The Nation Newspaper

Tag: dividend

  • Shareholders get N3.22b dividend as PZ Cussons records N6.6b profit

    Shareholders of PZ Cussons Nigeria Plc would receive a total of N3.22 billion as cash dividends for the immediate past business year as the conglomerate showed early gains of its restructuring exercise.

    The board of directors of PZ Cussons Nigeria has recommended distribution of N2.42 billion as final cash dividend, bringing total cash payout for the year to N3.22 billion. The company had earlier this year distributed N794 million as interim cash dividend.

    Shareholders on the register of the conglomerate as at close of business on September 14, 2015 will receive a final dividend per share of 61 kobo in addition to earlier interim dividend per share of 20 kobo, representing a total dividend per share of 81 kobo. The final dividend will become payable on September 30, 2015.

    Key extracts of the audited report and accounts of PZ Cussons Nigeria for the year ended May 31, 2015 showed that total sales rose marginally from N72.90 billion in 2014 to N73.12 billion in 2015. The company’s top-line cost of sales dropped by 1.9 per cent to N52.67 billion in 2015 as against N53.71 billion in 204. However, operating expenses increased by 7.1 per cent from N12.89 billion to N13.8 billion.

    The company also came under pressure from financing costs, which rose by 215.4 per cent from N141.05 million to N444.86 million. Consequently, profit before tax slipped by 5.66 percent from N6.95 billion to N6.56 billion. Profit after tax also declined by 10.7 per cent to N4.6 billion compared with N5.1 billion in the previous year. Earnings per share dropped by 11.72 per cent to N1.03 as against N1.16 in 2014. The conglomerate’s net assets meanwhile inched up 2.67 per cent from N42.54 billion in 2014 to N43.67 billion.

    PZ Cussons Nigeria had started on major corporate restructuring aimed at streamlining its operations and curtailing costs. It earlier this year filed for regulatory approval to combine two of its wholly owned subsidiaries – PZ Power and PZ Tower with the parent company. The business combination would be effected through a scheme of arrangement.

    In a regulatory filing, the group stated that the corporate restructuring would simplify its structure and operations, thereby leading to reduction in administrative costs while simultaneously improving operational efficiency.

    PZ Cussons, the United Kingdom-based parent company that holds 69.77 per cent in the Nigerian company, has focused attention on its Nigerian subsidiary with a view to strengthening the company as the hub of its West African operations.

    PZ Cussons Nigeria has invested not less than $130 million in strengthening and expanding its business operations in Nigeria.

    During a recent visit and tour of part of Nigerian operations by members of board of directors of the PZ Cussons, Chairman, PZ Cussons, United Kingdom, Richard Harvey, said the conglomerate sees more exciting opportunities in Nigeria and it is committed to long-term development of its Nigerian business.

    According to him, PZ Cussons has continued to invest in the capacity of its Nigerian business in demonstration of its commitment to sustain its Nigerian business as a major plank of the global operations of PZ Cussons.

    He said PZ Cussons’s bouquet of products from household items to electronic appliances is in growing demand and the group looks toward its Nigerian business as a major contributor to global performance.

    “We are more excited about the opportunities now than we have been for a very long time,” Harvey said.

    He pointed out that Nigeria contributes about 55 per cent of the group’s global turnover while the refrigerator business contributed about 30 per cent to PZ Cussons Nigeria’s turnover, which approximately gave the Nigerian refrigerator business some 17 per cent of global sales.

    Harvey in company of other directors toured the newly remodeled refrigerator manufacturing plant in Ilupeju, Lagos.

    According to him, the additional refrigerator production line, which was formally commissioned during the visit, was meant to rapidly expand the distribution of cooling products In Nigeria and Ghana and to keep the company in good stead to meet anticipated continuous increase in demand.

    Harvey said the conglomerate will continue to prospect for opportunities to increase its business in Nigeria citing the recent multi-billion investment in palm oil processing plant and refinery.

    According to him, the biggest new business line-‘Mamador’, being produced from the brand new refinery at Ikorodu, Lagos, has gotten off to instant success with the company selling every bit of its production.

