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Companies
Veritas Kapital Assurance Plc declares closed period, as directors meet July 23rd
The company reported a -78.9 decline in its Q1 profit after tax to N53.3 million.
Veritas Kapital Assurance Plc announced earlier today that it will observe a closed period starting from Wednesday, July 8th, 2020. The closed period will last until 24 hours after the firm’s unaudited Q2 2020 financial statement is made public.
A press statement made available by Veritas Kapital also noted that its board of directors would meet virtually on the 2nd of July, to consider and approve the Q2 financial statement. The statement, which was signed by the Company Secretary Saratu Umar Garba, and sent to the NSE, said:
“Notice is hereby given that a virtual meeting of the Board of Directors of Veritas Kapital Assurance Plc (the Company) will be held on Thursday, July 23, 2020 by 11:00 a.m. to consider and approve the Second Quarter, 2020 unaudited Financial Statements.
“Consequently, in compliance with the Rulebook of The Nigerian Stock Exchange (The Exchange), there will be a closed period commencing from Wednesday, July 8, 2020 until 24 hours after the Second Quarter, 2020 unaudited Financial Statements have been filed with The Exchange.
“During the closed period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed.”
Note that in December 2019, Veritas Kapital Assurance announced that shareholders approved plans by the company’s management to raise an additional N5 billion in a bid to increase its paid-up capital to N12 billion. This was ahead of NAICOM’s initial deadline for insurance companies to recapitalise latest by June 30th, 2020. After the deadline was initially extended by NAICOM, Verita’s CEO, Kenneth Egbaran, disclosed during an interview that the extended timeframe would help boost fund-raising opportunities. NAICOM has since extended the deadline yet again, and it remains unclear whether the company has been able to meet the recapitalisation requirement.
Explore the advanced financial calculators on Nairametrics
Recall that Veritas Kapital last announced a closed period in April this year ahead of the release of its Q1 2020 financial statement. The unaudited financial statement, which was eventually released on May 4th, showed a gross premium written of N1 billion. Profit after tax for the Q1 period declined by -78.9 to N53.3 million, compared to N252.5 million in Q1 2019.
The company’s stock is trading at N0.20 on the Nigerian Stock Exchange. Year-to-date, there has been no recorded price movement.
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.
Companies
Neimeth proposes N123.45 million dividend to be distributed to shareholders
Neimeth has proposed a total final dividend of N123.45 million to be distributed to the shareholders of the company.
