflection of its rightsizing decision? 

History

The JAIZ movement in Nigeria dates far back to 2001, when Justice Imam Muhammad Taqi Usmani and Sanusi Lamido Sanusi, both guest speakers at a seminar hosted in Sheraton Hotel Abuja, advised the different groups clamoring for a non-interest bank in Nigeria to come together under one group, if their aim was to be achieved.

GTBank 728 x 90

In response to this advice, the Halal group and the JAIZ group united, combining influence and resources to drive for the establishment of a Nigerian non-interest bank.

Jaiz International was set up in 2003, and after almost 8 years of trying to meet the guidelines, and capital requirements of the Apex bank (amid the Soludo-led recapitalization exercise which shook the industry) and other factors, the bank received a regional license from CBN on a historic date.

JAIZ International Plc was established on 11th of November 2011, and began the long walk to the actualization of their dreams.

Deal book 300 x 250

(READ MORE: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations)

On 6 January 2012, operations commenced at the branches in Abuja, Kaduna and Kano. Hassan Usman, is now Managing Director of the bank, while Alhaji Dr Umaru Abdul Mutallab, heads the Board of Directors, with Alhaji Dr Umaru Kwairanga, and Alhaji Dr Muhammadu Indimi as members.

Other members include Abdulfattah O. Amoo; Alh. (Dr.) Aminu Alhassan Dantata; Alh. (Dr.) Musbahu Bashir; Alh. Mukhtar Danladi Hanga; Alhaji Mamun Maude; H.R.H. Engr. Bello Muhammad Sanni; Mahe Abubakar Mahmud; Mall. Falalu Bello; Mall. Hassan Usman; Mr. Seedy Njie; Nafiu Baba-Ahmed; and Prof. Tajudeen Adepemi Adebiyi.

In 2013, when the bank started expanding to other urban centers, it was permitted to increase shareholding capital to $92.3 million (NGN14.3 billion), and subsequently applied for a national banking license which it received in 2016. At the end of FY 2019, it had 38 branches with over a thousand employees.

Stockholding was and is still shared among Nigerian and foreign individuals, and institutional investors, while the number of issued shares as at December 2019 was 29.46 billion.

READ MORE: Diamond Bank rebounds after hitting 5 year low

GTBank 728 x 90
Fidelity ads

Banking with a human face

Non-interest banking is touted to be a more ethical form of banking, with less emphasis on profit, and more on societal and individual development.

Like other banks, Jaiz Bank Plc provides banking products and services like savings, current, salary, and kids savings accounts, but with slightly different terms. The bank also provides online banking, leasing, cards, bonds and guarantees, and several other investment products tailored to its principles. Customers’ deposits are used for business operations, with the understanding that the profit will be shared between the bank and customers. While sharing profit with customers, in the event of a loss, the bank tries to weather it out, since the customers’ deposits are already insured with the NDIC.

In offering its credit facilities, the bank tends to adopt a religious perspective, looking beyond an individual’s ability to repay the loan. The impact of such a business or project on the society is a priority consideration, and could be the sole reason for refusing a loan. In this regard, business ideas which go against morality or societal growth, are not given loans.

READ: Dangote Sugar Refinery: Revenue soars amid rising cost of sales

The bank also offers its loans in a manner that creates a partnership between the bank and the borrower, towards improving the society. A profit for the company is a profit for the bank, while a loss for the company is also a loss for the bank, even though steps are taken to recover the capital.

How many people will be employed by the business? How will it impact the environment and the economy? These are some of the questions considered before a loan is either granted or refused. This is why bankers in the space like to refer to it as “banking with a face” or ethical banking.

(READ MORE: Jaiz Bank Plc appoints new directors)

Coronation ads

No matter how profitable a venture is, if any part of its operations is considered detrimental to societal welfare, it will be declined. If, for any reason, a customer is to be penalized for default, the proceeds cannot be listed as part of profits for the bank, but is ploughed into the society as charity.

Financials

Audited financials from the company shows that the company is fast growing to make up for the early years of little or no profit.

app

The FY 2019 audited reports show that the company declared dividends of 3 kobo per share, an improvement on previous years’ performances, where no dividend was declared. Total assets grew 54% YOY, from N108.4 billion in 2019 to N167 billion in 2019, while deposits rose 50% to N127 billion, from the N85 billion recorded in 2018.

READ: Why Ripple might be the future of digital payments

Gross earnings grew from N8.7 billion to N14.7 billion, and Cost to Income ratio improved from 87.28% in 2018 to 80.21% in 2019, with return on assets and equity rising to 1.26% and 13.57% respectively.

