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Forte Records N5.34bn Profit, Neimeth Posts N248.8m Loss

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  • Forte Records N5.34bn Profit, Neimeth Posts N248.8m Loss

Forte Oil Plc reported a profit before tax of N5.34bn for the year ending December 31, 2016.

The firm disclosed this on Tuesday in its result filed with the Nigerian Stock Exchange.

The group’s profit before tax for the same period last year, closed at N7.01bn.

It recorded revenue of N148.61bn in 2016 compared to N124.62bn reported a year ago.

But Neimeth International Pharmaceuticals Plc reported Q1 pre-tax loss of N248.4m against a profit of N51.9m recorded for the same period last year.

It also recorded Q1 turnover of N137.4m, which is a drop compared to N396.2m reported for the same period last year.

In November 2016, Forte Oil succeeded in raising N9bn from the capital market to support its operation and drive its expansion strategy. The capital-raising (in bonds) was a five-year fixed rate issue and the first series of its proposed N50bn bond issuance programme.

The oil firm had said then that the funds raised would be deployed to refinance existing short-term commercial bank loan obligations and its retail outlet expansion. The company has an issuer rating of A- long-term and A1- short term rating by the Global Credit Rating Company.

The Group Chief Executive Officer, Mr. Akin Akinfemiwa, was quoted to have said, “The raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil as an investment of choice.

“This bond programme being the first in the downstream sector, is a testament to Forte Oil’s position within the downstream sector and allows the company to actualise the vision of the board to continue to provide value to its shareholders regardless of the economic climate.”

The bond was listed on the NSE and FMDQ OTC Exchange until maturity date in 2021. United Capital Limited served as the lead financial advisor/issuing house to the transaction while Boston Advisory Limited, FBN Capital Limited, Planet Capital Limited and Vetiva Capital Management Limited served as joint financial advisors/issuing house.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

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Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

The Federal Government of Nigeria has started seeing the positive effect of series of policy adjustments made to up the nation’s revenue and gradually move away from unstable oil revenue.

Nigeria generated N1.53 trillion from Value Added Tax (VAT) in 2020, an increase of 29.3 percent when compared to the N1.18 trillion posted in 2019, the National Bureau of Statistics (NBS) stated in its latest report.

According to NBS, VAT rose by 38.2 percent when compared to N1.11 trillion filed in 2018.

Breaking down the report, professional services contributed N162.32 billion during the period under review, This was followed by the manufacturing sectors with N154.15 billion.

Accordingly, non-import VAT realised expanded by 30.5 percent to N763.01 billion in 2020, against N584.6 billion in 2019.

Non-import foreign VAT grew by 17 percent from N359.5 billion in 2019 to N420.4 billion in 2020.

As expected, import VAT jumped by 44,6 percent from N240.5 billion filed in 2019 to N347.7 billion in 2020.

Despite lockdown and weak economic activities, the Federal Government through a 50 percent increment in VAT from 5 percent to 7.5 percent was able to up VAT revenue by 29.3 percent.

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

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