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Companies
Lasaco Assurance blames COVID-19, remote working for late filing of financial statement
The auditors working on the report gave reasons why they could not meet up with the deadline.
Lasaco Assurance Plc announced, yesterday, that its inability to meet the deadline for filing its audited FY 2019 financial statement is because of the unprecedented disruptions caused by the COVID-19 pandemic.
According to a public disclosure that was signed by the Company Secretary, Gertrude Olutekunbi, as seen by Nairametrics, the auditors working on the report could not meet up with the deadline because they were working remotely during the COVID-19 lockdown.
The statement further disclosed that the auditors were finally able to submit the audited financial statement on June 2nd, 2020. In the meantime, the financial report is expected to be filed with the NSE, latest by June 29th, after the National Insurance Commission (NAICOM) must have given its approval.
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“Lasaco Assurance PLC (the Company), hereby informs The Nigerian Stock Exchange, distinguished shareholders and the general public, of the Company’s inability to submit its Audited Financial Statements (AFS) for the year ended 31st December 2019 within the stipulated period.
“This unavoidable state of affairs arose out of the necessity of working remotely during the Covid-19 lockdown period. The conclusion of the audit was thus affected, as the Auditors were only able to present the Audited Financial Statements on Wednesday 2nd June 2020,” part of the statement said.
It should, however, be noted that this is not the first time Lasaco Assurance Plc is missing the regulatory deadline for filing its financial statement. An earlier report by Nairametrics noted that the insurer was among the companies that were recently filed by the Nigerian bourse to the tune of N150 million for various regulatory breaches.
More so, the Compliance Status Indicator Code for Lasaco Assurance Plc says “MRF”. This simply means that the company is guilty of missing a regulatory filing deadline.
Lasaco Assurance Plc is a Lagos-based financial services firm that offers insurance and brokerage services. The company has a market valuation of about N1.9 billion, according to information obtained from the Nigerian Stock Exchange. Its stock opened trading today on the Nigerian bourse at N0.26.
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.