Profit before tax shot up 135% from 898 million in 2018 to N2.1 billion in 2019, and earning per share grew to 8.29 kobo from 2.83 kobo in 2018.

The recently reported Q2 2020 unaudited reports show that in spite of the COVID-19 challenges in the country, the bank had a fair outing in the second quarter of the year, with a clear improvement across all indicators in comparison to Q2 2019.

(READ MORE: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies)

Conclusion

JAIZ Bank Plc is fast-growing, achieving much in good time, although Nigerians are yet to fully understand this system of banking. There is also the supervision of the Advisory Committee of Experts (ACE), which ensures that banking operations are done in line with the dictates of Sharia law.

The bank includes non-Islamic employees in its workforce, a point to back the claims that it is not religiously inclined, though more needs to be done in its board composition to fully corroborate this, and show the public that it is a bank that accommodates all religions.

Continue Reading

Company Profile

LASACO Assurance: 40 years of resilience in the Nigerian Insurance sector

LASACO Assurance Plc has sailed through storms to remain one of Nigeria’s biggest insurance firms.

Published

on

Lasaco Assurance

The 2017 AXCO Global Statistics database ranked the Nigerian insurance market 72nd in the world, based on industry Gross Premium Income. The gross premium income is the key indicator of growth in the Insurance sector. 

The Nigerian Insurance market posted a 14.5% growth, from N372 billion in 2017 to N426 billion; and has continued to witness steady growth since 2014, when its Gross Premium Income: Non-life and Life business was N281 billion. 

However, the sector continues to face several challenges, and has not fully tapped into its potentials in one of Africa’s largest economies. The reasons which ranged from political will power to governmental policies has religious sentiments to contend with too. Some Nigerians would rather pray against disasters than insure against them.  

READ: Royal Exchange’s profit dips by 187% in Q3 2019  

Yet, insurance is not complicated. It is simply, an insurer ensuring installment for an unsure future occasion, while the insured or the policyholder pays an agreed premium to the insurer in return for that security. Since insured events are non-predictable, insurance firms only know whether a profit or loss is made at the end of a business year. 

GTBank 728 x 90

Despite the plethora of uncertainties that plague the sector, LASACO Assurance has consistently weathered the storms in its 4 decades of rising through the ranks, to become one of the biggest insurance firms in Nigeria. 

READ: See the “score card” as insurance firms hurriedly release H1 2019 results

After going through several expansion moves, business modifications, and review of the minimum capital base by NAICOM; the company still stands strong as one of the foremost insurers, among the 57 registered insurance companies in Nigeria.  

Deal book 300 x 250

Our company profiles for the week beams its searchlight on LASACO Assurance Plc.   

Historical Metrics 

  • Though incorporated in December 20, 1979, as Lagos State Assurance Company Limited, LASACO did not list on the main board of the Nigerian Stock Exchange until 1991. 
  • It obtained its license as an insurer on July 7, 1980 and commenced operations the next month, with an authorized and fully paid-up share capital of N500,000. It offered several insurance options to the client base which was just starting out in Lagos state. 
  • Changed its name to LASACO Assurance Plc in July 1988 
  • In 1991, the company decided to explore the vast opportunities that could be obtained from increased capitalisation; and admitted its shares into the NSE through listing by introduction. 
  • With the capital available, the company’s operations over the next three decades expanded considerably to a network of about 13 regional and branch offices across Nigeria. 
  • The recapitalization exercise in 2007, to transact in Life and Non-life brought with assets to N8.26 billion; and LASACO Life Ltd with a capital base of N2b. 
  • The Directors proposed a dividend of 5kobo per share for the year ended 31 December, 2019 

READ: STANBIC IBTC posts Profit After Tax of N45.2 billion in H1 2020

Now, its operations span all classes of the Insurance and Special Risks business, high impact financial services and Real Estate. With a current Market Capitalization of N1.83 Billion, issued and fully paid capital of 7,334,344,000 at 50 kobo each, it continues to be recognized as one of the notable insurers in the country. 

According to information available on the NSE website, the company obtained a life insurance business license from National Insurance Commission (NAICOM) in 2007, and then separated the Life business, the assets, and liabilities to its subsidiary, LASACO Life Assurance Company Limited which commenced operations in January 2009.  

However, a court sanction in 2014 merged the operations of LASACO Life Company Limited and LASACO Assurance Plc to become a Composite Insurance Company, and this was approved by NAICOM. LASACO Life Assurance Company Limited, then ceased to exist as a Private Company, and became a department under LASACO Assurance Plc. 

