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Meyer Cost of Sales Dwarf Profit in the Nine Months Ended September 30, 2021

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Meyer Plc - Investors King

Meyer Plc, one of Nigeria’s manufacturers and marketers of high-quality Paints, continue to struggle in the first nine months ended September 30, 2021.

In the company’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) and seen by Investors King on Friday, Meyer grew revenue by 34 percent from N566.511 million recorded in the first nine months of 2020 to N759.157 million in the nine months ended September 30, 2021.

However, the company spent 66.48 percent of its revenue on sales. Cost of Sales stood at N504,702 in the period under review.

Therefore, gross profit inched slightly higher by 23.46 percent to N254.455 million, up from N206.097 million achieved in the first nine months of 2020.

Loss from operating activities moderated to -N51.694 million in the period under review from -N133.510 million posted in the corresponding period.

Profit before tax rose to N13.534 million in the first nine months of 2021, up from -N98.404 million filed in 2020 during the peak of the global pandemic. The company paid N4.060 million in taxes in the period under review.

Similarly, profit after tax improved from -N100.528 million recorded in the same period of 2020 to N9.474 million in 2021.

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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Banking Sector

Fidelity Bank Enriches Customers, Holds Second Draw of GAIM 5 Promo

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Fidelity Bank

Leading African financial institution, Fidelity Bank PLC, has announced the second set of millionaires in its Get Alert in Millions Season 5 promo (GAIM 5) which held recently in Victoria Island, Lagos.  

The event was witnessed by representatives of regulatory organisations which include: Ms Oyinkan Kusamotu, Senior Legal Officer, Lagos State Lotteries & Gaming Authority; Mr Tanko Mohammed, Head, Monitoring & Enforcement, Lagos State Lotteries and Gaming Authority; Mrs Susie Onwuka, Head, Lagos Office, Federal Competition & Consumer Protection Commission (FCCPC) and Ms Chioma Amanoh, Lagos Office, National Lottery Regulatory Commission (NLRC).

Since the commencement of the fifth season of the promo in November 2021, the bank has enriched over 460 customers with various cash prizes. So far, 10 lucky customers have been rewarded with a million naira each. This month, Fidelity Bank has continued its tradition of rewarding loyal customers which has seen Ajoma Rachel, Stanley Sunday, Musbahu Kabiru, Usman Abdulkadir, John Uchechukwu, Oluwatayo Oladipupo, Esther Eloho, Sophia Sefera, Amarachi Sarah Anyacho, and Obi Chinelo emerge as the next set of millionaires in the promo.

Commenting on the event, Dr. Ken Okpara, Executive Director overseeing the Bank’s Lagos and Southwest Directorate, stated that, “As a bank that places our customers at the centre of everything we do, we are always looking for opportunities to help our customers grow. Two months ago, we kicked off the GAIM 5 promo to reward our customers and demonstrate our commitment to improving their lives and wellbeing. Today, we are excited at how happy we have made some of our most loyal customers. We remain committed to providing rewarding experiences and best-in-class services for our clients.”

Also speaking at the event, the Divisional Head, Product Development, Osita Ede stated that: We have earmarked the sum of N125million for total cash rewards this season which we would be giving out in weekly, monthly and grand draws till the campaign ends in July 2022. We encourage our customers to save up to increase their chance of winning and those yet to open an account to do so today. At the end of the campaign season, we want to celebrate customers who make savings second nature.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with about 6million customers who are serviced across its 250 business offices and digital banking channels. The bank is known for exceptional customer service and digital innovation.

L-R: Tanko Mohammed, Head, Monitoring & Enforcement, Lagos State Lotteries and Gaming Authority; Osita Ede, Head, Product Development, Fidelity Bank Plc; Cynthia Ogbonna, Team Lead, Brand Management, Fidelity Bank Plc; Meksley Nwagboh, Divisional Head, Brand & Communications, Fidelity Bank Plc; and Susie Onwuka, Head, Lagos Office, Federal Competition & Consumer Protection Commission (FCCPC); at the second month draw of the Get Alert in Millions Season 5 (GAIM 5) Savings Promo held in Lagos on Thursday

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Loans

Loan Default: AMCON Takes Over IBEDC

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AMCON

Further to the judgment of the Federal High Court on the 8th of September 2021, the Asset Management Corporation of Nigeria (AMCON) has announced its takeover of the Ibadan Electricity Distribution Company (IBEDC).

