- Hello and welcome to Nairametrics’ Corporate News Roundup for the week that ended June 10, 2023.
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- Let’s now get to the news recap.
It was another busy week for corporate Nigeria, characterised by Q3 earnings forecasts, dividend announcements, appointments, and even product launches. Oh! By the way, VFD Group announced its intention to list on the Nigerian Exchange. Bet some retail investors cannot wait for that to happen already.
Let’s now quickly summarise the main stories from last week. Enjoy.
BUA Cement’s Expansion Plan
BUA Cement announced that it has secured a $500 million loan from the International Finance Corporation (IFC) to expand its cement plants in Nigeria. The loan, arranged by IFC along with other lenders like the African Development Bank and Africa Finance Corporation, will help BUA Cement increase its capacity to a whopping 8.0 million tons per annum.
Note that BUA Cement is already the second leading cement maker in Nigeria. Last year, the company reported a pre-tax profit of N120.1 billion thanks to increased sales of bagged cement products. The proposed expansion drive would is expected to help the company to cement its growth!
Abbey Mortgage’s Q3 Earnings Forecast
Speaking of a growth mindset, Abbey Mortgage Bank forecasted a gross earnings target of N1.443 billion for the third quarter of 2023.
Alongside its earnings projection, the company is also expecting N814.531 million in interest income and a tidy profit before tax of N204.33 million. Talk about banking on success!
The bank’s managing director, Mr Bolaji Adewunmi, highlighted their achievements so far, including raising over N2.67 billion in collateralized liabilities and growing their retail-focused campaign with N1.7 billion in new deposits. No doubt, the folks at Abbey Mortgage are building a solid foundation for financial growth!
FCMB Group Aims High
FCMB Group is aiming even higher, targeting a whopping N96.499 billion in gross earnings for the third quarter of 2023. The group also expects to generate a staggering N78.963 billion in interest income, even as profits before and after tax are expected to hit N12.008 billion and N10.749 billion, respectively.
The company’s financial results for 2022 showed impressive growth, with a 61% increase in Profit Before Tax (PBT) and double-digit growth across all business segments. At the rate it is going, it seems determined to surpass last year’s record.
Unity Bank is also Aiming Higher
Meanwhile, Unity Bank Plc set its Q3 revenue target at N19.864 billion. The bank’s projections include raking in N16.407 billion in interest income, with profit targets before and after-tax set at N262.359 million and N240.059 million, respectively.
While interest expenses are projected at N11.342 billion, forecasted taxation for the period stands at N22.300 million. Let’s hope it achieves this set of targets.
VFD Group Has its Eyes Set on the NGX
In other news, VFD Group Plc is gearing up to make its grand entrance into the Nigerian stock market! The company announced this intention in a press statement seen by Nairametrics. While this is definitely not the first time it has hinted at this, it seems like it is finally ready to put it into action.
The press statement by the company said the expectation is that listing on the Nigerian Exchange would help it to boost its visibility and strengthen its financial muscles. Group CEO, Nonso Okpala, expressed excitement about the upcoming listing, promising superior returns to investors. If the listing happens this year, it would be one of the few the NGX has seen in 2023.
FBN Holdings Declares Dividend Payout
Exciting news for shareholders of FBN Holdings Plc! The financial services group has declared a generous dividend of N17.948 billion, amounting to 50 kobo per share for the financial year ending December 2022.
The proposed dividend payout is, however, still subject to shareholders’ approval, and withholding tax will be deducted upon payment. Shareholders are advised to ensure that their e-dividend registration is complete to enable them to receive their dividends electronically.
GSK Shareholders Set for Dividend Payment
Shareholders of GSK Nigeria Plc can celebrate as the company’s Annual General Meeting concluded with the approval of a dividend payment totalling N657.73 million, translating to 55 kobos per share.
The company showcased its tenacity and resilience by achieving a 13% revenue growth in 2022 amidst challenges in the operating environment. Moreover, a commendable 17% increase in profit after tax demonstrates a profitable business trajectory. Keep an eye out for the final approval of the recommended dividend, which will be subject to taxes.
NAHCO Plc Explains its Impressive 2022 Financial Performance
The Chairman of NAHCO Plc, Dr Seinde Fadeni, has attributed the company’s impressive financial performance in 2022 to the company’s innovative strategies, such as acquiring modern handling equipment, staff training, and increasing aircraft handling rates. The company had achieved a staggering 63% increase in revenue, reaching N16.7 billion in 2022.
Speaking Exclusively to Nairametrics in Lagos, he maintained optimism that NAHCO will surpass its 2022 performance this year, as the first-quarter report for 2023 already shows a promising outlook.
Access Bank’s New Product
Drumroll, please! Access Bank is bringing a touch of luxury to the Nigerian payments scene with the launch of two snazzy new credit cards. Last week, the bank announced the launch of the Access Bank American Express® Gold Card and the metal Platinum® Card, the first American Express Cards to grace Nigeria’s shores.
Now, customers can indulge in the glitz and glam of the Membership Rewards® loyalty program, plus a range of travel and lifestyle perks. It’s time to swap cash for class and experience high life with Access Bank!
Lafarge Africa Has a new CEO
Finally on today’s episode of Nairametrics Corporate News Roundup, Lafarge Africa Plc shook things up with a fresh appointment at the top. Meet Mr Lolu Alade-Akinyemi, the new Group Managing Director/CEO. A statement by the company announcing his appointment said he will resume duties on July 1st, 2023. His appointment followed the resignation of former CEO Mr Khaled El-Dokani
Lolu Alade-Akinyemi has a stellar background in finance, supply chain, and business development. He is ready to take Lafarge to new heights. We wish him all the best in his new role.
https://nairametrics.com/2023/06/07/lafarge-africa-appoints-alade-akinyemi-as-gmd-ceo-as-khaled-el-dokani-resigns/