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Company Results

GTBank revenue for H1, 2020 rises to N225.14 billion

Profit After Tax stood at N94.3 billion in H1, 2020.

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GTBank Sponsors 2020 Lagos International Polo Tournament, Buying opportunity as GTB share price falls to 2 year low, GTBank releases 2019 full year audited results, Guaranty Trust Bank Plc to consider a holding company structure, GTBank launches Beta Health, expands access to health insurance for low-income Nigerians

Guaranty Trust Bank’s revenue for the half-year of 2020 stood at N225.14 billion as against 221.87 billion recorded in the same corresponding period of 2019.

However, Nigeria’s leading lender’s Profit Before Tax for H1,2020 stood at N109.7 billion as against N115.8 billion recorded in the same corresponding period of 2019, showing a decline of about 5.2%.

READ: Dangote Sugar Refinery: Revenue soars amid rising cost of sales

Its Profit After Tax stood at N94.3 billion in H1, 2020 as against N99.1billion recorded in the same corresponding period of 2019.

These were disclosed in the statement issued by the tier-1 bank to the Nigerian Stock Exchange (NSE) on Wednesday.

READ: Union Bank canters onward despite gallop from COVID-19

It should also be noted that the Board of Directors of Nigeria’s most valuable bank by market value proposed an interim dividend payment of 30 kobos per ordinary share on the issued capital of 29,431,179,224 Ordinary Shares of 50 Kobo each payable to Shareholders on the register of shareholding at the closure date.

Just recently the N755 billion market capitalized bank listed on the Nigerian Stock Exchange and also on the London Stock Exchange, disclosed in a note to its GDR holders that the institution which serves as custodian for this shares corresponding to these certificates (Citibank Nigeria) is awaiting authorization from the Central Bank to transfer dividends for the 2019 financial year in dollar terms.

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Shortly after the release of  Guaranty Trust Bank earning result for H1, 2020, the share price rose slightly higher by 0.20% to close at N25.65

What you should know; A dividend is a payment made by a company to its shareholders, usually as a distribution of profits.

When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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Companies

Ecobank Group Posts N630 billion Revenue in 2020

Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020.

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Ecobank Transnational's 32nd AGM

Ecobank Group has recorded a revenue of over N630 billion for the year ended December 31, 2020. This represents a 7% growth when compared to N586.9 posted in the corresponding period of 2019.

In its unaudited report submitted to the Nigeria Stock Exchange (NSE) on Friday, the pan-African bank stated that value of its total assets now stands at N10.2 trillion after a 19% rise.

The bank also recorded superlative performance in other key financial indices despite the harsh operating environment.

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Summary of the report showed that Deposits from customers went up 23% to N7.3 trillion; Total equity up 17% to N805.1 billion; while Loans and advances to customers grew by 9% to N3.7 trillion.

However, despite the bank’s good showing in deposits from customers and revenue, profits was impacted by the provisioning for goodwill for the acquisition of Oceanic Bank in 2011. Consequently, the bank ended with profit after tax of N35.9 billion, while profit before tax and goodwill impairment closed at N126.4 billion.

READ: Nigeria generates N1.53 trillion VAT in 2020, grows by 29%

The Ecobank Group had stated that it is optimistic that with clean book aftermath of the full provisioning for Oceanic Bank, it will improve on its profitability in 2021 and other years ahead.

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Nairametrics | Company Earnings