Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impact on the firms themselves or shareholders.
Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.
Here is a run down of corporate actions that took place last week and those expected this week.
Corporate actions that took place last week
Prestige Assurance released its results for the 2018 financial year. Gross premium written increased by 23.6% to N4.7 billion in 2018, the highest in half a decade. Profit after tax however fell by 20.3% to N423 million. The company declared a dividend of three kobo per share.
AIICO Insurance released its full year 2018 results. Gross premium written increased by 17.5% to N37.6 billion in 2018. Profit after tax rose sharply by 158% to N3.1 billion in 2018. The firm declared a dividend of N0.06 per share.
NAHCO Aviance released its full year 2018 results. Revenue increased by 24% to N9.8 billion in 2018. Profit after tax declined by 74.7% to N196 million in 2018. The company declared a dividend of 25 kobo per share. The decline was largely due to a spike in operational expenses and administrative costs.
Abbey Building Society Plc released its full year results for the 2018 financial year. The firm recorded a loss after tax of N665 million.
Q1 2019 results
Tier one lenders GT Bank, Access Bank and Zenith Bank released their Q1 2019 results.
Guaranty Trust Bank’s gross earnings were up 1.2% to N110 billion in 2019. Profit after tax also increased by 10.5% to N49.3 billion in 2019.
Zenith Bank’s gross earnings dipped by 6.9% to N158 billion. Profit after tax rose 6.8% to N50.2 billion.
Access Bank’s gross earnings rose by 16% to N160 billion. Profit after tax jumped by 88% to N41.1 billion. GMD of the bank Herbert Wigwe, during a conference call, attributed the rise to USD swaps which were converted to fixed income securities. He was also confident that the bank would maintain the performance after the position had been wound down.
Unilever Nigeria had a decline in both topline and bottom line. Revenue declined by 20.6% to N19.2 billion in 2019. Profit after tax fell by 44% to N1.5 billion in 2019.
Africa Prudential’s Q1 2019 results show a decline in topline and bottom line. Gross earnings dipped by 9.19% to N869 million. Profit after tax fell by 17.1% to N381 million In 2019.
United Capital also had a decline in its first quarter 2019 results. Gross earnings dropped by 34% to N1.45 billion. Profit after tax fell sharply down 49% to N644 million.
Golden Breweries Plc issued a press statement debunking media reports that it had resumed operations.
Grief at Greif
Greif Nigeria Plc, in board resolutions sent to the Nigerian Stock Exchange, stated that it had continued to record losses in the first quarter of the 2019 financial year. Efforts to win back a key customer and increase its prices were unsuccessful.
The company had therefore resolved to stop receiving new orders and suspend production indefinitely.
McNichols Plc held a board meeting where its Q1 2019 results were considered. The board also approved the appointment of Olusegun Layode as a non executive director and chairman. He replaces Ozurumba Afigbo, who had been acting chairman.
UAC Nigeria held an investor call following the release of its full year 2018 results a few weeks ago. Management stated that it was taking steps to address UPDC Plc’s capital structure (which would be concluded before the end of the year) as well as tweaking operations at UAC Foods.
FBN Holdings moved the qualification date for its dividend to the 23rd of April, 2019, from the earlier date of the 22nd of April, 2019 due to the Easter holiday. The shareholders’ register will also be closed from the 24th to 29th of April, 2019 (both days inclusive).
The Holdco will be paying a dividend of 26 kobo per share.
Corporate actions taking place next week
Here is a rundown of corporate actions taking place next week.
FBN Holdings and Julius Berger Plc will be holding board meetings to consider respective Q1 2019 results.
UBA, Custodian, Sterling Bank, Ecobank Trans International (ETI), Fidelity Bank and FCMB will be holding their Annual General Meetings this week.
UBA Plc will be holding its Annual General Meeting on Tuesday, 23rd of April, 2019.
Custodian Investment Plc will hold its AGM on Wednesday, the 24th of April, 2019.
Sterling Bank and Ecobank Trans International (ETI) will hold their AGMs on Thursday, the 25th of April, 2019.
Access Bank had also tentatively fixed its AGM for Thursday, the 25th of April, 2019.
Fidelity Bank and FCMB will be holding their AGMs on Friday, the 26th of April, 2019.