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Company Results
Despite shutdown, Caverton rakes in N8billion in Helicopter and Aircraft revenues
Caverton second quarter 2020 results.
Published
6 months agoon

Helicopter Company, Caverton Offshore Group reported a revenue N8.1 billion in the second quarter ending June 2020 compared to N8.5 billion same period in 2019.
- This is despite the travel shutdown imposed in the nation’s capital, Abuja. However, oil-rich towns in the Niger Delta avoided the shutdowns.
- Caverton Group caters mainly to businesses in the oil and gas industry.
- Caverton Helicopter/Airplane Contract represents 93% of the group revenues and is its main business segment.
- The division reported a revenue of N8 billion in the quarter, a N200 million increase from the N7.8 billion recorded the same period in 2019.
- The company’s earnings per share for the quarter was 14 kobo compared to 27 kobo same quarter last year.
- The company’s revenues were impacted negatively by higher finance expenses. Finance cost was N1.4 billion compared to N621 million same period in 2019.
- Download Results
READ: Jack Ma’s fintech firm is set for IPO, signalling prospects for Nigerian fintechs
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.
Published
1 week agoon
January 10, 2021
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.
Company Results
Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020
Vitafoam Nigeria Plc profit revealed 72.10% increase when compared with the N2.39 billion reported in the corresponding period of 2019.
Published
2 weeks agoon
January 4, 2021
Vitafoam Nigeria Plc has reported in its audited financial statement for 2020 that it made a profit of N4.11billion for the year ended 30 September 2020.
This represents a 72.10% increase in profit when compared with the N2.39billion profit reported in the corresponding period of 2019.
READ: Vitafoam returns to a 5-year high
Key highlights
- Revenue increased to N23.44 billion in 2020, 5.21% Y-O-Y.
- Cost of Sales decreased to N12.43 billion in 2020, 8.06% Y-O-Y.
- Gross Profit increased to N11.01 billion in 2020, 25.68% Y-O-Y.
- Other income increased to N638.97 million in 2020, 63.91% Y-O-Y.
- Distribution costs increased to N1.05 billion in 2020, 8.13% Y-O-Y.
- Administrative expenses increased to N4.13 billion in 2020, 10.57% Y-O-Y.
- Operating profit increased to N6.47 billion in 2020, 45.58% Y-O-Y.
- Finance income increased to N106.51 million in 2020, 5.39% Y-O-Y.
- Finance Costs decreased to N930.17 million in 2020, 11.39% Y-O-Y.
- Profit from continuing operations increased to N3.92 billion in 2020, 58.88% Y-O-Y.
- Profit from discontinued operations increased to N191.63 million in 2020, 345.68% Y-O-Y.
- Profit for the year increased to N4.11 billion in 2020, 72.10% Y-O-Y.
READ: Vitafoam’s 2020 oncourse to make light–work of 2019
READ: Sterling Bank Plc forecasts N2.09 billion PAT in Q1 2021
What you should know
- Shares of the company have gained 9.6% within the first one hour of trading, largely at the backdrop of news of the company’s impressive performance as the current valuation of the company in the light of its results suggests that the shares of the Company are undervalued at the current price.
- Checks by Nairametrics as of 11:10 am today confirmed that the company is on a full bid, as 4,930,245 bids from 23 investors have been placed at the highest price for the day, without a single offer at a price lower than N8.55.
READ: Ecobank Transnational Inc. records 11% increase in interest income for Q3 2020
Bottom line
The profitability of the company was beefed up in 2020 on the back of the decrease in the cost of raw materials coupled with the increase in sales from the core segment of the company which led to the 5.21% increase in revenue in 2020.
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However, it is important to note that the impressive performance of the Vitafoam Group was also strengthened by the increase in other profit owing to improvement in sales, this helped the company to also grow its revenue from services provided to customers’ after-sales.
Company Results
Neimeth posts profit of N212.48 million for year-ended September 2020
Neimeth profit declined by 3.48%, as profitability was pressured by rising costs and expenses in 2020.
Published
3 weeks agoon
December 30, 2020
Neimeth Pharmaceuticals Plc has reported in its audited financial statement for 2020 that it made a profit of N212.48 million for the year ended 30th September 2020.
This represents a 3.48% decline in profit when compared with the N220.15 million PAT reported in the corresponding period of 2019.
READ: PZ incurs N1 billion in exchange rate loss
Key highlights
- Revenue increased to N2.84 billion in 2020, 19.73% Y-O-Y.
- Cost of Sales increased to N1.33 billion in 2020, 13.11% Y-O-Y.
- Gross Profit increased to N1.51 billion in 2020, 26.23% Y-O-Y.
- Other income increased to N29.29 million in 2020, 1049.33% Y-O-Y.
- Marketing and distribution expenses increased to N505.11 million in 2020, 33.90% Y-O-Y.
- Administrative expenses increased to N452.28 million in 2020, 20.54% Y-O-Y.
- Exchange loss increased to N188.05 million in 2020, 479.25% Y-O-Y.
- Operating profit decreased to N393.26 million in 2020, -4.87% Y-O-Y.
- Finance costs decreased to N95.87 million in 2020, -12.00% Y-O-Y.
- Profit after tax decreased to N212.48 in 2020, -3.48% Y-O-Y.
READ: Bitcoin miners are super-rich, earn $1,000,000 per hour
Bottom line
The report revealed that despite the impressive performance of the core operating segment of the company, and the increase in the revenue generated from the Animal Health segment, the profit of Neimeth Pharmaceuticals was pressured by rising costs in 2020 and this led to 3.48% decline in profit year-on-year.
READ: Pharma Deko Plc records 1.16% increase in 2020 9M revenues
Neimeth Pharmaceuticals suffered from substantial cost and expenses increase in 2020, as the increase in production cost, marketing and distribution expenses (driven by increased payment to employees in this department), administrative expenses (driven by expenses paid for conference and meetings, bank charges and commission, communication and subscription, energy cost, insurance and medical expenses) and increase in foreign exchange loss driven by naira devaluation, pressured profitability in 2020.
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