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Companies
COVID-19: Companies issue stay away order from some of Nigeria’s biggest hospitals
At least two of Nigeria’s biggest companies have advised their staff members to avoid certain private hospitals in Lagos which are believed to have been contaminated by the Coronavirus.
At least two of Nigeria’s biggest companies have advised their staff members to avoid certain private hospitals in Lagos, which are believed to have been contaminated by the Coronavirus. This comes as some private hospitals in the city have temporarily suspended their operations due to fear of contaminations.
What we know: In an internal memo that was sent out to all staff by the head of human capital of a tier-1 bank, staff members were advised to immediately contact the hotlines of the Nigerian Centre for Disease Control (NCDC) if they have recently visited any of the hospitals or been in contact with people who have.
In a similar internal memo that was seen by Nairametrics, the head of human capital of a top oil company advised staff members to use alternative hospitals available under their HMO plan, in order to avoid the “contaminated” hospitals.
A health scare: On Monday, April 20th, 2020, Vevic Lifecare Hospital in Lekki, Lagos, informed the public that its management has decided to suspend operations for approximately ten days. According to a statement that was made available by the hospital, the decision became necessary after a Covid-19 patient was inadvertently admitted at the facility, even as two hospital staff members ended up contracting the deadly virus.
In view of this, the hospital was closed so it can undergo a full decontamination exercise. In the meantime, the infected hospital staff members were handed over to the NCDC for proper monitoring and treatment.
Saint Nicholas Hospital also released a statement, yesterday, informing the general public that it has decided to temporarily suspend operations for two weeks. Again, the move became necessary after it was discovered that the hospital had been exposed to the contagious virus.
At least, six other hospitals in Lagos are believed to have made a similar decision to suspend operations in the meantime. There are strong indications that more hospitals might do so in the coming days.
The backstory: Recall that the Nigerian Centre for Disease Control had strongly advised against the treatment of Coronavirus in private hospitals. Hospitals are required to refer any patient displaying symptoms of the virus to the NCDC.
In the meantime, the NCDC and other affiliate agencies have been battling to contain the spread of the deadly virus. As you may well know, the Presidency also recently extended its lockdown directives for Abuja, Lagos, and Ogun states by two more weeks. But the Coronavirus cases in Nigeria keep rising. So far, a total of 665 cases have been confirmed, with 188 recoveries and 22 fatalities.
One of those who have died of the virus is Abba Kyari, the former Chief of Staff to President Muhammadu Buhari. As Nairametrics reported, Kyari died over the weekend at a Lagos private hospital called First Cardiology Consultants. His death happened weeks after he contracted the highly-contagious virus, following official visits to some parts of Europe.
Meanwhile, the government is ramping up efforts at wide-spread testing and contact-tracing. Thanks to the generous donations by the country’s private through the Private sector-led Coalition Against COVID-19 (CACOVID), more testing kits are now expected in the country soon. A statement by CACOVID, as reported by Nairametrics, noted that a total of 400,000 COVID-19 test kits have been ordered.
Companies
Neimeth Pharmaceuticals to raise N5 billion in additional equity
The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.
Companies
Cutix Plc forecasts N148 million profit in Q4 2021
Cutix Plc has projected that its revenue will double and profit will increase by 9% to N148 million.
Cutix Plc has projected that in the fourth quarter of its financial year 2021, its revenue will double and profit will increase by 9% to N148 million.
These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Company’s CEO and CFO.
READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020
Key highlights of the earnings forecast for Q4 ended April 30, 2021
- Revenue to increase to N1.66billion, 100% Q-o-Q.
- Cost of Sales to increase to N1.16 billion, 70% Q-o-Q.
- Distribution, Admin & Other expenses to increase to N232.89 million, 14%% Q-o-Q.
- Other Income to remain unchanged at N2.50 million,
- Finance Charges to increase slightly to N47.38 million, 3% Q-o-Q.
- Operating income to increase to N227.83 million, 14% Q-o-Q.
- Taxation is projected at N79.74 million.
- While Profit attributable shareholders is projected at N148.10 million.
READ: Royal Exchange Plc forecasts N500.83 million PAT in Q1 2021
Bottom line
The earnings forecast was made on the ground that the Nigerian economy will continue improve, as the country recovers from the impact of COVID-19. In this regard, revenue in the fourth quarter of 2021 will be slightly higher than the revenue projected in the third quarter of 2021.
READ: Okomu Oil Plc records 27.01% decline in 2020 Q3 revenues
However, the increase in the cost of sales driven by the input cost will pressure profitability to the tune of N148.10 million, which is 9% higher than the profit after tax made in the corresponding quarter of 2020.
Companies
PZ Cussons proposes dividend payout of N397 million to the shareholders
The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397 million to the shareholders of the company.
