Corporate Actions: MEGA LOSSES, and the end of a drought

Corporate Actions: MEGA LOSSES, and the end of a drought

Corporate Actions Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.

Examples of corporate actions include the release of quarterly and full year results, payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates. Corporate Actions that held last week

Last week saw a flurry of results released, as companies strove to beat the 90–day deadline after their financial year. Companies releasing their results after the deadline, are fined.

Majority of listed firms have December as their financial year end. Regulatory deadline, therefore, is March 31st, 2019. Dangote Flour Mills

Dangote Flour Mills released its results after closing hours. The company recorded a N1.1 billion loss for the 2018 financial year, as against a N15 billion profit after tax recorded in 2017. UACN impairs N9.5 billion

UAC of Nigeria Plc also recorded a loss. The conglomerate made a loss after tax of N9.5 billion for the 2018 financial year.

The poor results were due to other operating losses of N8.9 billion pertaining to UPDC and its joint ventures which were impaired.

The firm however declared a dividend per share of N0.64. Fewer palm kernels

Okomu Oil Palm also released its full year 2018 results. Revenue was flat at N20.2 billion, while profit before and after tax dipped slightly. The firm recorded a profit after tax of N8.5 billion, N800 million lower than the N9.3 billion recorded in 2017. Nevertheless, it has declared a dividend of N3 per share. A mega loss

Medview Airlines recorded a N10.3 billion loss after tax for the 2018 financial year. The firm attributed this to lack of aircraft and a high cost of maintenance. A higher spectrum

Global Spectrum Plc, an oil and gas servicing company, saw an increase in both top and bottom lines for the 2018 financial year. The company made a profit after tax of N547 million, nearly 5 times the N110 million recorded in 2017. Smaller profits at Capital Hotel Capital Hotel (parent company of the popular Sheraton Abuja) recorded a slight increase in revenue, but profit after tax dipped sharply from N935 million in 2017 to N379 million in 2018. The fall was due to smaller earnings from the other operating income segments. The directors have recommended a dividend for the 2018 financial year. Smaller […]

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