    “We get a series of developments we want to do but as you will expect I am not able to share those secrets with you now,” Harvey said.

    He however ruled out possible capital issue in the nearest future noting that PZ Cussons has sufficient capital base to internally fund its growth initiatives.

    He assured Nigerian shareholders that the conglomerate has been positioned for improved performance and returns while affirming the commitment of the foreign core investor to mutually beneficial relationship with its Nigerian shareholders.

    “They are investing in the right company,” Harvey quipped when asked about his message to Nigerian shareholders.

  • Custodian and Allied pays N353m interim dividend

    Shareholders of Custodian and Allied Plc at the weekend received interim dividend of N353 million as the company’s pre-tax profit rose by 21 per cent in the first half.

    Shareholders on the register of the company as at the close of business last Friday, would receive interim dividend per share of 6.0 kobo.

    The dividend recommendation came on the heels of the company’s half-year results, which showed that profit before tax of N3.34 billion and profit after tax of N2.62 billion for the period ended June 30, 2015.

    Similarly, shareholders’ funds grew to N24.42 billion from N22.49 billion as at 31 December 2014, while total assets exceeded N54 billion as at 30 June 2015.

    The board of the company expressed optimism that the company would sustain the positive trend for the rest of the year, barring any unforeseen circumstances.

    Custodian is a leading non-bank financial institution with investments in life and non-life insurance, pension fund administration, trusteeship and property holding businesses. The Custodian Group consists of Custodian and Allied Plc-the holding company, Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited.

     

  • Zenith Bank declares N7.85b interim dividend

    Zenith Bank declares N7.85b interim dividend

    The board of Zenith Bank Plc has recommended distribution of about N7.85 billion as interim dividend to shareholders of the bank, setting a new path with its first-ever interim dividend.

    A dividend recommendation released yesterday at the Nigerian Stock Exchange (NSE) indicated that shareholders would receive an interim dividend of 25 kobo per share. The qualifying date for the dividend is August 21, 2015 while the register will close on August 24, 2015.

    The first-ever interim dividend highlighted considerable improvements in the earnings of the bank in the first half. Zenith Bank recently adopted a new financial reporting policy of publishing audited half-yearly results.

    Key extracts of the six-month audited report and accounts for the period ended June 30, 2015 showed that gross earnings rose by 24 per cent from N184.4 billion in June 2014 to N229.08 billion in 2015. Net interest income grew by 14 per cent from N98.6 billion in 2004 to N112.6 billion for the period ended June 30, 2015.

    Group profit before tax increased by 24 per cent from N58 billion to N72 billion while profit after tax rose to N53 billion as against N47 billion in 2014. Customers’ confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7trillion in 2014. Gross loans and advances grew by 10.4 percent without compromising the asset quality as evidenced by a best-in-class low cost rate of 0.8 percent, which is below industry average non-performing loan (npl) ratio of 1.44 percent.

    The bank’s outstanding service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014) and the Most Customer-Focused Bank in Nigeria by KPMG (2014).

    The bank only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO 22301, 27001 and 20000 standards.

    The bank had stated that the three standards, which require the bank to subscribe to internationally accepted principles and standards, will deepen customer experience through greater information security and information technology management system that emphasize the protection of the customers and their investments in an increasingly unpredictable business environment.

  • Lafarge Africa promises better future as shareholders get N16b dividend

    •Osunkeye retires, Balogun becomes chairman 

    It was a bright weekend for shareholders of Lafarge Africa Plc as the company showcased the early benefits of its consolidation and distributed about N16 billion as cash dividends to shareholders.

    The annual general meeting at the weekend in Lagos also witnessed the retirement of the iconic chairman of the board, Chief Olusegun Osunkeye and the assumption of office by leading investment banker, Mr. Mobolaji Balogun.

    Addressing the shareholders, Osunkeye said the consolidation of the Lafarge businesses into Lafarge Africa has transformed the company into a group which is well equipped to continue its acceleration notwithstanding challenges in the market place.

