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Lafarge cement posts 18 bn profit in Q1 2021

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While sales of cement increased by 25.96 per cent and raked in N87.99 billion sales for the period.

In the Same vein, sales of mortar increased by 60.41 per cent to rake in N98.94 million.

The company also made money from income earned from short-term fixed deposit investment, raking in a total of N54.69 million.

Lafarge cement plc, however grew it other income mainly from government grant property disposal and sale seraps, rising 11.69 per cent to N165.66 million year-on-year .

Despite the growth in the top line revenues administrative expenses grew in digits, subduing bottom-line profit and distribution expenses grew by 16.86 per cent as the company improved in its advertising and campaign sending advertising expenses grew by 26.92 per cent, while campaign and innovation expenses was recorded as N3.33 million compared to just N21,000 in the prior- year period.

In addition, the company’s total assets are now N535.64 billion, while net assets rose by 4.64 per cent to N396.12 billion.The company’s long-term loan and borrowings stood at N2.29 billion.

Commenting on the company’s Q1 2022 performance, the CEO of lafarge Africa said, “The company Q1 2022 performance show significant improvement over Q1 2021, with net sales of +26.8 per cent, recurring EBIT of +50.4 per cent and net income of +92.2 per cent.

Coming after our very strong financial year 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business. We are equally  pleased with the progress we are making on sustainability our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge.

Lafarge cement plc, has earnings share (EPS) for the period was at N1.09, a 91 per cent increase from N0.57 in Q1  2021.The company has paid final dividend of N1.00 to its shareholders for the financial year ended 31 December 2021.

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Tranex Plc doubles share capital to N498.15m amid strategic expansion plans

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By Esther Agbo

Shareholders of Trans-Nationwide Express (Tranex) Plc have sanctioned an increase in the company’s share capital from N249,075,038.50 million to N498,150,077.00 million. This decision was made during the company’s 31st Annual General Meeting in Lagos.

The capital boost will be achieved by creating an additional 498.15 million ordinary shares, each valued at N0.50, maintaining parity with existing shares.

With the approval, and pending necessary statutory clearances, the Directors have been authorised to issue these new shares through a rights issue to current shareholders.

They are also empowered to negotiate and finalise all essential transaction documents for this issuance.

The official statement read, “That the Share Capital of the company be and is hereby increased from N249,075,038.50 to N498,150,077.00 by the creation of additional 498,150,077 ordinary shares of N0.50 each ranking pari-passu in all respects with the existing ordinary shares of the Company.

“That following the approval of the increase in the Company’s share capital and subject to the Company obtaining all required statutory approvals, the Directors be and are hereby empowered to issue the newly created ordinary shares of 498,150,077 (four hundred and ninety-eight million, one hundred and fifty thousand, seventy-seven) through a Rights issue to existing shareholders.”

Additionally, shareholders passed resolutions authorising the Directors to manage all necessary documents and steps related to the share issuance, subject to regulatory approvals.

The increase in share capital also necessitated the addition of a new Object Clause 6, reflecting the revised share capital structure.

After the execution of the Transaction Agreements, the Board of Directors of the Company is hereby authorised to allot and issue the relevant shares to existing shareholders and take all necessary actions related to this, subject to the approval of the regulatory authorities.

Following the increase in the Company’s Share Capital, a new Object Clause 6 is added as follows: the share capital of the Company is N498,150,077.00 (four hundred and ninety-eight million, one hundred and fifty thousand, seventy-seven naira) divided into 996,300,154 (nine hundred and ninety-six million, three hundred thousand, one hundred and fifty-four) ordinary shares of N0.50 each.

Important to note, Tranex is a logistics solutions provider. The company’s 2023 financial results showed a 25 percent drop in revenue from N698.63 million in 2022 to N527.26 million in 2023.

Direct operation costs decreased by 19 percent from N508.35 million in 2022 to N410.60 million in 2023. Profit before tax fell by 13 percent to N37.67 million, and profit after tax declined by 36 percent to N16.03 million in 2023.

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Anchor University signs MoU with CISI to train Finance Professionals

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In a strategic move to enable its staff and students to join the league of global finance professionals with an array of opportunities,  Anchor University, based in Lagos State, Nigeria, has signed a Memorandum of Understanding (MoU), with the Chartered Institute for Securities and Investment (CISI).

