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Lafarge Cement reports 31 per cent growth in gross profit to N142bn



By Philemon Adedeji

Lafarge cement PLC on Thursday reported 31 per cent increase in  gross profit for the full year audited results  ended December 31, 2021.

From the data released by Nigeria Exchange limited (NGX), the gross profit rose by 31 per cent, from N108.9 billion generated at the end of 2020 financial year to N142.6 billion generated at the end 2021 financial year.

The group on the Nigerian exchange limited reported significant increase in profit after minimum tax from N39.2 billion in corresponding period of 2020 to N61.8 billion in previous period of 2021, an improvement of 58 per cent.

The profit of the year appreciated by 65 per cent which increased from N30.8 billion in twelve months of 2020 to N51.003 billion in twelve months of 2021.

The group total assets grew from N507 billion at the end 2020 financial year to N526.8 billion at the end of December 31, 2021, the result presented shows an increase of 3.8 per cent.

However, the group declared huge improvement in profit before minimum tax to 66 per cent, from N37.6 billion at the end of 2020 financial year to N62.3 billion at the of December 31,2021.

Earnings per share for the period rose by 66 per cent from N191 in twelve months of 2020 to N317 in twelve months of 2021.

The net finance cost recorded for the period reveals declination of 41 per cent, as the profit declined from N8.53 billion in 2020 financial year to N3.53 billion at the end of December 2021.

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capital market

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



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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capital market

Anchor University signs MoU with CISI to train Finance Professionals



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



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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