UPDC Plc crashes annual losses by 91% from N15.883bn

UPDC Plc crashes annual losses by 91% from N15.883bn     UPDC Plc, an institutional property company listed on the Nigerian Stock Exchange (NSE) has covered a wide ground in reducing its annual loses by 91 per cent from N15.883 billion loss posted in 2019 to N606 million at the end of its operations in 2020. A snapshot of its financial report that carried the signature of Folakemi Fadahunsi, the company’s Chief Finance Officer (CFO) and filed at the local bourse indicates that the  group however recorded decline in its…

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Shareholders of Custodian Investment to share N2.65bn as dividend

Custodian Investment

Shareholders of Custodian Investment to share N2.65bn as dividend     The Board of Directors of Custodian Investment Plc has announced the payment of a final dividend of 45 kobo for every share of 50 kobo held by shareholders, a filling by the company at the Nigerian Stock Exchange (NSE) stated on Monday. With its share outstanding at 5,881,864,195, the investment holding company with interest in life insurance, general insurance, pensions, trustees, property and financial service will be paying a sum of N2.65 billion as total dividend for the year…

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2020: Zenith Bank defies pandemic to post good numbers

Zenith Bank defies pandemic to post good numbers

2020: Zenith Bank defies pandemic to post good numbers   Despite the pandemic and economic distruption that characterized the year, Zenith Bank Plc posted good numbers. This include gross earnings of N696.5 billion in its 2020 operations, against N662.3 billion posted in the corresponding period of 2019. The bank’s audited result for the year ending December 31, 2020, showed gross earnings of N696.5 billion over N662.3 billion reported in the previous year while profit before tax also increased from N243.3 billion to N255.9 billion in 2020. According to the bank,…

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United Capital grows PAT 57% to N7.8bn in 2020

United Capital grows PAT 57% to N7.8bn in 2020

  Proposes 70k dividend United Capital Plc (United Capital), Nigeria’s leading investment bank and a foremost Pan-African financial and investment services group, has reported impressive numbers in its audited financial statement for the year ended 2020. The financial report released on the Nigerian Stock Exchange (NSE) where its listed indicates a 57 per cent rise in its profit after tax (PAT) for the period to N7.8 billion compared to N4.97 billion in 2019. The investment banking firm also saw its net operating income up by 58 per cent year-on-year from…

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CWG grows profit 570% to N487m in 2020

CWG grows profit

CWG grows profit 570% to N487m in 2020   Despite many challenges that characterized the year, the Computer Wharehouse Group (CWG) Plc grew its net profit by 570 per cent to N487 million in 2020. Data obtained from its unaudited financial statement for the year ended December 31, 2020 showed that profit after tax rose by 570 per cent from N72.7 million in 2019 to N487 million in 2020. The report, submitted at the Nigerian Stock Exchange (NSE), showed that the system integration company grew its top-line by 23.4 per…

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Ardova set to acquire Enyo

Ardova set to acquire Enyo

Ardova set to acquire Enyo   Ardova Plc (AP), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (Enyo) have entered discussions relating to AP acquiring Enyo. Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector of the oil and gas industry. Enyo is a technologically driven player and currently operates over 90 stations across Nigeria attending to over 100,000 retail customers daily across 15 states of the country. The announcement of the deal made at…

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Guinness Nigeria’s board picks date to examine financial results, others

Guinness Nigeria’s board

Guinness Nigeria’s board picks date to examine financial results, others   A meeting of the Board of Directors of Guinness Nigeria Plc has been slated for Wednesday, 27th January 2021 for the purpose of considering and approving the half year financial results for the period ending 31st December 2020, amongst other matters. The company informed the exchange and the investing public of the plan via a corporate filling at the Nigerian Stock Exchange (NSE) signed by Rotimi Odusola, its company secretary and legal director. Accordingly, in compliance with the NSE…

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FCMB Group forecast dim outlook for Q1 2021, pegs profit N3.5bn

The Corporate Governance and Crisis Communication Web at FCMB

First City Monument Bank (FCMB) Group has released its earnings forecast for the first quarter of next year, 2021. In the Q1 2021 forecast disclosed at the Nigerian Stock Exchange (NSE), the group maintained modest expectation as some of performance metrics are on the low side compared to its Q3 2020 numbers which happen to be the last performance report. While FCMB Group expects to post a profit before tax (PBT) of N4.2 billion in the period, it puts profit after tax (PAT) at N3.5 billion as it hopes to…

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Ecobank 9M 2020 Results: A Tale of One-Offs, Restructuring, and Resilience

ecobank

By Proshare Research Ecobank Transnational Inc. (ETI) result has been resilient in the face of harsh continental macroeconomic challenges caused by the COVID-19 pandemic. The growth in the banking group’s gross earnings and profit before tax was severely affected by a  couple of one-off charges to its P&L account, especially the one-off goodwill charge off on its Oceanic Bank acquisition in 2011. The group’s cost-to-income ratio declined in Q3 2020 year-on-year (Y-o-Y) while asset quality also crept up a few basis points. However, there are niggling issues about its foreign…

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Unity Bank’s assets soar 44% to hit N420.87bn

The total assets of Unity Bank Plc has increased by 44 per cent from to N420.87 billion at the end of the third quarter, 2020 from N293.05 billion it stood in the corresponding period of 2019. This and other financial metrics of the lender is contained in its unaudited financial results filed recently at the Nigerian Stock Exchange (NSE). The report show that the lender grew gross earnings by 8 percent despite COVID-19 and other headwinds that hurt the profitability of most businesses in the first nine months of the…

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