September 15, 2024

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L-R: Oladipupo Fatokun - Independent, Nonuplpm-Executive Director, United Capital Plc, Rose Eshiett - Non-Executive Director, United Capital Plc, Emmanuel Nnorom, Non-Executive Director, United Capital Plc, Peter Ashade - Group CEO, United Capital Plc, Chika Mordi - Chairman Board of Directors, United Capital Plc, Sunny Anene - Group Deputy CEO, United Capital Plc, Leo Okafor, Company Secretary/Group Counsel, United Capital Plc, Ayodeji Adigun - Chief Operating Officer/ Executive Director, Chiugo Ndubisi - Non-Executive Director, United Capital Plc, Sam Nwanze - Non-Executive Director, United Capital Plc.
Business

United Capital shareholders approve N10.8bn dividend

By Ginika Okoye

The shareholders of the United Capital Plc, a leading Pan-African financial services group, have approved a dividend payout of N10.8 billion, equivalent to N1.80 per share for the financial year ended Dec. 31, 2023.

The dividend was approved at the company’s 11th Annual General Meeting in Abuja on Tuesday.

Prof. Chika Mordi, the Chairman of the Board of Directors, United Capital Plc, commended the consistent impressive financial performance of the group.

Mordi said the company was committed to delivering consistent superior returns to the stakeholders.

He also outlined strategies to navigate potential challenges in 2024, attributing confidence to the resourcefulness and dedication of its staff.

He said the company’s total revenue accelerated by 71 per cent year-on-year to N45.9 billion in 2023 from N26.9 billion of 2022.

According to him, profit before tax increased by 28.2 per cent to N17.3 billion in 2023 from N13.5 billion recorded in 2022, indicating impressive growth in the overall profitability of the group.

”United Capital Plc also achieved significant milestones during the year, with its share price closing at N23, up 64 per cent from the previous year.

”Market capitalisation increased by 64 per cent to N138 billion.

”Its subsidiaries also excelled in various sectors – its securities business ranking first in terms of volume of stocks traded on the Nigerian Exchange (NGX).

”Its asset management business launched the United Capital Global Fixed Income Fund consolidating its position as the second largest USD fund manager in Nigeria,” he said.

Mr Peter Ashade, the Group Chief Executive Officer, unveiled the company’s outlook for 2024, Winning Amid the Volatile Operating Environment.

”Our objectives for 2024 are centered around unlocking further opportunities for our stakeholders.

”To realise this vision, we are committed to establishing a dynamic, efficient, and agile one-stop-shop financial institution.

”This institution will embody a digital-driven mindset, enabling us to deliver best-in-class services while ensuring superior shareholder value,” Ashade said.

The News Agency of Nigeria (NAN) reports that United Capital Plc offers Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance.

The group is listed on the Nigerian Exchange Ltd. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

LR - Joseph Jibunoh - Company Secretary/Legal adviser, Africa Prudential Plc ; Catherine Nwosu, Managing Director/Chief Executive Director, Africa Prudential Plc; Chief (Mrs) Eniola Fadayomi, Chairman, Board of Directors, Africa Prudential Plc; Emmanuel Nnorom, Non- Executive Director, Africa Prudential Plc and Bukola James Cole, Director of Capital Market, Africa Prudential Plc at the Company’s 11th Annual general Meeting.
Business

Africa Prudential shareholders approve N900m dividend for 2023

By Rukayat Adeyemi

Shareholders of Africa Prudential Plc., on Thursday unanimously approved a total dividend of N900 million declared by the company for the financial year ended Dec. 31, 2023.

They gave their approval at the company’s 11th Annual General Meeting (AGM) in Lagos.

The News Agency of Nigeria (NAN) reports that the dividend translated to 45k per share.

At the event, a shareholder, Mr Adeleke Olajimeji, praised the board of directors and management of the company for coming up with the dividend in spite of a challenging operating environment.

Oladimeji urged the company to reduce its administrative cost to the bearest minimum in line with the current economic realities.

Mrs Bisi Bakare, the National Coordinator, Pragmatic Shareholders Association of Nigeria, applauded the company for being the only listed registrar on the nation’s bourse.

Bakare urged the company to explore more opportunities for enhanced growth and development.

Another shareholder, Mr Patrick Ajudua, equally hailed the board of directors and and management of the company for resilience.

Ajudua urged the company to be more innovative and creative to withstand economic challenges.

Addressing the shareholders, the Chairman of the company, Mrs Eniola Fadayomi, said that the company remained focused on transformation.