    He outlined that with the consolidation, Lafarge Africa’s cement production capacity has grown from 4.5 million tonnes to about 12 million tonnes while 3.5 million cubic meters of ReadyMix concretes and over 5.0 million tons of Aggregates have been added to the portfolio.

    He noted that the company has doubled its turnover from N100 billion to N200 billion while the earnings before interest, tax depreciation and amortization (EBITDA) has grown from N36 billion to N55 billion. He added that N99 billion of cash was generated from operations in 2014.

    “All of this is building on the foundation which was laid over the last few years, and the transformation into Lafarge Africa Plc is a natural progression to take our company to the next level,” Osunkeye said.

    He assured that while the company’s Nigerian businesses have shown strong growths, the medium to long term outlook remains positive for the company’s South African business noting that the recent strengthening of Rand against Naira will increase the value of the South African profits to the group.

    Osunkeye, who received standing ovation from the shareholders, said he was leaving Lafarge Africa in a capable hand that could take it into the next level.

    “Balogun is a seasoned and committed director with breadth of experience across finance, strategy and management. He is very familiar with Lafarge’s business in Nigeria and Africa and I am sure he is the right person to chair the Board going forward,” Osunkeye said.

    He expressed his gratitude to all stakeholders and urged them to extend the same level of support to his successor, noting that it was a privilege and honour to have served on the board of the company for 14 years and as chairman for five years from October 2009.

    Shareholders approved the distribution of N15.86 billion dividend, representing a dividend per share of N3.60, 9.1 per cent above N3.30 distributed for the 2013 business year.

    In his remarks, group managing director, Lafarge Africa Plc,  Mr. Guillaume Roux  said the good performance of the company was due to management’s commitment to corporate governance, innovation, customer service and cost efficiency.

    He assured shareholders that the company would continue to enhance their investment’ value by creating better returns in the years ahead.

     

  • Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank yesterday obtained shareholders’ endorsement to pay 18 kobo per ordinary share of 50 kobo dividend to investors whose names appeared on the bank’s Register of Members as at the close of business on April 17.

    The bank’s directors have proposed the dividend for the financial year ended December 31, 2014. This makes it a decade the lender has consistently paid dividend to shareholders.

    Speaking yesterday at the bank’s annual general meeting held in Lagos, its Managing Director/Chief Executive Officer, Nnamdi Okonkwo noted that the 2014 performance is a positive reinforcement of the medium term strategic objectives anchored  on improving the efficiency of the balance sheet; growing the retail and SME businesses; focusing on niche corporate banking segments; increased migration of customers to electronic channels and improving the customer experience across all service channels.

    He explained that the bank has a solid platform for growth, underpinned by strong customer loyalty and significant investments in physical and electronic distribution channels. “Our retail banking strategy gathered increased momentum in 2014 with the bank acquiring  over 471,000 new retail customers, consumer loans growing by over 21 per cent and core low-cost retail deposit by 18 per cent which lowered our average cost of customer deposits,” he said.

    The bank chief said that operational efficiency improved as the bank leveraged on alternative electronic channels to reduce the cost of operations adding that the efficiency gains saw operating expenses, excluding regulatory costs, grow by just three per cent in 2014 which was significantly below the inflation rate.

    On sustaining efficiency and cost effective service quality, Okonkwo explained that the bank communicated and implemented a service programme centered on building a superior customer service franchise on the back of product innovation and service turnaround time early in 2014.

    He stressed that the programme was designed to improve the quality of services by speeding up processes and reducing response time to customer enquiries/complaints

  • Sterling Bank Plc pays 6 kobo dividend

    Sterling Bank Plc pays 6 kobo dividend

    STERLING Bank Plc shareholders received 6 kobo dividend per share yesterday shortly after the conclusion of the bank’s 53rd Annual General Meeting in Lagos.

    Though the dividend payment reduced by   76%, 0.6 kobo from 0.25 kobo per share paid to investors a year earlier, the bank was able to grow its profit by 9% in 2014.

