The Nation Newspaper

Tag: AGM

  • Shareholders storm Uyo for Conoil AGM

    Shareholders storm Uyo for Conoil AGM

    ALL roads lead to Uyo, the Akwa Ibom State capital today as shareholders of Conoil Plc, assemble at the fame Land of Promise for the Annual General Meeting (AGM) being hosted by the frontline petroleum products marketing company.

    Shareholders are upbeat that the 44th AGM holds a lot of promise for them if the outcome of the past year is anything to go by.

    Reflecting on last year’s outing, market analysts believe the proposed payment of N4.00 per share for every 50kobo share was a promise kept by the frontline petroleum products marketing company, after posting impressive performance across its business segments in the financial year ended December 2013.

    The Chairman of Conoil Plc, Dr. Mike Adenuga had, while addressing shareholders at the company’s 43rd Annual General Meeting (AGM) in October 2013, assured investors that the company remained committed to maintaining its leadership position in the downstream petroleum sector by growing its business and creating an enduring value for its shareholders and other stakeholders.

    “We are building stronger financial position and creating enduring value for our shareholders. We will constantly develop strategies to sustain our position as the only marketer that always goes the extra mile for our ever growing customers, with total commitment to excellent service delivery.”

    Elaborating on the strategies to be adopted to achieve the set target, Adenuga revealed that the company had strengthened and consolidated its leadership position in the aviation business with investment in the acquisition of new world-class equipment to meet the demands, on real time basis, of the company’s ever-growing local and international clientele.

    “Our strategy in retail is to provide top quality products and services that will make customers want to always patronise us for their fuel and non-fuel needs. We are not resting on our oars on our aggressive acquisition and expansion drive that aims at increasing, substantially, the number of our retail outlets nationwide,” Adenuga had stressed, adding: “Conoil’s future is rosy because the company is constantly thinking ahead and acquiring additional capacity that is necessary for growth and profitability, despite the unpredictability of the economic environment.”

    Expectedly, Conoil’s full year results showed that revenue grew by 6.4 per cent to reach N159.54 billion as against N149.99 billion posted in 2012. Gross Profit shot up to N17.04 billion, which represents over five per cent rise above the previous years.

    The company also posted 289 per cent increase in Profit Before Tax from N1.15 billion in 2012 to N4.58 billion, while it recorded Profit After Tax of N3.07 billion, which amounts to 330 per cent increase over what was posted in 2012. The report also showed a stronger balance sheet as retained earnings boosted shareholders’ funds to N18.04 billion in 2013 compared with N15.66 billion in 2012.

    Market analysts said the impressive dividend and profit and loss accounts performance were in line with market’s expectations given Conoil’s consistent growth over the years.

    The company in a press statement attributed the great financial outing to improved cost efficiency, significant reduction in interest expense and a strong hold on cost of sales.

    The company added that its performance was driven by revenue increase from its nationwide retail outlets, especially its newly commissioned mega stations. It was also augmented by additional income streams from its world-class quality lubricant products.

    Conoil said it stepped up engine oil export to West African markets as well as entered into joint venture partnerships with leading car manufacturing companies.

    It added that its income was also bolstered by ancillary services including marketing of Low Pour Fuel Oil (LPFO).  It would be recalled that the front line oil products marketer had shown signs of a sound financial year after posting 341 per cent increase in profit before tax while its profit after tax went up by 329 percent in the third quarter of 2013.

    In his comments on the results, Adenuga said the company had consolidated its competitiveness in the different segments of the business. “We also pursued and sustained strategic expansion of our retail network across the length and breadth of the country with a view to ensuring that a lot more people, especially in the remotest parts of the country, have access to our superior products and services.”

    While assuring the shareholders that Conoil is equipped with all the essential materials, intellectual and human resources, to surmount the challenges ahead in the downstream petroleum sector, Adenuga stated that the company has been positioned to take full advantage of opportunities that could arise from the Federal government’s economic reforms, by leveraging on the solid base built over the years.

    “Greater attention will be devoted to cutting operational costs in the different segments of the business, while still maintaining and improving on the quality of our products and services. With renewed commitment, we will explore developing and emerging markets, even as we continue to build on our strengths in areas where we perform well, with good growth and profitability,” Adenuga added.

    Indeed, the front line oil-products marketer had shown signs of a sound financial year after posting 341 per cent increase in profit before tax while its profit after tax went up by 329 per cent in the third quarter of last year.

    The company was simply reaping from the fruit of strategic planning embarked upon in recent times. At the beginning of last year, Conoil had launched the second phase of its comprehensive four-year expansion plan started three years ago, with the inauguration of new ultra-modern retail outlets spread across the country. Conoil had earmarked about N4.8 billion for the project which is targeted to grow the company’s sales and revenue by over 65 per cent.