“Our total assets grew to N22.9 billion, representing 19 per cent increase over the previous year’s figure of N19.2 billion.

“This growth is a testament to the priority we place on meeting shareholders’ expectations,” she said.

Fadayomi said that the company would continue to find new ways to deliver enhanced value to its stakeholders.

“In line with our transformation journey, the launch of our new investment solution product, INVEARN, a one-stop shop for your capital market needs, highlights how we continue to find new ways to deliver value that creates a positive impact within the capital market space,” she said.

Ms Catherine Nwosu, the Managing Director/Chief Executive Officer of Africa Prudential, assured the shareholders of sustainable growth and development.

Nwosu attributed the drop in the company’s performance indices to challenges in the economy such as fuel subsidy removal, foreign exchange instability and high cost of doing business.

She assured the shareholders that the company would ensure sustainable growth through innovation and creation of customer-centric products.

“There are a lot of opportunities in the capital market, the NGX has recorded growth more than it did in the entire 2023.

“It shows you that the opportunities are enormous. The Monetary Policy Rate today is at 24.5 per cent; so, government is trying to encourage Foreign Direct Investments.

“The more the capital market activities, the better for the registrar business,” she said.

On unclaimed dividends, Nwosu attributed the rise in the figure to identity management issues.

She said that the Securities and Exchange Commission (SEC), in collaboration with registrars had embarked on grassroots mobilisation and awareness across the country to address the issue.

“A lot of awareness is being created to address unclaimed dividends in the market.

“Before the end of 2024, SEC must have visited the six geo-political zones in the country,” Nwosu said.

On her key priorities, she said that her emphasis would be on people, technology and processes.

The managing director said that she would focus on the three areas to achieve the desired growth and development.

“If you get the right people in place, the business will grow as expected.

“We are going to use technology to drive growth and development.

“We will also embrace adoption of Blockchain technology in the next three to five years, once it is approved by SEC,” she added.

The managing director said that the company had made remarkable progress with its ambition by actively pursuing strategic partnerships and collaborations to expand its market reach and offerings.

“We are also forging alliances with leading institutions and industry stakeholders; the company has been able to leverage synergies to access new opportunities across diverse sectors,” she said.

The News Agency of Nigeria (NAN) reports that the company posted a profit after tax of N962 million during the period under review, against N1.49 billion in 2022.

Its gross earnings stood at N3.96 billion against N4.13 billion in 2022. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

Economy/Business

Presco shareholders approve N8.6bn dividend for 2022

 

 

L-R: Jan Van Eykeren, Director; Patrick Uwadia, Company Secretary; Mr Jean Van Gysel, chairman; and Mr Felix Nwabuko, Managing Director at Presco’s AGM on Friday.
L-R: Jan Van Eykeren, Director; Patrick Uwadia, Company Secretary; Mr Jean Van Gysel, chairman; and Mr Felix Nwabuko, Managing Director at Presco’s AGM on Friday.

 

By Joy Odigie

Shareholders of Presco Plc. have approved payment of final dividend of N6.60 per share, indicating N6.6 billion, for the year ended Dec. 31, 2022.

 

The company had paid an interim dividend of 20k per share, which amounted to N2 billion.

 

The latest dividend brought the total dividend the company paid for the year to N8.6 billion, amounting to N8.60 per share.

 

Addressing shareholders on Friday at the company’s 30th Annual General Meeting held on Obaretin Estate, Benin City, the Chairman of Presco Plc, Mr Jean Van Gysel, said that the dividend payment represented an increment of 13.16 per cent over what it paid in 2021.

 

Van Gysel said the final dividend would be paid on Oct. 3 to shareholders whose names appeared on the register of members as at the close of business on Sept. 13, 2023.

 

The chairman praised the shareholders and all stakeholders for support during the period under review.

He said: “On behalf of the board, I would again like to thank all of our amazing people and teams across the business for all their commitment and hard work during the year.

 

“I thank my fellow directors very sincerely for the wonderful work they do for the company.”

 

The chairman said that the company, during the period, recorded N81.03 billion revenue as against N47.43 billion it realised 2021.

He noted that the figure represented an increment of 71 per cent.

According to him, the company’s gross profit grew by 57 per cent to N49.97 billion from N31.75 billion in 2021.

 

Van Gysel said that fresh fruit bunches harvest in 2022 amounted to 302,050 tonnes compared with 233,253 tonnes in 2021.

 

“Crude palm oil produced was 68,998 tonnes as against 53,775 tonnes in 2021,” he said.