This is following the electricity distribution company’s default in a loan servicing agree­ment executed with Polar­is Bank.

“AMCON has been ap­pointed receiver/manager over all the Assets of In­tegrated Energy Distribu­tion and Marketing Lim­ited as stipulated in the instruments executed in favour of AMCON by vir­tue of the Loan Purchase and Limited Servicing Agreement executed with Polaris Bank Limited dat­ed 30th November 2018 and a Notice of Appointment of the Receiver/Manager dated August 6th, 2021, which was duly stamped by the Commissioner for Stamp Duties”, a statement from AMCON reads.

AMCON further revealed that it has appointed Osayaba Giwa-Osagie to take over the entire undertakings on the IBEDC, including the assets, shares and interests in related companies and entities, and also monies kept in any of the 25 banks in Nigeria.

Investors King gathered that AMCON’s takeover might also not be unconnected to some crisis inside the power company, a development which has reportedly affected its ser­vice delivery to customers.

IBEDC’s Chief Operating Officer (COO), Engineer John Ayodele however allayed the fears of the IBEDC staff.

“I hereby wish to inform all staff that there is no cause for alarm. We are assured of job security which entails our position/duties in the company, being entitlements to our salaries and other benefits etc.”, he said.

Investors King recalls that the IBEDC, during a stakeholders’ meeting in May 2021 had disclosed that it secured N4.2billion from the Central Bank of Nigeria (CBN) to improve power supply to its numerous customers in Ogun State.

According to Ayodele, the facility would be channelled into building lines to improve power/electricity supply to the communities. He had also revealed that 80 percent of the money collected by IBEDC goes for other services, adding that the company has lost over N3billion in estimated billing.

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Finance

Lawmakers Consider Capital Market Bill, Propose Ten-Year Jail Term For Ponzi Scheme Operators

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Ponzi schemes

Some Nigerians would still cringe at the mere mention of ‘Investment’. This is due to their exposure to the dubious schemes of fake investment platforms and Ponzi schemes.

Hence, as part of efforts in curbing this, a bill seeking the prohibition of Ponzi and Pyramid schemes has passed the second reading at the house of representatives. The bill also proposes a 10-year prison sentence for operators of the Ponzi and pyramid schemes.

The bill, which was sponsored by the Chairman, house committee on capital markets, Ibrahim Babangida, also seeks to repeal and re-enact the Nigerian Capital Market, Investments and Securities Act.

It is titled, ‘A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission as the Apex Regulatory Authority for the Nigerian Capital Market as well as Regulation of the Market to Ensure Capital Formation, the Protection of the Market to Ensure Capital Formation, the Protection of Investors, Maintain Fair, Efficient and Transparent Market and Reduction of Systematic Risk; and for Related Matters.’

A Ponzi scheme is an investment fraud that pays existing investors with the money collected from new investors. The scheme generally leads victims to believe that their earnings are from genuine business investments, and therefore, can be sustained.

Regarded as one of the world’s largest Ponzi schemes of all time, the Mavrodi Mundial Moneybox (MMM) is a Russian-founded Ponzi scheme which left some Nigerians in despair at their lost “investments” after the company suddenly went into ‘extinction’ in 2017.

After MMM, a lot of other fake investment platforms have emerged and are still emerging, ripping Nigerians off their monies.

The bill, when passed into law, will enable SEC to properly regulate the capital market, ensure capital formation, protect the market to ensure capital formation, protect investors, maintain a fair, efficient and transparent market and reduce systematic risks.

According to Babangida, current trends in capital markets regulation have made it necessary to make major improvements to the Nigerian capital market, the Investments and Securities Act, Act No. 29 of 2007, which was initially signed into law by the late President Umar Musa Yar’adua in June 2007.

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