FCMB Group Plc announced it will hold the Board of Directors’ meeting on Friday, December 4, 2020 at 11.00 am via Microsoft Teams.
The group disclosed this in a statement to the Nigerian Stock Exchange (NSE) on Monday.
The statement signed by Olufunmilayo Adedibu, Company Secretary, reads “Notice is hereby given that the Board of Directors’ meeting of FCMB Group Plc is scheduled to hold on Friday, December 4, 2020 at 11.00 am via Microsoft Teams.”
“The meeting is principally to consider the Financial Year 2021 consolidated Budget of the Group.”
Increase in Price Boosts Revenue of Dangote Sugar by 41.5 Percent in Q1 2021
Revenue of Dangote Sugar Refinery Plc rose by 41.5 percent to N67.394 billion in the first quarter (Q1) of 2021 from N47.643 billion recorded in the same quarter of 2020.
According to the leading sugar manufacturer, the increase in revenue was a result of the increase in the price of sugar in the first quarter. The company claimed price adjustment was necessary to mitigate the negative effect of inflation and depreciation on the company.
Volumes only rose by 5.7 percent during the quarter despite a 41.5 percent increase in revenue, meaning the increase in price was the main sales catalyst.
In the company’s unaudited financial statements, gross profit grew from N12.721 billion in Q1 2020 to N18.044 billion in Q1 2021.
Similarly, operating profit stood at N15.884 billion, up from N10.747 billion posted in Q1 2020.
Finance cost more than double from N1.353 billion in Q1 2020 to N3.412 billion in Q1 2021.
Dangote Sugar’s profit before tax rose from N9.509 billion recorded in the corresponding quarter to N11.949 billion in the quarter under review.
The company paid N3.646 billion in income tax, slightly higher than N3.137 paid in the same quarter of 2020.
Profit for the period grew from N6.372 billion in Q1 2020 to N8.302 billion in Q1 2021.
Commenting on the company’s performance, Dangote Sugar said “EBITDA increased by 34.7% to N17.02 billion (2020: N12.64 billion) on account of increased earnings. Group profit after taxation for the period increased by 30.3% to N8.30 billion (2020: N6.37 billion) reflecting management’s unrelenting drive to deliver consistent shareholder value.”
On price increase, the company hinged it on series of devaluation carried out in 2020 by the Central Bank of Nigeria (CBN), escalating inflation, port congestion and rising in price of global sugar. Dangote Sugar said its imported raw sugar from Brazil under Federal Government’s backward integration plan.
“We have continued to witness high cost of raw materials, energy costs and other input costs due to rising inflation and FX rate fluctuation. Further cost escalation is anticipated in the year as inflationary pressure mounts,” the company said.
FBN Holdings Suffers 39 Percent Drop in Profit to N15.6 Billion in Q1 2021
FBN Holdings Plc profit after tax declined by 39 percent from N23.140 billion recorded in the first quarter (Q1) of 2020 to N15.6 billion in the first quarter of 2021.
In the leading financial institution’s unaudited financial statements released through the Nigerian Exchange Limited, gross earnings declined by 14.5 percent to N137 billion in the period under review, down from N160 billion filed in the previous quarter.
Similarly, net interest income declined from N60.253 billion achieved in Q1 2020 to N52.793 billion.
Net interest income after impairment charge for losses also dipped from N50.547 billion in Q1 2020 to N39.619 billion in Q1 20201. While net fee and commission income rose from N20.773 billion in Q1 2020 to N28.427 billion in Q1 2021.
Profit before tax declined by 34 percent to N18.906 billion in the quarter under review, down from N28.680 billion posted in the corresponding quarter of 2020.
FBN Holdings paid N3.285 billion in income tax in the first quarter of 2020.
Therefore, profit for the period stood at N15.621 billion. While Net Assets contracted from N765.2 billion to N764.8 billion.
Japaul Gold and Ventures Plc Fails to File Q1 2021 Financial Statements
Following the failure to file the 2020 Audited Financial Statements, Japaul Gold & Ventures Plc once again failed to file the unaudited financial statements for the first quarter of 2021.
According to the company formerly known as Japaul Oil and Maritime Services Plc, the first quarter delay was as a result of the pending 2020 audited financial statements which has not been finalised.
Therefore, the company could not file the 2021 first-quarter results due to the inconclusiveness of 2020 Audited Financial Statements.
Japaul Gold & Ventures apologises for the delay and requests the public/stakeholders/prospective investors to bear with the company.
The company, however, promised it is working hard to ensure that both 2020 Audited and 2021 Q1 Unaudited Financial Statements are filed as soon as possible.
Japaul Oil and Maritime Services Plc changed its name to Japaul Gold & Ventures Plc after years of struggle in the oil and maritime sector and immediately announced it was investing in a Chinese-owned H&H Mines Limited and shift its attention to mining.
The announcement bolstered the company’s shares by over 100 percent before a series of reports analysing the likely challenges the company will face in closing the deal given the pandemic and the fact that it needs to raise the necessary funds for the deal from the debt market.
Japaul’s share plunged shortly after. Up until now, nothing has been heard of the said deal rather the company continues to struggle with audited financial statements of 2020 and even the first quarter of 2021.
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