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Prestige Assurance Announces Retirement of Mr Gopalan Raghu as Non-Executive Director

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Gopalan Raghu - Investors King

Prestige Assurance Plc announced the retirement of Mr Gopalan Raghu, a non-executive director of the company.

Mr Raghu retired from the board effective 28th April, 2021, according to a statement signed by Chidinma Ibe-Louis, Ag Company Secretary.

Mr. Raghu was appointed to the Board on 12th April 2012. He also served as a member of the Establishment and Governance Committee, and Finance and Investment Committee until his retirement.

Mr. Raghu holds a Bachelor of Science degree from Loyola College, Madras, India. He is a Chartered Accountant and an Associate of Company Secretaries, India. He joined Messrs H. B. Chanrai Group of Companies in 1980 as its Financial Controller and in 1985; he was promoted as General Manager.

In 1991 he was appointed Group Managing Director. He is a Director of various companies including J. T. Chanrai & Co (PH) Ltd, Woollen & Synthetics Textile Mfg. Co Ltd, Standard Biscuits Nig. Ltd, Agro Products Nig. Ltd and Polythene Enterprises Nig. Ltd and a Trustee of Indian Language School, Lagos.

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.

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Conoil Thrives in H1 2021, Grows Profit by 213.7 Percent to N1.063 Billion

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Conoil - Investors King

Conoil, an indigenous oil company based in Nigeria, completely flipped things in the first half (H1) of 2021 as revenue expanded by 17.7 percent from N57.456 billion reported in the first half of 2020 to N67.638 billion in H1 2021.

The company disclosed in its unaudited financial results released through the Nigerian Exchange Limited and obtained by Investors King.

Profit before tax rose by 213.7 to N1.563 billion in the first half of 2021, up from N498.084 million filed in the corresponding period of 2020.

The leading indigenous oil company paid N500.045 million in income tax in the period under review, a 213.7 percent increase from N159.387 million paid in the same period of 2020.

Profit for the year also surged by 213.7 percent from N338.697 million in H1 2020 to N1.063 billion in the period under review.

Similarly, Conoil posted N16.411 billion in retained earnings, represent a 5 percent increase from N15.635 billion achieved in H1 2020.

Conoil share capital remained unchanged at N346.976 million in H1 2021, the same amount posted in H1 2020.

Shareholders’ funds expanded by 3.9 percent from N19.806 billion in H1 2020 to N20.583 billion in H1 2021.

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

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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.

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

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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.

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