Dangote Cement Posts N65.55 Billion Profit After Tax in Q2 2020
Dangote Cement Plc, Nigeria’s most capitalised listed company, on Friday reported a strong second quarter (Q2) earnings despite the ongoing economic headwinds.
In the unaudited financial statement released through the Nigerian Stock Exchange, the cement manufacturing company grew revenue from N227.573 billion filed in the same period of 2019 to N227.670 billion in the second half of 2020.
The production cost of sales rose from N93.69 billion achieved in Q2 2019 to N98.095 billion in Q2 2020. While the company’s gross profit declined slightly from N133.879 billion in the corresponding period of 2019 to N129.575 billion in Q2 2020.
Dangote cement reported an increase in administrative expenses from N11.75 billion in Q2 2019 to N13.214 billion in Q2 2020. Profit from operating activities fell slightly from N82.144 billion in Q2 2019 to N81.700 billion in Q2 2020.
Profit before tax slid marginally from N76.528 billion achieved in Q2 2019 to N74.794 billion Q2 2020.
However, because income tax paid by Dangote Cement Plc in the second quarter declined from N17.542 billion in Q2 2019 to N9.243 billion in Q2 2020. The company was able to record positive better profit after tax of N65.551 billion, up from N58.986 billion reported in the corresponding quarter of 2019.
Total assets expanded to N1.805 trillion in the quarter under review from N1.741 trillion in the same quarter of 2019.
Similarly, total liability increased from N843,414 billion in Q2 2019 to N1.066 trillion in Q2 2020.
Total equity, however, decreased from N897.937 billion in Q2 2019 to N739.367 billion in Q2 2020.
Earnings per share also improved from N3.47 in Q2 2019 to N3.85 in Q2 2020.
Conoil Declares N1.39 Billion Dividend for 2019 Financial Year
Conoil to Pay Shareholders N1.39 Billion Dividend for 2019 Financial Year
Conoil Plc has approved N1.39 billion dividend payment for its shareholders for the 2019 financial year.
In a statement released by the company on Sunday, shareholders of the company would get a dividend of 200 kobo per 50 kobo ordinary share.
At the virtual 50th Annual General Meeting held on Friday in Lagos, the shareholders agreed unanimously in the commendation for the board and management for the company’s performance and consistency in the payment of dividends.
Conoil grew profit before tax by 10.4 percent to N2.83 billion in the 2019 financial year while profit for the expanded by 9.8 percent to N1.97 billion during the same period.
The oil marketer also grew total assets by 4.4 percent to N63.6 billion while interest expense declined by 26 percent to N1.1 billion during the 2019 financial year.
Addressing shareholders of the company, Mike Adenuga Jr., the Chairman, Conoil Plc, said the strong performance was in line with the promise made to shareholders regarding better execution of value-added products and services.
The chairman said the oil company has set an ambitious growth strategy, driven by broad market penetration and innovation, for the next five years.
Zimbabwe Government Introduces US Dollar Stock Exchange to Lure Investors
Zimbabwe Introduces US Dollar Based Stock Exchange Market to Lure Foreign Investors
The Government of Zimbabwe has introduced US dollar based Stock Exchange market to lure global investors to the embattled economy.
The new stock exchange known as Victoria Falls Stock Exchange is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will commence trading on Monday, according to the state-run Herald newspaper.
According to the Minister of Finance, Zimbabwe, Mthuli Ncube, The new Exchange based in northwestern Victoria Falls, the country’s premier tourism destination – marked “the foundation stone” for building the town into an “offshore financial hub”.
He said “We saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe.”
The finance minister said the new bourse will cater mainly for mining conglomerates and giant international corporates such as insurance giant Old Mutual.
Zimbabwe continues to struggle with low foreign exchange amid worst economic crisis in more than a decade.
President Emmerson Mnangagwa, who came into power through military coup in 2017, blames the current economic crisis on unnamed “detractors” and Western-imposed sanctions.
Nigerian Stock Exchange Gains Slightly this Week Despite Unrest
Stock Market Gained N19 Billion this Week Despite Unrest
The Nigerian Stock Exchange appreciated by N19 billion this week despite the #EndSARS protest that grounded business activities in major cities.
Investors traded a total turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals during the week, against a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.
In terms of volume traded, the Financial Services industry led the activity chart with 1.196 billion shares valued at N14.950 billion traded in 11,318 deals; thus contributing 79.47 percent and 76.01 percent to the total equity turnover volume and value respectively.
The Conglomerates industry followed with 97.167 million shares worth N269.045 million in 516 deals.
In third place was the Consumer Goods, with a turnover of 77.588 million shares worth N1.928 billion in 3,461 deals.
Trading in the top three equities was Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc. The three accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, together they contributed 42.08 percent and 50.87 percent to the total equity turnover volume and value, respectively.
The Nigerian Stock Exchange Market Capitalisation expanded by 0.13 percent or N19 billion during the week from N14.980 trillion last week to N14.999 trillion this week.
The NSE All-Share Index also gained 0.13 percent or 37.61 basis points from 28,659.45 bps it closed last week to 28,697.06 bps this week.
The index year-to-date return rose to 6.91 percent when the quarter-to-date has risen by 6.95 percent.
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