READ: FUGAZ Banks revenue hits N1.57 trillion in H1, 2020

GTBank 728 x 90
Fidelity ads

The 7- member Board of Directors is currently chaired by Mrs. Disu Aderinola, who joined in November 2015. Mr Segun Balogun is the Managing Director, and other members of the board include Engineer Ndanusa Sani (Director), Mr. Akinola Odusami (Director), Mr. Akin Doherty (Director), Mr. Abiodun Razzaq (DMD, Technical), and Mr. Oshinusi Rilwan (DMD, Corporate Services). 

Operations and financial performance  

Over the decades, LASACO has successfully captured a significant share of key Federal and State Governments Insurance businesses, multinational and private companies, underwriting businesses in different sectors of the economy, including heavy Engineering & Construction, Banking & Finance, Manufacturing, Agriculture, and Tourism. It also covers special risks areas of Oil & Gas, and Aerospace. 

It operates in the Non-life business and Life business insurance, providing various classes of insurance such as general accident, fire, motor, engineering, marine, bond insurances, and life assurance businesses. 

As part of moves to ensure financial stability, the company has activated non-core business investments, and diversified its business interests to include Real Estate. It also holds shares in some blue-chip enterprises. 

READ: Flour Mills, 7 other quoted companies fined N14.3 million

 According to its Financial statement 2019 , Gross Premium Income (GPI) increased by 21% from N8.024 billion the previous year to N9.748 billion in 2019, while its Gross Premium Written (GPW) increased by 4% from N9.014 billion in 2018 to N9.341billion in 2019.  

It also achieved an Underwriting Profit of N2.298 billion, an 8% rise when compared with N2.121 billion recorded in 2018, while Claims paid was N2.171 billion, compared with N1.801 billion paid in 2018, indicating a 21% increase. 

Coronation ads

The insurer annuity fund increased by 21% from N31.873 million in 2018 to N262.499 million in 2019.  

In spite of all these, the Profit After Tax dropped by 57% from N736 million in 2018, to N315 million.  

app

In its recently released Q1 2020 result, the company saw its Profit after tax grow to N266.371 million, up 3.85 % from the N256.503 million in Q1 2019.  The Q2 2020 unaudited statements also reveals a profit after tax of N632.017 million, a growth of 5.59% when compared with N598.547 million in Q2 2019. 

The company grew its Gross Premium to N6.947 billion during the period from N6.877 billion in Q2 2019. Despite that, Underwriting profit dropped by 19.60% to N1.063 billion from N1.322 billion. 

Defaults and sanctions 

LASACO Assurance Plc was one of the companies that defaulted the deadline in 2020, for filing its audited FY 2019 financial statement; a move it attributed to unforeseen disruptions caused by the pandemic.  

This however, was not the first time the company would default on such procedures, and even the Compliance Status Indicator Code for LASACO Assurance Plc says, “MRF”. This means that the company was guilty of missing a regulatory filing deadline.  

Earlier this year, Nairametrics reported the list of companies fined by the NSE, for various regulatory breaches, and LASACO Assurance Plc was one of the companies fined for failure to file financial statement.  

Recent activities 

In August, the company launched an instant rescue solution, tagged LASACO Blue Response. The response solution aims to provide free tow service for vehicles with severe damage, particularly for vehicles owners insured by LASACO, and generally for motorists operating within major parts Lagos State. 

According to the statement from the company, this is part of the customer satisfaction drive, and hopes to make policyholders get faster compensation under their motor insurance policies by solving, “the most critical aspect of claim assessment, and settle minor automobile insurance claims immediately”.  

LASACO also recently paid claims to relatives of 32 deceased workers under the Group Life Assurance Policy of Lagos State. 

Continue Reading

Companies

Livestock Feeds: How this company survived over half a century producing animal feed

Livestocks Feeds Plc is going to need to up its ante, if it hopes to last another 50 years.

Published

on

Livestock Feeds: How this company survived over half a century producing animal feed

There are many companies in Nigeria some people may never know are listed on the Nigerian Stock Exchange (NSE). Even though they carry out equally important economic activities like the more popular ones, these companies are often overshadowed by the bigger names, particularly the NSE 30.

Another reason some small-cap companies are not quite popular is because they are not always in the news. Even when they are, they do not ruffle as much feathers as their bigger counterparts.

