Connect with us


May & Baker Posts N605.6m Full-year Pre-tax Profit



  • May & Baker Posts N605.6m Full-year Pre-tax Profit

May & Baker Nigeria Plc has reported a profit before tax of N605.6m for the full-year ended December 31, 2017.

The health-care firm recorded significant growths in sales and profitability in 2017 as it continued the implementation of its medium-term strategic plan targetted at enhancing shareholders’ value.

In its results filed with the Nigerian Stock Exchange on Thursday, May & Baker recorded improvements in its underlying fundamentals as well as the actual earnings figures.

According to the company, its top-down improvements in margins underlined the increasing efficiency of the company’s operations and management’s commitment to cost efficiency.

The company’s board of directors, thus, recommended the distribution of N196m as cash dividend for the 2017 business year, representing a dividend per share of 20 kobo. The recommended dividend payout for 2017 represents an increase of 233.3 per cent on the payout for the 2016 business year.

May & Baker had distributed N58.8m as cash dividend for the 2016 business year, with shareholders receiving a dividend per share of six kobo.

Highlights of the report showed that turnover rose by 10.39 per cent from N8.47bn in 2016 to N9.35bn in 2017. Gross profit grew by 29.13 per cent to N3.28bn in 2017 as against N2.54bn in 2016.

Operating profit appreciated by 51.04 per cent from N820.87m to N1.24bn in 2017. Profit before tax also rose by 75.07 per cent from N345.94m in 2016 to N605.62m in 2017.

After taxes, net profit stood at N370.87m in 2017, compared with net loss after tax of N41.09m recorded in 2016. Shareholders’ funds also rose by 10.3 per cent from N3.01bn in 2016 to N3.32bn in 2017.

Gross profit margin improved by more than five percentage points to 35.08 per cent in 2017 compared with 29.99 per cent in 2016 while operating margin, which indicates the profitability of the core operations of the company, rose from 9.69 per cent in 2016 to 13.26 per cent in 2017.

Pre-tax profit margin, which underlines the profitability of the company, also increased from 4.09 per cent in 2016 to 6.48 per cent in 2017.

In a statement, the management of the company attributed the performance of the company in 2017 to the success of management’s efforts to harness the potential of recent investments and reduce related costs.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading

Banking Sector

Ecobank Pays Off $500 Million Eurobond



Ecobank - Investors King

Ecobank Transnational Incorporated (ETI) has announced the successful repayment of its $500 million Eurobond.

The Eurobond, issued in April 2019 with a coupon rate of 9.5%, matured on April 18, 2024, and was listed on the London Stock Exchange.

The repayment, totaling $524 million inclusive of principal and interest, underscores Ecobank’s commitment to financial prudence and investor confidence.

The bond garnered substantial support from a diverse group of global investors, including development banks, FMO, and Proparco, serving as anchor investors.

Mr. Ayo Adepoju, Ecobank’s Group CFO, emphasized the significance of the inaugural bond in broadening the institution’s investor base and enhancing its visibility in global capital markets.

Despite challenges in the operating environment, such as disruptions in the global supply chain and financial markets, Ecobank has demonstrated resilience through robust liquidity, a solid balance sheet, and effective leadership.

This repayment marks Ecobank’s commitment to fulfilling its financial obligations and maintaining strong relationships with investors.

While this Eurobond repayment closes a significant chapter, it also reflects Ecobank’s ongoing efforts to navigate challenges and sustain its position as a leading financial institution in Africa.

As Ecobank clears this debt, it reinforces its reputation for financial stability and prudent management, setting a positive trajectory for future growth and continued success in the dynamic global financial landscape.

Continue Reading


SEC to Guard Against Illicit Funds Influx Amid Banking Recapitalisation



Securities and Exchange Commission

In response to the recent banking recapitalization exercise announced by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) has reiterated its commitment to safeguarding the integrity of the capital market against the influx of illicit funds.

This announcement came during a symposium organized by the Association of Capital Market Academics of Nigeria, where the Executive Director (Operations) of SEC, Dayo Obisan, addressed stakeholders on the implications of the banking sector recapitalization for the Nigerian capital market.

Obisan expressed the commission’s determination to collaborate with stakeholders to prevent the entry of laundered funds into the capital market.

He stressed the need for fund verification exercises to ensure transparency and accountability in capital inflows.

While acknowledging that fund verification is not typically within SEC’s purview, Obisan stated the commission’s willingness to collaborate with other regulators to prevent the entry of illicit funds into the market.

He said it is important to engage institutions such as the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) in verifying the legitimacy of funds entering the market.

Obisan also announced regulatory engagements aimed at enhancing the quality of filings and ensuring compliance with anti-money laundering regulations. These engagements seek to streamline the application process and mitigate the risk of illicit fund inflows from the onset.

Meanwhile, the President of the Chartered Institute of Stockbrokers, Oluwole Adeosun, maintained that the capital market can support the fresh capitalisation exercise.

He said, “The market is able and has expanded in the last ten years to be able to withstand any challenges with this capital raising exercise. It is important to know that investors have started to position themselves in the stocks of Tier 1 banks with the announcement of the planned recapitalisation last year.”

Adeosun also called on the banks to consider other options beyond the right issues, as had been seen in recent days in the sector, given the size of the funds needed to be raised as well as to bring in a fresh set of investors into the market.

“There should be more than a rights issue. We believe that some of them should go by private offer and public offer because the capital is huge so that we can bring in more shareholders into the market. We believe it is another opportunity for Gen Zs and millennial investors to come into the market.

Continue Reading


Nigerian Ports Authority Secures $700m Loan from Citibank for Lagos Ports Rehabilitation



Nigerian ports authority

The Nigerian Ports Authority (NPA) has successfully secured a $700 million loan from Citibank to facilitate the rehabilitation of the Lagos ports.

The finance was facilitated by the UK Export Finance to revitalize the Apapa and Tincan Island Ports, two pivotal gateways for maritime trade in Nigeria.

The announcement was made during a signing ceremony held in Lagos, marking a pivotal moment in Nigeria’s efforts to modernize its port infrastructure.

Mohammed Bello-Koko, the Managing Director of the NPA, expressed optimism regarding the prompt commencement of the reconstruction efforts following the finalization of the funding agreement.

The rehabilitation project is expected to address longstanding challenges faced by the Apapa and Tincan Island Ports, including congestion, inadequate infrastructure, and operational inefficiencies. By modernizing these key maritime hubs, Nigeria aims to bolster its trade capabilities, enhance port efficiency, and stimulate economic growth.

Speaking at the ceremony, Bello-Koko highlighted the strategic significance of the Citibank Facility, citing its favorable terms and affordable interest rates as key advantages for the NPA.

Bello-Koko outlined the NPA’s broader strategy to upgrade port facilities beyond Lagos, with discussions underway to secure additional funding for the enhancement of Eastern Ports such as Calabar, Warri, Onne, and Rivers Ports, as well as the reconstruction of Escravos Breakwater.

The collaboration between the NPA and Citibank underscores the importance of public-private partnerships in driving infrastructural development.

Ireti Samuel-Ogbu, Managing Director of Citibank Nigeria Limited, reaffirmed the bank’s commitment to supporting the NPA and the Federal Government in bridging the infrastructural gap.

Samuel-Ogbu commended the NPA’s strategic initiative and underscored Citibank’s dedication to facilitating the project’s success.


Continue Reading