    The Bank’s Balance Sheet also showed that net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013, while customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion just as shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

    While declaring the dividend, Asuen Ighodalo said the bank was very optimistic about future prospects based on the strategic alliances being embarked by the board and management.

    Echoing similar sentiment, the bank’s Managing Director, Mr. Yemi Adeola, said the bank’s performance shows the strengths of its resilient growth model and its ability to continue to deliver value for all stakeholders, even as he assured that a proposed multi-currency debt capital of $200m in the coming year would improve the bank’s fortunes substantially.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by an 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by an 82.2 per cent growth in net trading income to N6.8 billion.

    Speaking separately, the arrowhead of the shareholders’ group, including Sir Sunny Nwosu, Chief Timothy Adesiyan, Pa Sofunde, Brigadier Ikwe, Oderinde Taiwo, lauded the bank’s performance, even as they tasked the management on the need to improve on their system.

  • NLNG pays $14.7b dividend to govt

    The Nigeria Liquefied  Natural Gas Limited (NLNG) paid $14.7billion to the Fedral Government as dividend last year.

    It also paid $15.3 billion dividend to other investors, $21 billion to joint venture (JV) feedgas suppliers, and N220 billion tax during the period.

    In its 2015 Facts and Figures report, NLNG said besides financial contributions, it also contributed substantially to environmental hazard reduction, foreign direct investment, job creation, local content development and the boost in the Gross Domestic Product (GDP).

    The report read: “NLNG utilises gas that would have otherwise been flared, thus making significant contributions to the nation’s income while helping to protect the environment. Payment to joint venture feedgas suppliers from inception till date is almost $21 billion, between 55 and 60 per cent of this amount goes to the Federal Government via its shareholding in Nigerian National Petroleum Corporation (NNPC).

    “NLNG has also over the years paid dividends of almost $30 billion, out of which 49 per cent went to the Federal Government through its shareholding in NNPC.

    “As a good corporate citizen, NLNG also contributes to national wealth and economic wellbeing of states in which it operates, by paying all applicable taxes and tariffs. In 2014, the company’s corporate income tax amounted to about N220 billion, thus making NLNG by far the highest tax payer in Nigeria and sub-Sahara Africa.

    “The company since 2008, contributed about four per cent of Nigeria’s annual Gross Domestic Product (GDP) and with current rebasing of the GDP, NLNG’s contribution to the GDP is put at about one per cent.”

    On environmental hazard reduction, the company said it has converted about 133 billion standard cubic metres (Bcm) of associated gas (AG), which is equivalent to 4.68 trillion cubic feet (Tcf) of associated gas to exports as liquefied natural gas (LNG) and natural gas liquids (NGLs). The conversion of the associated gas helped to reduce gas flaring by upstream companies, it stated, adding that however, flares are only permitted in order to eliminate waste gas which cannot be converted to any further use. Flares also act as safety systems for non-waste gas and are released via pressure relief valves, when required, to ease the strain on equipment.

    NLNG also said it provided more than 2,000 jobs in each construction year. Overall, the major sub-contractors employed about 18,000 Nigerians in technical jobs in the base projects adding that through each Nigerian Content plan for its contracts, NLNG has promoted the development and employment of indigenous manpower. “For instance, 600 Nigerians will be trained in Nigeria and at the contractors’ (Hyundai and Samsung) shipyards in Korea as part of the Nigerian Content deliverables tied to the construction of six new LNG vessels by Bonny Gas Transport (BGT), a wholly owned subsidiary of NLNG.

    “Those 600 Nigerians, with enhanced skills in welding, hull assembly, pipe fitting, electrical, mechanical, painting and ship design will join the country’s workforce, providing a support base for technology transfer and industrialisation.

    “Thirty-five of the Nigerian trainees are in Korea for participation in the ship construction and six Nigerians are working as ship managers (two Production Managers, two Quality Assurance/Quality Control Managers and two HSE Managers) in the ship construction at the shipyards in Korea,” it added.

    Shareholders of NLNG are NNPC (49 per cent), Shell Gas B.V. (25.6 per cent), Total LNG Nigeria Limited (15 per cent) and Eni International (10.4 per cent).

