Connect with us

Business

GCR Places Dufil Prima Foods Plc’s National Scale Issuer Ratings on “Review Extension”

Published

on

Dufil Prima Foods - Investors King

GCR Ratings (“GCR”) has placed Dufil Prima Foods Plc’s long-term and short-term national scale Issuer ratings of A-(NG) / A2(NG) respectively on ‘Review Extension’. Concurrently, the national scale long term Issue rating of A-(NG) accorded to the N10bn Series 1 bond has also been placed on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating result on or before 31 July 2021.

The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.

Related Criteria and Research

Criteria for the GCR Ratings Framework, May 2019
GCR Nigeria Country Risk Score report, published February 2021
GCR Nigeria Sector Risk Score, published February 2021
Criteria for Rating Corporate Entities, May 2019
Dufil Prima Foods rating report 2016-2020

Ratings History

Dufil Prima Foods Plc

Rating class Review Rating scale Rating Outlook/Watch Date
Long Term Issuer Initial National A-(NG) Stable Outlook June 2016
Short Term Issuer Initial A2(NG)
N10bn Series1 Bond LT Issue Initial National A-(NG) Positive October 2017
Long Term Issuer Last National A-(NG) Stable Outlook August 2020
Short Term Issuer Last A2(NG)
N10bn Series1 Bond LT Issue Last A-(NG)

SALIENT POINTS OF ACCORDED RATING

GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the rating was based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such rating was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.

The credit rating has been disclosed to the rated entity. The rating above was solicited by, or on behalf of, the rated entity, and therefore, GCR has been compensated for the provision of the rating.

The rated entity participated in the rating process via teleconferences and other written correspondence.

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.

Continue Reading
Comments

Company News

BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021

Published

on

BUA Cement stock - Investors King

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.

Continue Reading

Appointments

Seplat Energy Appoints Dr. Emma FitzGerald as an Independent Non-Executive Director

Published

on

Seplat Energy Plc - Investors King

Seplat Energy Plc has appointed Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, the company disclosed on Thursday.

Dr. FitzGerald will replace Lord Mark Malloch-Brown who retired from the Board of the Company on 1st August 2021.

Dr. Emma FitzGerald Profile

Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network.

From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in reshaping Shell’s renewables strategy including the creation of Raizen, a game changing biofuels JV with Cosan. From 2013 to 2018 she ran gas distribution and water & waste networks for National Grid and Severn Trent where she successfully
positioned them as sustainability thought leaders in their Industries.

Most recently Dr. FitzGerald served as CEO of Puma Energy International, a global energy company owned by Trafigura and Sonangol, which is focused on high potential developing markets in Africa, Asia and Central America. In 2020 she set up Puma’s Future Energies division to play a critical role in helping customers and communities find the right energy solutions to support the energy transition. Over the last 10 years she has served on various Boards in executive and non-executive capacities and currently sits on the board of UPM Kymmene, an international paper & biomaterials business focused on innovating for a future beyond fossil fuels.

Commenting on the appointment, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy said: “The Board of SEPLAT Energy is indeed delighted to have Dr. Emma Fitzgerald on board as she brings vast knowledge in important areas such as the energy sector, renewables and sustainability. SEPLAT Energy has a great future ahead and looks forward to the enormous contribution she will make towards its continuing global success.”

Continue Reading

Company News

Robinhood IPO Priced at Lower End of Range, Firm Valued at $32B

Published

on

Robinhood-Investors King

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.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending