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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.

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Veritas Kapital Assurance Plc. announces notice of board meeting, closed period

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.

READ ALSO: UBA Delivers Impressive Returns on Investment, as Shareholders Applaud Bank’s Support in Fight against COVID-19

“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.

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“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.

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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.

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The company’s stock is trading at N0.20 on the Nigerian Stock Exchange. Year-to-date, there has been no recorded price movement.

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.

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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.

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Cutix Plc, dividend

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

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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.

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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.

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PZ Cussons Plc, PZ Cussons Nigeria Plc

The Board of Directors of PZ Cussons Nigeria Plc has proposed the payment of N397.047 million to the shareholders of the company who currently hold the 3,970,477,045 fully paid ordinary shares of the company.

This disclosure was made public by the company in a notification issued and signed by the Company Secretary, Jacqueline Ezeokwelume, today the 7 January 2021.

She explained further that if the dividend of ten (10) Kobo per share recommended by Directors is approved by members at the Annual 72nd General Meeting, the dividend payments will be made on Monday, 1 February 2021.

What you should know

  • The Register of Members and Transfer Books of the Company will be closed from Monday, 11 January 2021 to Friday, 15 January 2021 (both dates inclusive) for the purpose of preparing an up-to-date Register of Members.
  • However, only shareholders whose names appear in the Register of Members and Transfer Books at the close of business on 19th October 2020 will receive the dividend on Monday, 1 February 2021.

What they are saying

Mr. Gbenga Oyebode, MFR, the Chairman of PZ Cussons Nigeria Plc, in his address said:

  • “Fellow shareholders, the Board of Directors is recommending to the shareholders at this AGM, a dividend pay-out of N397,047,700 representing 10 Kobo per share (2019: 15 Kobo per share). If approved, the dividend will be paid to shareholders on Monday, 1 February 2021 after deducting the appropriate withholding tax.”

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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.

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Neimeth Pharmaceuticals

The Board of Directors of Neimeth International Pharmaceuticals Plc, has proposed a total final dividend of N123.45 million to be distributed to the shareholders of the company, as final dividend for the period ended 30th September 2020.

This information is contained in a corporate action announcement dated 30th December 2020, issued and signed by the Company Secretary, Mrs Florence Onyenekwe.

According to the announcement, the final dividend which sums up to N123.45 million when approved at the next Annual General Meeting (AGM) on 9th March 2021, will be paid to shareholders of the company who own the 1,250,844,000 ordinary shares of the company. This translates to a Final Dividend payment of 6.5 Kobo per share.

What you should know

  • The final dividend of 6.5 Kobo per share will be paid for all the outstanding 1,899,157,107 ordinary shares of the company. This gives a total dividend of N123,445,211.95, to be distributed to the shareholders of the company.
  • To enable Neimeth’s Registrars, Meristem Registrars and Probate Services Limited, prepare for the payment of the final dividend, the Register of Shareholders will be closed from 23rd February 2021 to 28th February 2021.
  • The dividend will be paid on 12th March 2021, electronically to shareholders whose names appear on the Register of Members as at 12th March 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividend directly into their Bank accounts.
  • Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.

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