    Conoil embarked on the plan to adequately prepare for industry-specific challenges, ensure impressive growth in its performance indicators and consolidate its leadership position in the downstream petroleum business.

    The company had commenced the ambitious plan with the upgrade of its storage tanks at the company’s depots nationwide to accommodate bulk product imports.

    In pursuant of this, the company increased the storage tanks for white products – Premium Motor Spirit (PMS), diesel and kerosene – to 80,000 metric tonne, to double the capacity of its storage facilities at its Apapa installation.

  • Cornerstone profit soars by 60 per cent

    Cornerstone Insurance Plc’s profit went up by 60 per cent in the 2013 financial year when compared to 2012.

    The financial report presented during the 22nd Annual General Meeting (AGM) of the company in Lagos showed that its gross premium grew by 15 per cent from N4.6 billion in 2012 to N5.3 billion last year.

    The company’s underwriting result, however, dipped 30 per cent from N1.2 billion in 2012 to N866 million in 2013 as a result of 15 per cent increase in reinsurance expenses, which grew from N1.6 billion in 2012 to N1.9 billion in 2013 and net claim expenses that went up by 18 per cent from N985 million in 2012 to N1.1 billion in 2013.

    A combination of robust investment performance and disciplined control of operating expenses resulted in an increase in profit after tax from N544 million to N870 million.

    Based on this performance, the company recorded 16 per cent growth in the Total Asset from N12 billion to N14 billion.

    The company’s Group Managing Director, Ganiyu Musa while speaking at the AGM stated that the company  will continue to build on the strength of its people and the commitment to core values including strong ethics and innovation that will in turn make it the insurance of choice in the country.

    The Group Chairman, Cornerstone Insurance, Adedotun Sulaiman, said the company believes strongly that insurance remains fragmented and there continues to be a need for consolidation of the industry to fast-track building scale and capacity.

    He said their efforts in this direction have continued through 2013. “We have identified a company with complimentary attributes and values and at this meeting, we therefore, ask for shareholders’ approval to proceed with the business combination,” he said.

    Consequently, the shareholders gave their nod, authorsing the board to acquire 3.3 billion ordinary shares of FIN Insurance, which will make Cornerstone 100 per cent ownership.

  • Lagos NIPR plans 25th AGM

    Lagos NIPR plans 25th AGM

    The Nigerian Institute of Public Relations, Lagos State Chapter has unveiled plans to mark its 25th Annual General Meeting (AGM/Public Lecture.

    The event will hold at the National Arts Theatre, Iganmu, Lagos on September 4, at 10am.

    The speaker is Alhaji Attahiru Jega, chairman, and Independent National Electoral Commission.

    He will be speaking on the theme: Curbing electoral violence in Nigeria: The Public Relations dynamics at the Media Centre, News Agency of Nigeria (NAN).

    The lecture, which will be chaired by Chief Fassy Yussuf, would feature the Inspector-General of Police, Suleiman Abba and Commandant, Nigerian Army College of Logistics, Lagos, Major Gen. Abubakar Gana delivering sub-theme papers titled: “The role of law enforcement agents and curbing electoral violence in Nigeria; and “The erole of Nigerian Army in democracy.”

    Prof Ralph Akinfeleye, Prof Akin Oyebode and Dr. Joe Okei-Odumakin are the eminent discussants.

    The Royal Father of the day is Oba Adedokun Abolarin, Aroyinkeye 1, the Orangun of Oke-Ila, Orangun, Osun State.

  • Premium Pension holds AGM today

    Premium Pension Limited, one of the Pension Fund Administrators (PFAs) in the country, is holding its Ninth Annual General Meeting (AGM) today at 10am.

    The event is slated for the company’s corporate headquarters in Abuja.

    Chairman of the company, Mr. Aliyu Dikko, said the company  has over N330 billion under its management and has so far paid almost N63.2 billion as retirement benefits while 13, 350 retirees receive pension every month through the company.

    According to him, the company has continued to maintain its enviable position as one of the leading PFAs in Nigeria despite the declining employment opportunities that negatively impacts business generation drives.

    He said the company has expanded its horizon in terms of funds under management and number of Retirement Savings Accounts (RSAs).

    Managing Director, Wilson Ideva also said the company and by extension the industry has virtually overcome its teething challenges and is now striding to great heights.

  • ADH posts N1.8b profit

    ADH posts N1.8b profit

    Associated Discount House Limited (ADH) said it has recorded group profit before tax (PBT) of N1.803 billion in 2013 as against N1.225 billion in 2012 representing a growth of 47.18 per cent.

