The Board of Directors of Presco Plc has approved additional fundraising for the company to acquire the shares of a private company limited that is operating in the same line of business as Presco Plc.
The management of Presco disclosed in a statement signed by Patrick Uwadia, Esq., Company Secretary.
The board passed that in “pursuant to the Memorandum and Articles of the Presco Plc, the Directors are hereby authorised to raise additional capital by the issue of debt instruments including but not limited to commercial papers, bonds, loan stock, redeemable convertible bonds whether by way of private placement or otherwise upon such terms and conditions to be determined at the discretion of the Directors and subjects to any requisite regulatory approvals.”
Thereafter, the board of directors authorised the management of the company to invest and acquire the shares of a private company first mentioned by the company on June 16th, 2021.
“That in accordance with the provision of the Companies and Allied Matters Act 2020 and the Company’s Memorandum and Articles of Association, the Directors and Management of Presco Plc are duly authorised to invest in and acquire the shares of a private company limited by shares in the same line of business as Presco Plc, subject to regulatory approvals.
“That the Directors be authorised to take such steps, and do all acts to such things including the appointment of professional parties and advisers, enter into any agreements/execute documents as may be necessary and required to give effect to the above resolutions.”
BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021
BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.
Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.
The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.
As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.
The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.
Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.
Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.
Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.
The company paid N6.3 billion in income tax in the first half of 2021.
Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.
Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B
Stock and crypto-trading app Robinhood has secured a $32 billion valuation via its initial public offering (IPO) and is set to debut on the Nasdaq exchange on Thursday.
According to a press release on Wednesday, Robinhood has priced its offering at $38 per Class A common stock share.
The pricing is at the lower end of the $38-$42 per share price range the company had targeted and had planned on selling 5.5 million shares targeting a $1.89 billion raise.
Net proceeds from the sale will go toward working capital, capital expenditures, funding tax obligations, hiring efforts, customer support services, among others.
Shares will be listed on the Nasdaq Global Select Market on Thursday, according to the release.
Earlier this month, Robinhood began unconventionally offering a portion of its IPO to users via its app — a view some consider to be a risky gamble.
Known for its zero-fee trading structure, the company has continued to endure hits to its image as well as legal and political ramifications stemming from the fallout of the GameStop saga and limitations to users trading crypto.
The company is trying to reshape that image and is reportedly working on a new feature that will help protect users from crypto price volatility while hiring a former Google alumn to improve its overall product design.
“Robinhood intends to use the net proceeds for working capital, capital expenditures, funding its anticipated tax obligations related to the settlement of RSUs, and general corporate purposes including increasing its hiring efforts to expand its employee base, expanding its customer support operations and satisfying its general capital needs,” the firm said in the announcement.
Robinhood filed the public offering prospectus on July 1, noting at the time that 17 percent of its total revenue in Q1 came from crypto trading transaction fees, which represented a big jump from the 4 percent in Q4 2020.
“While we currently support a portfolio of seven cryptocurrencies for trading, for the three months ended March 31, 2021, 34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, as compared to 4 percent for the three months ended December 31, 2020,” the firm said in the initial filing.
Still, the company’s CEO Vlad Tenev is staring down allegations from the Financial Industry Regulatory Authority over his failure to register Robinhood Financial relating to compliance issues.
UAC of Nigeria Plc Reports 257.6 Percent Increase in Profit in H1 2021
UAC of Nigeria Plc reported a shocking 257.6 percent increase in profit for the six months ended 30 June 2021.
In the company’s unaudited financial statements, revenue surged by 27 percent from N46.63 billion recorded in the first half (H1) of 2020 to N46.45 billion in the first half of 2021.
Gross profit also increased by 19 percent to N8.3 billion, up from N6.9 billion filed in the same period of 2020. See the details below.
UAC of Nigeria Plc Financial Highlights
• Revenue 27% ahead of H1 2020 at ₦46.5 billion, driven by sales growth across all business segments.
• Gross profit 19% higher than H1 2020 at ₦8.3 billion; Gross margin 119 bps lower due to rising raw material costs
and supply chain disruptions, particularly in the Paints segment, limiting ability to meet demand.
• Operating profit 105% higher at ₦1.7 billion, supported by revenue growth.
• Profit after tax from continuing operations was ₦765 million, up 258% from ₦214 million in H1 2020.
• Earnings per share from continuing operations was 5 kobo, an improvement from 7 kobo loss per share in H1 2020.
• In H1 2020, UAC recorded ₦944 million profit from discontinued operations which impacts year on year comparison.
• Subsidiary company highlights
– Completed merger of Chemical and Allied Products PLC and Portland Paints and Products Nigeria PLC.
• Proposed corporate actions
– Received preliminary regulatory approval to unbundle 649 million UPDC REIT units, valued at ₦ 3.7 billion as at
30 June 2021, to UAC shareholders.
Commenting on the results, Group Managing Director, Fola Aiyesimoju, stated: “We are gaining traction in our focus on growth. Higher sales across all our operating platforms translated to 27% revenue growth year on year. Price increases and operational efficiency offset input cost escalation resulting in 105% increase in operating profit. Profit before tax is 25% higher year on year. Net income was negatively impacted by losses from UPDC PLC and MDS Logistics Limited and we are working with our partners to restore these companies to profitability.”
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