 

The chairman added that the company produced 55,878 tonnes of Refined, Bleached and Deodorized Oil (RBDO) in 2022, compared to 46,327 tonnes it produced in 2021.

 

He also said that the company produced 19,420 tonnes of Olein and Stearin in 2022 as against 17,912 tonnes in 2021.

 

“The year under review birthed another exciting news concerning our expansion and growth strategy.

“We concluded plans to commence, in 2023, the planned and necessary construction of a new palm oil mill to cope with the steadily increasing fresh fruit bunches harvests and have same ready for commissioning before the end of the second quarter of 2025.

 

“When completed, installed capacity for palm oil milling capacity will increase to 170 metric tonnes per hour,” the chairman said.

 

The Managing Director of Presco Plc., Mr Felix Nwabuko, assured the shareholders of improved performance in the years ahead.

 

Nwabuko advised the shareholders to identify their registrars and fill necessary forms as part of measures to tackle the issue of unclaimed dividends.

 

The President of Capital Shareholders Association, Abuja, Mr Augustine Ezechukwu, praised the board of directors and management of the company for outstanding performance in the year under review. (NAN)(www.nannews.ng)

 

Edited by Ijeoma Popoola

 

From L-R Dr. Rahila Ilegbodu,Executive Director, Mr Ayodeji Aboderin Executive Director Finance, Mr. Patrick Ajah, Managing Director/CEO, May & Baker Nigeria PLc, Senator Daisy Danjuma-Chairman, Mrs Adetoun Abiru, Marina Nominees, Dr. Abebe Edugie, Executive Director, Mr.Valentine Okelu Executive Director, Sales and Marketing and Mr. Kolawale Durojaiye Executive Director at the 72nd Annual General Meeting of May & Baker Nigeria Plc
Business

May & Baker shareholders approve N517.57m dividend for 2022

By Oluwafunke Ishola

The shareholders of May & Baker Nigeria Plc have approved a total dividend of N517.57 million for the financial year ended Dec. 31, 2022.

The News Agency of Nigeria (NAN) reports that the shareholders gave the approval at the company’s 72nd Annual General Meeting (AGM) on Thursday in Lagos.

The dividend subject to the applicable withholding tax translated to 30k for every 50k share.

Speaking at the meeting, the Chairman, Board of Directors, Sen. Daisy Danjuma, said the company turned in a good performance despite the tough and challenging operating environment.

Danjuma said the company revenue rose by 20 per cent to N14.3 billion in 2022 from N11.9 billion in 2021.

She noted that gross profit dropped by 18 per cent from N4.7 billion in 2021 to N3.9 billion in 2022.

Danjuma attributed the drop to higher cost of input materials from Asia, high energy costs and impact of further devaluation of Naira to dollar.

“All these impacted on cost of sales which grew by 45 per cent from N7.2 billion in 2021 to N10.5 billion in 2022,” she said.

On Biovaccines Nigeria Ltd., Danjuma said groundbreaking for the construction of the vaccines factory would happen this year.

“Our joint venture with the Federal Government of Nigeria for local manufacturing of vaccines continues to push forward on its efforts for vaccine production.

“Due to the start of electioneering campaigns and preparations for a change in administration, activities were slowed down and we could not achieve the groundbreaking for the construction of the vaccines factory last year.

“But we hope that it will happen this year after the new administration has settled down and formed its new executive cabinet,” she said.

On future outlook, she told the shareholders that the company was currently investing more in increasing its production capacity for pharma.

Danjuma disclosed that the company was about to complete its new water-bottling factory at Ota in order to revive its water business – Lily Table Water.

“The short to mid-term future is looking very bright and promising and we shall continue to spur management on to lead the company to take its rightful position in our market and region,” she said.

The Chairman commended the staff and management for their dedication and contributions the growth of the company.

Also speaking, the Managing Director/Chief Exevutive Officer, May & Baker Nigeria, Mr Patrick Ajah, assured shareholders of enhanced performance in the years ahead.

Ajah said the company would continue to embrace growth strategies to ensure impressive performance.

A shareholder, Mr Robert Igwe, commended the management for the improved performance recorded during the period under review.

Igwe also applauded the company for persistent payment of dividend in spite of the challenging operating environment.

Mr Boniface Okezie, the National Coordinator, Progressive Shareholders Association of Nigeria, commended the company for developing new products aimed at increasing market share.

Okezie said that the company recorded growth in both turnover and profit, in spite of the challenging operating environment in the business year under review.(NAN)(www.nannews.ng)

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Edited by Edith Bolokor/Chinyere Joel-Nwokeoma

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