     

  • Cadbury Nigeria declares N1.22b dividend

    Cadbury Nigeria declares N1.22b dividend

    Cadbury Nigeria Plc would distribute N1.22 billion to shareholders as cash dividends for the immediate past business year as the food company struggled with notable contraction in earnings.

    The Board of Directors of Cadbury Nigeria indicated that shareholders would receive a dividend per share of 65 kobo. Shareholders are expected to approve the profit distribution at the annual general meeting on June 10 and the dividend will subsequently become payable on June 11.

    The dividend recommendation highlighted the contraction in the earnings of the food company. Cadbury Nigeria had distributed N2.4 billion as dividends to shareholders, representing a dividend per share of N1.30 for the 2013 business year. The company had paid a dividend per share of 50 kobo for the 2012 business year.

    Audited report and accounts of Cadbury Nigeria for the year ended December 31, 2014 showed that sales dropped by 15 per cent while pre and post tax profits declined by 80 per cent and 75 per cent respectively.

    Turnover dropped from N35.76 billion in 2013 to N30.52 billion in 2014. Profit before tax slumped to N1.47 billion as against N7.42 billion while profit after tax declined from N6.02 billion to N1.51 billion. Earnings per share thus dropped from N1.92 to 75 kobo.

    The decline also affected the balance sheet of the company. While fixed assets slipped marginally from N16.94 billion to N16.48 billion, current assets dropped by 53 per cent from N26.23 billion to N12.34 billion. Share-holders’ funds consequently dropped by 52 per cent from N23.99 billion to N11.54 billion.

    Cadbury Nigeria is looking to consolidate its market share and tap into other expanding markets in West Africa with the resumption of Roy Naaman as its new managing director on January 1, 2015.

    Cadbury Nigeria stated that Naaman as a highly experienced brand professional would lead the snacks group’s expansion in West Africa and deliver consistent and strong profit to shareholders.

    “In Roy, we are very pleased to gain a highly experienced leader, with a strong track record in driving sustained and profitable growth. In his previous role, Roy was instrumental in spurring business expansion in southern Africa and the Caucasus. He is a most valuable addition to our company,” Romeo Lacerda, President, Markets, Eastern Europe, Middle East and Africa, Mondelçz International, said in a  statement.

    Naaman joins Mondelçz International from the Diplomat Group, a global distribution company representing leading brands. With a Bachelor of Arts in business, majoring in finance, Naaman has held a number of positions in the Diplomat Group in several countries, including Georgia, and most recently as a General Manager of its largest market. He joins Cadbury Nigeria 1st January, 2015.

    Mondelçz International, a global snacks powerhouse, holds 74.99 per cent equity stake in Cadbury Nigeria, the remaining 25.01 per cent shares are held by a diverse group of Nigerian individual and institutional investors.

  • Unilever Nigeria slashes dividend by 92% as profit drops by 49%

    Unilever Nigeria Plc is reducing its dividend payout from N4.73 billion to N378.3 million following a steep decline in the performance of the company. A dividend recommendation released by the board of directors of the conglomerate showed that shareholders would receive a dividend per share of 10 kobo for the 2014 business year as against N1.25 received for the 2013 business year.

    Key extracts of the audited report and accounts of Unilever Nigeria for the year ended December 31, 2014 showed declines in the top-line and the bottom-line. While sales were tepid, the bottom-line performance was however worsened by significant increase in finance charges.

    Turnover dropped by seven per cent from N60 billion in 2103 to N55.75 billion in 2014. Interest expense, otherwise known as finance charges, however rose by 65 per cent from N1.16 billion to N1.91 billion. This further constrained the profitability of the conglomerate as pre-tax profit dropped by 58 per cent from N6.79 billion to N2.87 billion. After a 78 per cent reduction in tax provisions, net profit after tax dropped by 49 per cent to N2.41 billion in 2014 as against N4.72 billion recorded in 2013.

    Earnings per share consequently dropped from N1.25 in 2013 to 64 kobo in 2014. The contraction also affected the company’s balance sheet as shareholders’ funds dropped by 20 per cent from N9.35 billion to N7.48 billion.