By the MoU, Anchor University and CISI, shall partner in the areas of training and continuous learnings . The partnership will also expose the University staff and students to a series of CISI certifications, a lifelong career path. The collaboration is a pathway to CISI’s state-of -the -art learning platforms,  which contains over 2000 learning items for upskilling and continuing professional development.

Beneficiaries of the MoU shall leverage CISI learning items, including its Review Magazine with topnotch articles, CISI TV, recorded CISI’s YouTube channels and podcast and live webinars.

Commenting on the signing of MoU, Kevin Moore, Director, CISI Global Business Development, says, “We are delighted to announce our new partnership with Anchor University, Nigeria, as an education partner. This collaboration enhances our commitment to foster excellence in financial services education and provide the students in Nigeria with unparalleled opportunities to develop their knowledge and skills and advance their career in the financial sector.”

Corroborating him, the Vice Chancellor, Anchor University, Professor Samuel Bandele, expressed optimism that the MoU shall enhance the global qualifications of his staff and students: “We are always willing to go into any legitimate strategic partnerships that prepare our students and graduates for global relevance and impact. Our relationship with CISI , a global finance professional body based in the UK no doubt will add great value to our students and the University at large.”

Commenting on the partnership, CISI Country Representative in Nigeria, Dr John Osuoha, congratulated Anchor University for this achievement , noting that CISI only partners with  highly reputable Universities across the globe who meet certain prescribed standards .

“Students of Accounting, Finance, Economics and other Departments in Anchor University  are to offer various CISI certifications. The CISI Certifications are global qualifications, accepted for work and career progression in over 75 Countries of the world. The students upon graduation are equipped with relevant skills and knowledge to operate in the financial services sector in countries of their interest,” Osuoha said.

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Seplat’s N185bn drop lowers NGX to lowest level in two weeks

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By Esther Agbo

Seplat Energy Plc saw a significant decline on the Nigerian Exchange (NGX) today, with its share price dropping by 8.30percent to close at N3,480. This resulted in a market capitalization decrease of N185.16 billion.

Seplat’s downturn was the primary factor driving the NGX’s overall decline of 0.33percent, leading to an All-Share Index of 99,468.69, the lowest since June 27, 2024.

This performance continued the market’s bearish trend this week, with the NGX falling by 0.55percent from the week’s opening of 100,022.03 points.

There was a 68 percent decline in traded volume, with 296.732 million shares traded today compared to 935.148 million shares yesterday.

The turnover volume decrease also led to a 54 percent drop in turnover value, down to N5.448 billion from N11.840 billion yesterday.

However, No stock within the NGX-30 Index made the top gainers list.

Linkage Assurance posted a 9.80 percent gain, closing as the top gainer while Daar Communications gained 9.62 percent to close at N0.57.

Vitafoam Plc increased by 7.61percent to N21.20, its highest since mid-March, Livestock Feeds continued its bullish run with a 7.32percent gain, marking a 19percent increase over four days. Mecure Industries gained 4.41% to close at N10.00.

Ikeja Hotel Plc led the losers’ list with a 9.29percent decline, Honeywell Flour Mills fell by 8.41percent to N3.16, Seplat Energy Plc dropped by 8.30percent to N3,480.00. Champion Breweries declined by 7.55 percent to N3.06 and Sunu Assurances Nigeria fell by 4.62percent to N1.24.

Moreover, Fidelity Bank was the most traded stock with 46.783 million shares, despite a 0.48percent decline to N10.45, Linkage Assurance, the top gainer, had 32.122 million shares traded. Access Holdings, amidst a bearish run, saw a turnover of 23.235 million shares, Transcorp traded 129 million shares, AIICO Insurance had 15.633 million shares traded.

In terms of value, Seplat Energy led with a turnover value of N1.15 billion, Airtel Africa followed with N569.14 million, Fidelity Bank recorded N482.46 million, Transcorp Power had N464.32 million, Access Holdings recorded N445.71 million.

Mixed trading sentiments were observed among stocks worth over one trillion, with Seplat Energy posting an 8.30 percent loss and Airtel Africa gaining 0.14percent. Banking stocks such as Zenith Bank and GTCO Holdings gained 0.13percent and 0.22percent respectively, while FBN Holdings and UBA posted gains of 0.44percent and 1.10percent. However, Access Holdings declined by 1.04percent.

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