    In a statement, it added that profit after tax (PAT) also rose to N3.122 billion during the same period, adding that it represents a PAT growth of 32.64 per cent from the N2.103 billion achieved last year.

    Its Chairman, Mr.Aigboje Aig-Imuokhuode said the PAT is higher than the profit before tax given ADH focus on its core business of securities trading and attendant tax advantages.

    Aig-Imoukhuede, who spoke at the 20th Annual General Meeting (AGM) of ADH in Lagos, said despite a difficult operating environment which saw some discount houses go down last year; ADH was able to grow its assets to N70.743 billion as at December 31, last year.

    He said this impressive result culminated in 41.70 per cent improvement in shareholders’ funds from N6.728 billion as at December 31, 2012 to N9.535 billion as at December 31, 2013. Mr. Aig-Imoukhuede attributed this performance to the significant progress made by the board and management of the company in the areas of corporate governance, risk management and operational efficiency.

    He also said the CBN has approved new shareholders from its recent private placement exercise. The company’s shareholders fund has therefore exceeded N15 billion.

    Its Managing Director, Abubakar Jimoh, said: “Our performance for the year was in line with the group expectations justifying the effectiveness of our strategy and implementation proficiencies. We achieved these results by focusing on our “core business” while recording significant improvement in our operating efficiency.”

     

  • Private doctors hold conference

    The Association of General and Private Medical Practitioners of Nigeria (AGPMPN) will hold its 36th Annual General Meeting (AGM) in Port Harcourt, Rivers State, between March 31 and April 6.

    The conference, which is tagged “Garden City 2014,” has as its theme, Environmental Protection and Health in Developing Economy.

    Its Rivers State chairman, Dr Henry Sota, said about 1,500 doctors were being expected at the event.

  • Niger Insurance eyes foreign partner

    • Declares 3k dividend to shareholders

    One of the oldest risk-bearing firms in the country, Niger Insurance Plc, said it has started discussions with a potential foreign partner to bring in additional capital, expertise and advanced technology to drive its growth plans in the country.

    Shareholders of the firm have also received a dividend payout of 3kobo per share as the company posted a profit before tax of N703 million in its 2012 financial year.

    Its Chairman, Bala Zakariya’u, who disclosed this at its 43rd Annual General Meeting (AGM) in Kaduna, said this is part of the reasons to increase its authorised share capital from N4.3 billion to N6 billion by the addition of N3.4 billion ordinary shares of 50 kobo each, where it secured the shareholders nod.

    He said the company posted a 32 per cent growth in written gross premium, moving from N7.8 billion in 2011 to N10.3 billion in the period under review.

    According to him, profit before tax stood at N703.4 million while retained profit to reserves closed at N776.2 million.

    He noted that despite the challenges in the business environment, the company was able to sustain and declare a dividend payout of 3kobo to its shareholders.

    He added that the company during the year under review also increased its investment income by 27 percent, from N1.1 billion in 2011 to N1.5 billion at the end of 2012. This is as other comprehensive income grew by 620 percent to N518 million from N71.9 million. The company’s total assets also appreciated reasonably at 12 per cent, from N19.96 billion in 2011 to N22.29 billion.

    Zakariya’u further said the company embarked on some measures to strengthen the company’s position in the industry and sustain good returns to the shareholders.

    He said: “The varying forms of instability in the macroeconomic environment, shrinking market opportunities caused by price wars in the industry, compelled the re-engineering initiative, which was led by the board during the year.

    “It incorporates and highlighted basic commitment to profitability by all, through an integrated market approach, cost containment, the creation of new orientation and development of the Niger Insurance identity.”

    He said the firm has segmented its products distribution outlets into corporate retail and special markets in the context to be market driven and customer focused.

    He assured that the new management is determined to develop enterprise-wide architecture to achieve ICT-enabled business environment for s sustained growth.

    Managing Director of the firm, Kola Adedeji, said the firm would continue to enhance its workforce through training.

    He said: “Our employees are critical success factors. We have therefore adopted an integral human resources management approach which will develop our human capital to focus on continuous learning and improve their creativity, the main objective being to ensure that each employee is given adequate opportunity to add value to the company’s business processes.”

  • Cornerstone makes N543m profit

    Cornerstone makes N543m profit

    Cornerstone Insurance Plc has made a pre-tax profit of N543.9 million in its 2012 financial year. This is 259.92 per cent growth over a loss of N340.1 million in 2011.