    Shareholders of the company are expected to meet in May to review its performance and consider the recommended payment.

    The audited report came on the heels of the move by Unilever Overseas Holdings, the United Kingdom-based foreign core investor, to acquire additional equity stake in the Nigerian subsidiary in a transaction valued at about N43 billion or £144.5 million.

    Unilever Overseas Holdings has already approached the board of directors of Unilever Nigeria Plc about its intention to make an offer to increase its equity stake in the Nigerian company from 50.04 per cent up to a maximum of 75 per cent. The foreign core investor promises to maintain Unilever Nigeria’s listing on the Nigerian Stock Exchange.

    Unilever Overseas Holdings has appointed Citigroup Global Markets Limited and Chapel Hill Advisory Partners Limited as its financial advisers on the proposed transaction.

    The Nation had reported that Unilever Overseas Holdings proposes to acquire about 944.47 million ordinary shares in Unilever Nigeria at an intended offer price of N45.50 per share in cash. Unilever Nigeria opened this week at the NSE at N34 per share.

    The proposed offer price represents a premium of 33.8 per cent on the company’s opening price today and a premium of 33.2 per cent on the three-month volume weighted average share price. It is intended that the proposal would be effected by way of a tender offer, by giving any shareholder who elects to sell some or all of their shares in Unilever Nigeria the opportunity to do so.

    The proposed acquisition is however still subject to the prior approval of the Nigerian Stock Exchange and the Securities and Exchange Commission (SEC).

    While noting that it has not reached any definitive agreement to proceed with the proposal, Unilever Nigeria has indicated that the formal offer documentation will be posted to shareholders as soon as the approvals of all the regulators are obtained.

    Unilever Overseas reserves the right not to proceed with the proposal or to vary the terms of the proposal in any way and no binding offer will be made in respect of any securities until Unilever Nigeria has announced its final results for the year ended December 31, 2014 to the general public.

  • Nestle Nigeria declares N13.9b dividend

    Nestle Nigeria declares N13.9b dividend

    The board of directors of Nestle Nigeria Plc has recommended distribution of N13.87 billion to shareholders as final dividends for the immediate past business year ended December 31, 2014. Nestle Nigeria had earlier distributed N7.93 billion as interim dividends. This final dividend recommendation brings total dividend for the year to N21.8 billion.

    A breakdown of the dividend recommendation shows that shareholders would receive a final dividend per share of N17.50, bringing total dividend per share for the year to N27.50. The final dividend is expected to be approved by shareholders at the company’s annual general meeting on May 11, 2015 and will subsequently become payable as from May 12, 2015 to shareholders on the register of the company as at the close of business on Friday, 24 April 2015.

    The final dividend is being paid from the pioneer profits of the company and as such not subject to deduction of withholding tax.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2014 showed that turnover rose by eight per cent from N133.08 billion in 2013 to N143.3 billion in 2014. Profit before tax however dropped from N26.05 billion in 2013 to N24.4 billion in 2014. Profit after tax was almost unchanged at N22.24 billion in 2014 as against N22.26 billion in 2013.

    Directors of the food company described the performance as satisfactory citing the tough macroeconomic environment and the devaluation of Naira.

    “We are pleased with the turnover growth despite the challenging macro-economic environment. It is encouraging that we sustained almost the same level of profit after tax in 2013 notwithstanding the devaluation of the Naira which increased our net finance costs,” the company stated.

    According to the company, it will continue to increase its marketing investments, accelerate innovation and ensure that its pricing is always sensitive to consumer needs.

    Analysts a FBN Capital noted that Nestle Nigeria’s top-line performance was constrained by similar headwinds faced by other consumer goods companies such as increased competition across various product segments, insecurity in northern Nigeria and lower discretionary income.

    Analysts pointed out that devaluation of Naira and foreign exchange could further negatively impact the company’s profitability.

    “We do not expect the proposed dividend to impress the market; instead we expect the market’s reaction to the results to be negative given the weak underlying performance,” FBN Capital stated.