Company Report
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21 days of Y’ello care: MTN hosts exhibition for 50 SMEs
MTN Nigeria held a bazaar and trade fair for small and medium enterprises on Wednesday at its corporate head office in Lagos. The trade fair is part of the ongoing annual MTN employee volunteerism initiative – 21 Days of Y’ello Care. Attended by the First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu, the exhibition had more than 50 local entrepreneurs…
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Devaluation of Naira to negatively impact $1.5m derivative instruments, says Airtel Africa
Airtel Africa Plc Tuesday announced that the devaluation of the naira would have a negative impact on its $1.5million derivative instruments. The telecommunication giant on the Nigerian Exchange Limited (NGX) also said the currency devaluation sensitivity analysis revealed in the recent results for the financial year 2022/23, highlighted that the devaluation would have a negative impact of $22million on revenues,…
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Dangote Sugar turns preferred asset, as stock price appreciates by 36.21%
Dangote Sugar’s strong earning is attracting strong bid for its stock, leading to a 36.21 per cent appreciation in the first half of 2023. In 42 months, investors were richer with a 48.85 per cent capital gain between 2020 and June 31, 2023. Kasimu Garba Kurfi, managing director, APT Securities and Funds Limited attributes this to the 2022 full year and…
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Investors reap140% return on investment from Dangote Cement
Investors who bought the Dangote Cement Plc’s stock in 2020 and exited May 31, 2023 harvested 140.26 per cent returns through capital appreciation in H1 2023. This excludes dividend payment which has remained consistently impressive. In response to the economic headwinds which erode working capital, many companies are ploughing back a larger portion of their profit, resulting in a slide…
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Ardova shareholders approve transfer of shares at N17.88 per share
Shareholders of Ardova Plc has approved the Scheme of Arrangement for the holders of its fully paid ordinary shares of 50 kobo each. The approval was given at a court ordered meeting held recently in Lagos and is subject to the approval of the Securities and Exchange Commission (SEC) and the court. Each Scheme shareholder of the company, subject to…
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NASCON records 84% increase in profit as shareholders commend dividend payment
NASCON Allied Industries Plc has recorded impressive growth in all performance indicators in the year ended December 31, 2022, with profit after tax surging by 84 per cent, from N2.97 billion to N5.47 billion. Shareholders at the company’s 2022 annual general meeting (AGM) held at the weekend in Lagos commended the board and management of NASCON for consistent payment of…
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Conoil declares N6.1bn PBT, proposes N2.50 dividend
Conoil Plc on Thursday declared N6.13billion profit before tax in its audited account for the full year ended December 31, 2022, an increase of 60.1per cent from N3.8billion reported in full year ended December 31, 2021. The results, released to investing public on the Nigerian Exchange Limited (NGX) disclosed that its profit for the year stood at N4.96 billion, a…
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FMDQ Exchange admits Hartleys Supermarket & Store CP
FMDQ Securities Exchange Limited on Monday approved the registration of the Hartleys Supermarket & Stores Limited’s N5billion Commercial Paper (CP) Programme and quotation of the N0.62 billion Series 1 CP under the N5 billion CP Issuance Programme on its platform. Hartleys Supermarket & Store Limited is a world-class brand that is driven by the commitment to deliver the ultimate shopping…
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Access Bank expands global footprint with launch of French subsidiary
Access Bank plc has officially launched its subsidiary in Paris, France. The Bank’s operations will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa. Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe speaking on the purpose of the Bank’s strategic expansion efforts said: “Access Bank, today, has a very strong presence in…
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FMDQ Exchange admits CardinalStone Partners’ N20bn CP
FMDQ Securities Exchange Limited, has approved the registration of CardinalStone Partners Limited’s N20 billion Commercial Paper (CP) Programme on the Exchange platform. CardinalStone Partners Limited is a multi-asset investment management firm that provides services encompassing financial advisory, asset management, securities trading, share registration, and consumer finance on a retail and institutional scale. The CP Programme, sponsored by FBNQuest Merchant Bank…
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