Ardova Plc Posts N2.06 Billion Profit After Tax in 2020
Ardova Plc, an indigenous energy group headquartered in Lagos, has declared N2.063 billion for the year ended December 31, 2020.
In the audited financial statements released on Thursday through the Nigerian Stock Exchange (NSE), the amount was 47.3 percent below the N3.915 billion posted in the same period of 2019.
The revenue of the energy company grew from N179.550 billion in 2019 to N181.664 billion in 2020. While the cost of sales inched slightly higher from N165.269 billion achieved in 2019 to N169.558 billion in 2020.
Gross profit stood at N12.107 billion, up from N11.282 billion recorded in 2019.
Profit before income tax moderated from N4.654 billion in 2019 to N3.199 billion in 2020.
Ardova posted N2.063 billion profit after tax in the period under review, down from N3.915 billion attained in 2019.
The company’s total assets stood at N62.443 billion as of December 31, 2020, up from N47.019 billion in 2019.
VFD Group Plc Receives SEC Clearance for its Proposed N4.13Billion Right Issue
Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for the proposed right issue of 7,452,054 Ordinary Shares of 50 Kobo each at
N556 per share based on 1 share for every 16 shares held.
The proposed right issue was approved by the Board of Directors at its Extraordinary General Meeting (EGM) which held on 23rd November 2020. The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.
The Group Managing Director/CEO, Nonso Okpala, has expressed his gratitude to the regulatory body, SEC, for the clearance, while hinting on the next phase of the business.
“Our expansion drive has been a long time coming and with this clearance, one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent,” he disclosed.
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.
Listed Companies Gained 0.16 Percent on Friday
Companies listed on the Nigerian Stock Exchange (NSE) gained 0.16 percent on Friday to push the All-Share Index from 38,571.89 basis points on Thursday to 38,808.01 index points on Friday.
The Exchange market capitalisation rose to N20.310 trillion with investors trading 262.510 million shares valued at N2.438 billion in 3,525 deals.
Fidelity Bank led the most traded stocks in terms of volume with 46,151,809.00 shares valued at N110,562,441.03.
This was followed by First Bank of Nigeria Holdings’ 33,985,247.00 shares worth N258,398,231.05. See the details below.
NGX Regulation Publishes 2021 Supervision Priorities for Trading License Holders
NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has published its supervision priorities for 2021 on Wednesday, 14 April 2021.
To ensure a fair and orderly market, the supervision priorities provide guidance to Trading License Holders (TLHs) of the Exchange, the investing public, and other stakeholders and are underpinned by business practices considered to be of market wide interest. The 2021 Supervision Priorities can be accessed here.
According to the Chief Executive Officer, NGX RegCo, Ms. Tinuade Awe, “The priority document provides an insight into the performance of TLHs with regards to previous areas of regulatory concerns and observed emerging trends. Some of these include the increased dependence of TLHs on virtual communication and trading channels occasioned by the COVID-19 pandemic, as well as new market trends as it relates to new laws, regulation, and rules. Our supervisory programs have, therefore, been reevaluated to introduce various initiatives designed to deal with the present challenges, including issuing statements, developing dialogue platforms for regulatory updates and providing assistance through regulatory arrangements that seek to cushion the financial and operational effects of regulatory activity on the businesses of our stakeholders as appropriate”.
This year, NGX RegCo will focus primarily on nineteen (19) areas of regulatory concerns organised into four (4) broad categories:
- Market Integrity
- Emerging Trends
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