    This firm made this known during the company’s 21st Annual General Meeting (AGM) in Lagos. It made gross earnings of N4.6 billion against N4.2 billion in 2011, an 8.2 per cent growth in turnover over the company’s performance in the preceding year.

    Its income grew by 54.2 per cent to N2.4 billion; the previous year it was N1.5 billion.

    The total assets rose to N12.1 billion. It was N11 billion 2011, an increase of over 100 per cent.

    Meanwhile, shareholders’ funds grew to N6 billion compared to N5.5 billion in 2011.

    The firm’s Chairman, Dotun Sulaiman said the company has approved a five-year plan. It involves overhauling its retail business, strengthening its distribution partnerships, growing microinsurance channels and refocusing the takaful business.

    “We are also rebuilding our technology platform and securing the human resources required to drive the implementation of the new plan by bringing in new skills, retraining existing staff and reviewing remuneration to reward performance and achieve greater alignment.”

    Sulaiman said the successful implementation of these plans would would lead to profi and enable it to resume payment of dividends.

  • ‘Why shareholders’ fund slumped’

    ‘Why shareholders’ fund slumped’

    Kajola Integrated Investment Plc at the weekend, blamed mismangement by its former managent team for the decline in its sharehokders’ fund.

    Speaking at the firm’s fifth annual general meeting (AGM) during which it presented its annual report and financial statement for the year ended December 31, 2012 in Lagos, its Chairman, Prof. Wale Omole said the company’s assets rose from N723 million in 2011 to N735 million during the year under review.

    However, current liabilities dropped from N36 million in 2011 to N24 million in 2012, while gross earnings declined to N118.3 million from N138.6 million in 2011.

    Omole said its shareholders’ fund dropped from N1.2 billion in 2011 to N1.1 billion in 2012 blaming this on its former management team. This, he said, made it difficult for the board to declare dividend.

    According to him, there were concerns over uncertainty and inconsistency in the policy environment as it affects growing insecurity, manpower, power supply and weak commitment to the development of indigenous enterprise.

    “The security challenges in the country which was a major concern to investors during the year, with direct consequences for the economy, had profound effect on the perception of the country as an investment destination,” Omole said.

    National President, Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu said despite the challenges faced by the firm in the last financial year, the future looks bright.

    He said the board of directors has done well but need to improve to get better results in the coming year.

    The firm was incorporated in 2006 as a limited liability company specialising in real estate, project management and business development.

    According to a report from the company, it commenced business with a capital base of N100 million which has grown to N1.218 billion in 2011. The initial business focus of the company includes investment in agro-allied and commodity trading, mining, oil and gas. The focus was later modified to incorporate financial services, real estate development leasing and small and medium enterprises (SMEs) financing.

    This outlook, it said, was to ensure that its investment revolves around the specialized and identified area of competence as well as provide financial intermediation services to entrepreneurs for their businesses.

  • Nigeria’s economy doing well, says Ibru

    • Ends tenure

    The Lagos Chamber of Commerce and Industry (LCCI) has praised the country’s economic growth in the year.

    Its outgoing president, Mr. Goodie Ibru spoke at the chamber’s Annual General Meeting (AGM) in Lagos.

    Ibru, who stepped down at the AGM, said when compared with the global output growth rate of 3.5 per cent, the country’s growth performance could be considered satisfactory.

    He said: “Economic and business performance in the year was mixed. According to the National Bureau of Statistics, Gross Domestic Product growth rate for the second quarter of 2013 was 6.18 per cent as against 6.56 per cent in the first quarter and 6. 39 per cent recorded in the second quarter of 2012.

    “However, when compared with global output growth, the Nigeria growth performance could be considered satisfactory. But from our perspective as private sector player, the economic conditions were difficult and the challenges of doing business remained formidable.”

    Ibru added that the business environment was characterised by high cost of doing business, with constraints in poor infrastructure, cost and access to funds, depreciation of the naira, influx of substandard products and smuggling.

    “Ours is the second largest economy in Africa with over $300billion GDP, what we lack is the capacity to harness these opportunities for our common good. However, some progress has been made in charting the right course,” he said.

    According to Ibru, the chamber acknowledges the efforts of the Federal Government to contain issues that are negatively impacting the business environment.

    Ibru also described his tenure as the president of LCCI as “challenging but exciting”, adding that it was an opportunity to contribute to the development of the chamber, the private sector and the country’s economy in general.

    “It is my sincere hope that our sectoral groups and service committees will become even more active in promoting lively and constructive debate on important and relevant business issues in the future,” he said.

    The chamber appointed a former deputy president, Alhaji Remi Bello as the new president while Chief Nike Akande and Mr. Knut Ulvmoen were appointed his deputy.