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Dangote Cement Posts N82.542 Billion Profit in Q3, 2020

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Dangote Cement Declares N82.542 Billion Profit After Tax in Q3, 2020

Dangote Cement Plc, a leading cement manufacturer in Africa, declared a profit after tax of N82.542 billion for the third quarter ended September 30, 2020.

In the unaudited financial statements filed with the Nigerian Stock Exchange, the company recorded N284.592 billion in revenue, higher than the N212.061 billion posted in the third quarter of 2019.

Dangote Cement declared N169.472 billion gross profit after spending N115.120 billion as the cost of sales.

The cement manufacturer almost doubled the N60.986 billion profit from operating activities it achieved in the corresponding period of 2019. It posted a N114.449 billion profit from operating activities in the third quarter of 2020.

Profit before tax rose nearly 200 percent from N42.192 billion in the third quarter of 2019 to N109.109 billion in the third quarter of 2020.

Similarly, Dangote Cement grew profit after tax from N35.110 billion in the same period of 2019 to N82.542 billion in the third quarter of 2020.

Michel Puchercos, the Group Chief Executive Officer, Dangote Cement, said the company sold 19.21 million tonnes for the nine-month ended September 30, 2020, representing 6.6 percent more than the 18.02 million tonnes sold in 2019.

Speaking on the company’s nine months performance, Mr Puchercos, said: “The Cement Group’s revenue went up by 12 per cent to N761.4 billion compared to N679.8 billion in 2019 with domestic operations accounting for N535.51 billion which compared to N467.88 billion up by 14.5 per cent. Pan-Africa operations contributed N232.61 indicating a 9.1 percent increase over N213.20 billion in 2019.

“Despite a challenging environment, Group volumes for the nine months were up by 6.6 per cent and group EBITDA was up 17.1 per cent, at a 46.6 per cent margin.

“This quarter has really shown the ability of Dangote Cement to meet the strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending, including more concrete roads.

“Sales volumes in Nigeria were up 40 per cent in the quarter and Pan-Africa reached a record high EBITDA margin of 24 per cent in the quarter.

“We continue to focus on our export strategy and are on track to ensure West and Central Africa become cement and clinker independent, with Nigeria as the main supply hub. Clinker exports have steadily been ramping up in Q3 after our maiden shipment in June 2020, whilst land exports have also resumed,” he said.

“In the period under consideration, Dangote Cement has exported 7 clinker vessels from Nigeria via the Apapa export terminal, while plans are on track to commission the Port Harcourt export terminal before the end of the year,” he added.

Mr Puchercos said: “Dangote Cement’s strategy to offer high quality products at competitive prices is meeting customers’ expectations in Nigeria and across the continent, where we continue to deploy excellent marketing initiatives and operational excellence.

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.

Nigerian Stock Exchange

Okey Nwuke, Access Bank Non-Executive Director, Purchases 1.3 Million Shares in the Bank

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Dr Okey Nwuke - Investors King

Dr. Okey Nwuke, a non-executive director in Access Bank, has purchased 1.3 million shares of Access Bank, according to the latest disclosure filing from the bank.

Nwuke bought 1.3 million shares at N7.45 a unit on May 5, 2021 at the Nigerian Stock Exchange (NSE).

Dr. Nwuke has over 28 years’ experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.

He has garnered considerable expertise in credit analysis and bank financial management through professional training as a Chartered Accountant, from relevant training programmes as well as on the job training. He was an Executive Director in Access Bank from 2004 to 2013 and served as the Chairman of the Board of Directors of the Bank’s subsidiaries in Rwanda and Burundi. Dr. Nwuke was a pioneer Non-Executive Director of Stanbic IBTC Pension Managers Limited representing Access Bank.

Dr. Nwuke’s key competencies include finance, strategy development and execution, organizational restructuring and transformation, leadership and change management. He joined the Board of Coscharis Group in August 2014 and is currently responsible for the strategic drive to position it for sustainability. He currently chairs the Shareholders’ Audit Committee of NASCON Plc and sits on the Boards of Access Pension Fund Custodian Limited, First Ally Asset Management Limited, Claritus Limited and Simply Gifts and Interiors Limited.

He holds a B.Sc. Degree in Accountancy from University of Nigeria, Nsukka and an MBA (Distinction) in International Banking and Finance from the Birmingham Business School, United Kingdom. Dr. Nwuke holds a Doctorate Degree in Business Administration (DBA) from Walden University, Minnesota, USA with a research focus on leadership transition challenges in family businesses. He has been exposed to several leadership and professional development programmes at renowned institutions including Harvard Business School, Boston (AMP 175), Wharton Business School, Pennsylvania (both in U.S.A), INSEAD and IMD.

He joined the Board in November 2019 and currently chairs the Board Credit and Finance Committee. He is also the Vice-Chairman of the Board Technical Committee on Retail Expansion.

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Bonds

MTN Nigeria Completes Issuance of N110 Billion Series I Fixed Rate Bonds

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Karl O Toriola - Investorsking.com

MTN Nigeria Communications Plc (MTN Nigeria) has completed the issuance of N110,001,000,000 Series I 7-Year 13.0 percent Fixed Rate Bonds due 2028 (Series I Bond) under the N200,000,000,000 Bond Issuance Programme.

MTN Nigeria had initially indicated the intention to raise N100 billion in Series I of the registered Shelf Programme.

The Series I Bond is the largest corporate bond issuance in the debt capital markets thus far in 2021 and MTN Nigeria’s debut in the domestic bond market, the Company having established a strong presence in Commercial Paper issuances.

The Book Build process in respect of the transaction launched on 9 April 2021 and was completed on 16 April 2021. The transaction was well received with active participation from a wide range of high value and quality investors including pension funds, fund managers, banks, insurance companies, trustees, corporates, and high net worth individuals. The total value of orders received during the Book Build was N132,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance. The issue was launched at a clearing coupon of 13.0 percent with N110,001,000,000 in qualified bids.

The Series I Bond Issuance further reinforces MTN Nigeria’s strategy of diversifying its funding sources and reflects its market leadership and strong credit quality, as well as the resilience of the domestic debt capital market. The net proceeds will partly be used to refinance existing debt and support the rollout of critical network infrastructure.

Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria, said “We are very proud of this landmark transaction, which is the first-ever telco bond issued in Nigeria and the largest corporate bond issuance this year. The domestic debt capital market has given us the opportunity to further diversify our funding sources and extend the maturity of our debt portfolio and profile to match investment in infrastructure. The strong support for this transaction, given the challenging environment, is a reflection of the depth of the market, and investor confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.

Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Join Issuing Houses.

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Dividends

Seplat Announces Currency Exchange Rates for Proposed Final Dividend for 2020

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Naira Dollar Exchange Rate

Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in the determination of the proposed final dividend for 2020 to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or GBP:

Exchange Rate

1 USD = 410.24 Naira
1 USD = 0.7197 GBP

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.

The closing date for Dividend currency election to the Company’s Registrars is 18th May 2021. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 1st March 2021 for definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.

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