Despite their relative obscurity, some of these companies have been around for quite a while, carrying out their businesses, making money, expanding operations, and recruiting when the need arises. One of such companies – Livestocks Feeds Plc – is the focus of this week’s Nairametrics company profile.

While UAC of Nigeria plc is generally known to be a household brand in providing consumables (food, snacks and dairies), the company has a subsidiary dedicated to manufacturing healthy and nutritional products for animals.

The subsidiary – Livestock feeds plc – was established in 1963, and has survived almost 60 years producing feeds for poultry, pigs, and cattle. Its products range from Chick mash, Aquamax fish feed, layer mash, grower mash, Broiler starter, Broiler finisher.

GTBank 728 x 90

Business model

Incorporated in 1963, the initial aim of this company was to address the importations of such feed-products into Nigeria by Germans and Dutch.

It started out with its first 5MT/hr was installed in Ikeja, and in subsequent years, a 4MT/Hr mill was installed in Aba, and then 3.5MT/hr installed in Kaduna. Due to population growth and increased urbanisation, there was an increase in the demand for poultry products, directly impacting the demand for feeds. To keep up, the company upgraded the milling output to 10MT/hr automatic machines at Ikeja, Aba and Benin city between 1983 and 1985.

On April 1, 1978, the company was listed on the Nigerian Stock Exchange.

Deal book 300 x 250

Livestock has further expanded capacity over the years and even explored the Franchise business marketing system during its boom period, when it had more than half of the Nigerian market share for animal feed.

Over the years, the company has modified its business model to compete favourably with new entrants into the market. Livestocks feeds now adds delivery services to its customers, bringing the products (poultry, pig, and cattle rations, meat cubes, and pallets) to them in regular rations or customised rations based on the clients need.

Ownership and management

In the mid to late 90s, Pfizer divested its interest in Livestocks feeds and it was immediately acquired by Adset Limited through an MBO. By the turn of the century, First Capital Trust Limited replaced Adset Limited as the core investor in the revitalised company, and Cashcraft Asset Management became the 2nd largest shareholder.

Adegboyega Adedeji is currently the Managing Director and Chief Executive Officer while the company’s board of directors is headed by Joseph Ibrahim Dada who is the chairman. Abayomi Adeyemi Enitan, and Godwin Abimbola Samuel Esq. as Executive Directors, while Adebolanle Badejo and Daniel Obaseki are non-executive directors.

Focus on the company’s financials

Although the company’s financials is not in the red, shareholders have not had good reasons to smile in recent years. In fact, the company’s financial statement available on the NSE website shows that dividends were last paid in 2015. Since the 2014 financial year, the company has not again declared dividends for shareholders.

Debt to asset ratio as at Q1 2020 was put at 29.75% with total assets of N4.38 billion and Total liabilities of N2.77 billion.

GTBank 728 x 90
Fidelity ads

In 2019, Livestocks Feeds Plc total revenue increased to N9,955,222 (N9.9 million) from  N7,834,018 (N7.8 million) in 2018. The company also recorded Profit after taxation 106,353 in 2019 as against its loss of 620,311 in 2018.

READ: Many Nigerians are trooping into foreign stock markets

Though this indicates a gradual improvement in its financials, the company is still far from declaring sufficient profits to declare dividend payout. The year 2020 has also come with a new myriad of challenges, which most businesses did not factor into their plans.

Even large companies may not find it easy declaring dividends for shareholders, so it is even more uncertain for the small-cap companies.

Share capitalisation has remained 1.5 million in the last couple of years, with a total of 2.9 billion (2,999,999,418) units of shares, and total equity of 1,569,592 at the end of 2019.

READ: Why Cadbury might be a long “Hold”

Competition

Has it been all sunshine and roses for Livestocks feeds? Certainly not!

Coronation ads

The company has had to re-tweak its model and strategy repeatedly in view of new competitors entering the market. Most of its competition are not listed companies in the NSE, but still manage to capture a small part of the market, completely eroding what was once a near-monopoly for the company.

Olam Group, Premier feed mills, Flour mills Nigeria, and Durante feeds are some of the hundreds of companies that have formed the competition for Livestocks feeds over the years.

app

Download the Nairametrics News App

However, there is still a large market out there. Nigeria has not yet attained poultry sufficiency, and statistics claim that over half of Nigerian poultry consumption are still imported. More individuals and businesses are venturing into animal husbandry by the day, and they will need tons of animal feeds to get going.

Livestocks feeds plc is going to need to up its ante, if it hopes to last another 50 years.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
IZIKJON
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement