The Nation Newspaper

Tag: interim dividend

  • Nestle Nigeria mulls interim dividend on Q3 results

    The board of Nestle Nigeria Plc is considering payment of an interim dividend on the third quarter results of the food and beverages multinational.

    Directors of Nestle Nigeria are scheduled to meet later this month to consider the unaudited report and accounts for the third quarter ended September 30, 2018.

    Company Secretary, Nestle Nigeria Plc, Bode Ayeku yesterday confirmed that the board of directors would also discuss payment of interim dividend during the October 29, 2018 meeting.

    Nestle Nigeria had paid interim dividend of N11.89 billion, representing a dividend per share of N15 during the 2017 business year. The food giant had increased its total dividend payout by 325 per cent to N33.7 billion for the 2017 business year.

    Nestle Nigeria paid final dividend of N21.8 billion, representing a final dividend per share of N27.50 for the 2017 business year. This brought total dividend per share for 2017 to N42.50. It had paid N7.93 billion for the 2016 business year.

    Nestle Nigeria led the gainers yesterday at the Nigerian Stock Exchange (NSE) as investors weighed possible distribution for the nine-month period. Nestle Nigeria’s share price rose by N15.30 to close at N1,420.30 yesterday.

    Many analysts expected Nestle Nigeria to sustain its dividend payment trajectory, with profit growth translating into higher returns to shareholders. First-half results showed that the food giant sustained strong growths across key performance indicators.

    Key extracts of the six-month report for the period ended June 30, 2018 showed that Nestle Nigeria grew sales to N135.3 billion in first half 2018 as against N121.92 billion recorded in first half 2017. Gross profit increased from N48.34 billion to N55.58 billion.

    While marketing and distribution expenses increased, administrative expenses decreased and the company further optimized its bottom-line with 87.5 per cent decline in net finance costs from N2.24 billion in 2017 to N280.67 million in 2018. With these, profit before tax rose from N24.46 billion in first half 2017 to N31.87 billion in first half 2018. Profit after tax also increased from N16.55 billion in first half 2017 to N21.46 billion in first half 2018.

    Ayeku had said the company’s performance was made possible by the relentless efforts of its highly passionate team to provide high quality and affordable nutritious food and beverages to Nigerian consumers.

    “We will maintain the focus on delighting consumers with our nutritionally superior products by increasing promotion initiatives and providing more nutrition education,” Ayeku said.

    Ayeku added that in line with the company’s creating shared value principle, it remains committed to building thriving and resilient communities through local sourcing, expanding the commercialization of its products and strengthening its value chain.

    “We are pleased with the sustained growth of our company amid the tough competitive business landscape,” Ayeku said.

     

  • Access Bank to pay N7.23b interim dividend

    •Lender records N39.6b net profit

    Access Bank Plc will distribute N7.23 billion to its shareholders as interim dividend for the first half of this year as the commercial bank sustained modest growths in earnings. Shareholders will receive interim dividend per share of 25 kobo.

    Access Bank had distributed N18.8 billion as cash dividend for the 2017 business year. Shareholders received a final dividend of 40 kobo, in addition to interim dividend of 25 kobo, bringing the total dividend per share for 2017 to 65 kobo.

    Key extracts of the audited report and accounts for the six-month period ended June 30, 2018 showed that gross earnings rose from N246.58 billion in first half 2017 to N253.02 billion in first half 2018. Profit before tax stood at N45.84 billion in 2018 as against N52.05 billion in 2017. After taxes, net profit increased from N39.46 billion in first half 2017 compared with N39.63 billion in first half 2018. Earnings per share remained steady at N1.38.

    The half-year report showed modest improvement on the first quarter performance of the commercial bank. In the first quarter ended March 31, 2018, Access Bank grew gross earnings by 19 per cent to N137.5 billion in first quarter 2018 compared with N116 billion recorded in first quarter 2017. Interest income and non-interest income contributed 70 per cent and 30 per cent respectively to the top-line in first quarter 2018. The report showed a steady bottom-line performance. Pre and post tax profits stood at N27.44 billion and N22.12 billion respectively in first quarter 2018 compared with N27.6 billion and N22.41 billion posted respectively in corresponding period of 2017. Earnings per share stood at 77 kobo in first quarter 2018 as against 79 kobo in first quarter 2017.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe said the bank has started mplementation of key elements of its strategy that will drive growths in the months ahead.

    “A vital part of this is the continued execution of our retail market penetration initiatives, as it remains a strong catalyst to the sustainability of non-funded income growth. In addition we remain focused on consolidating our market position in the corporate and commercial banking segment,” Wigwe said.

    He outlined that the priority of the bank for the rest of the year will be to focus on its retail offerings as it continues to see the benefits of the initiatives intensify over the next few months.

    The Nigerian Stock Exchange (NSE) recently upgraded Access Bank to its premium board.

    Shareholders of the bank recently authorised the board of directors of the bank to raise up to $1.5 billion or N459 billion in new debt issue. Shareholders passed a resolution increasing the size of the bank’s existing $1 billion debt issuance programme to $1.5 billion by the addition of $500 million.

    The debt issuance programme will enable Access Bank to raise capital through the issuance of non-convertible loans, notes, bonds and any other instruments whether by wa of public offering, private placement, book building process reverse call inquiry or any other method or combination of methods.

     

  • Zenith Bank declares N9.42b interim dividend

    The board of directors of Zenith Bank Plc has approved distribution of N9.42 billion to shareholders as interim dividend for the half-year ended June 30, 2018.

    The breakdown of the interim dividend indicates a dividend per share of 30 kobo, 20 per cent above 25 kobo paid as interim dividend for the first half of 2017. The bank had distributed N7.5 billion as interim dividend for the first half of 2017.

    Key extracts of the audited report and accounts of the bank for the six-month period ended June 30, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed 15.3 per cent decline in gross earnings and a modest growth of 8.5 per cent in net profit after tax. Profit after tax rose to N81.7 billion in first half 2018 as against N75.3 billion recorded in comparable period of 2017. Profit before tax rose from N92.2 billion to N107.4 billion. Gross earnings declined to N322.2 billion as against N380.4 billion.

    Zenith Bank had distributed N84.8 billion to shareholders as cash dividend for the 2017 business year, representing 33.7 per cent increase on N63.42 billion paid for the 2016 business year. Shareholders received a final dividend per share of N2.45, in addition to an interim dividend of 25 kobo, bringing total dividend per share to N2.70 for the 2017 business year.

    The bank had distributed N63.42 billion to shareholders for the 2016 business year, representing a dividend per share of N2.02. The increase in dividend payout underlined the improvement in the performance of the bank in 2017.

    Key extracts of the audited report and accounts of Zenith Bank for the year ended December 31, 2017 showed that gross earnings rose by 46.7 per cent from N508 billion in 2016 to N745.19 billion in 2017. Profit before tax increased from N156.75 billion to N203.46 billion. After taxes, net profit rose by 37 per cent to N177.93 billion in 2017 as against N129.65 billion recorded in 2016. Earnings per share thus improved from N4.12 in 2016 to N5.66 in 2017.

  • Total Nigeria, Nigerian Breweries to pay N8.9b interim dividend

    The boards of directors of Total Nigeria Plc and Nigerian Breweries Plc have recommended payment of N8.92 billion as interim cash dividends to shareholders. The two sectoral leaders have just have just  released their third-quarter results.

    Total Nigeria will share about N1.02 billion to shareholders, representing interim dividend per share of N3. Nigerian Breweries will distribute N7.9 billion, representing interim dividend per share of N1.

    The nine-month report of Nigerian Breweries for the period ended September 30, 2017 showed that the company recorded a turnover of N254.7 billion. Profit before tax rose from N27.8 billion to N34.4 billion while profit after tax improved to N23.9 billion from the N20.1 billion.

    Company Secretary and Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku said despite the continued challenging business environment, revenue in the first nine months of the year grew compared to the corresponding period in 2016.

    He added that as a result of the company’s continued focus on internal efficiencies under its cost leadership programme, results from operating activities improved, which combined with lower Net finance charges resulted in increased profitability in the period.

    It added that the interim dividend is payable subject to deduction of withholding tax at the appropriate rates, on Thursday, November 23, 2017 to all shareholders registered in the books of the company at the close of business on Wednesday, November 15.

    The board maintained that whilst the operating environment for the remainder of the year is expected to remain challenging, it is confident that, barring unforeseen circumstances, the company is well placed to deliver a good return on investment to shareholders.

    Meanwhile, Total Nigeria suffered a contraction in the third quarter. Turnover was almost flat at N221.2 billion in third quarter 2017 as against N220.2 billion recorded in third quarter 2016. Profit before tax dropped by 43 per cent from N17 billion to N9.68 billion while profit after tax declined by 49 per cent from N11.63 billion in third quarter 2016 to N5.96 billion in third quarter 2017.

  • GTBank declares N7.35b interim dividend

    GTBank declares N7.35b interim dividend

    The board of directors of Guaranty Trust Bank (GTBank) Plc, Nigeria’s most capitalised bank, has earmarked N7.35 billion as interim cash dividends to shareholders. In the dividend recommendation, shareholders would receive a dividend per share of 25 kobo. Earnings per share had grown by 22 per cent from N1.55 to N1.88.

    The dividend recommendation was one of the highlights of the first-half audited earnings report of the bank. The six-month report for the period ended June 30, 2015 showed that gross earnings increased by 15 per cent to N152.99 billion in first half 2015 as against N132.98 billion recorded in the comparable period of 2014. Profit after tax rose by 21 per cent to N53.37 billion in 2015 as against N44.01 billion in 2014. The growth in bottom-line was driven by interest and other operating income. Interest income grew by 12 per cent to N80.11 billion, while the investment and other operating income contributed an increase of 18 per cent, rising to N38.02 billion from N32.30 billion.

    Growth of loans and advances was however moderated as it only grew by one per cent to N1.299 trillion from N1.281 trillion. The bank’s deposits grew by five per cent from N1.649 trillion to N1.725 trillion. Shareholders’ funds also increased marginally from N374.33 billion to N384.99 billion. Total assets increased by eight per cent from N2.355 trillion to N2.544 trillion.

    Managing director, Guaranty Trust Bank (GTBank) Plc, Segun Agbaje, had after the first quarter earnings report, said the major focus for the bank going forward is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns.

    He noted that as a financial institution with a bias for industry leadership, exceptional service delivery and innovation, GTBank has experienced tremendous growth since its inception in Nigeria in 1990. Now, the bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.

    GTBank earlier this year distributed N44.15 billion as final dividend, representing a dividend per share of N1.50 kobo. Total dividend per share for 2014 stood at N1.75 as against N1.70 paid for the 2013 business year. It had paid interim dividend per share of 25 kobo. This brought total payout to N51.5 billion for the 2014 business year as against N50.03 billion in 2013.

    Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that GTBank grew its top-line by 15 per cent with gross earnings of N278.52 billion in 2014 compared with N242.67 billion in 2013. Profit before tax rose by nine per cent from N107.09 billion to N116.39 billion. Profit after tax grew by 10 per cent from N90.02 billion to N98.69 billion. Earnings per share consequently rose by 10 per cent to N3.47 in 2014 as against N3.17 in 2013.

    Balance sheet analysis showed that deposits base expanded by 14 per cent to N1.65 trillion in 2014 compared with N1.44 trillion in 2013. Shareholders’ funds also rose by 13 per cent from N332.35 billion to N374.33 billion. Total balance sheet size rose by 12.4 per cent from N2.10 trillion in 2013 to N2.36 trillion in 2014.

    GTBank also continued to maintain disciplined and prudent approach to loan growth as the proportion of non-performing loans to total loans dropped from 3.58 per cent in 2013 to 3.15 per cent in 2014.

     

     

  • Courteville declares N142m interim dividend

    The board of directors of Courteville Business Solutions Plc has recommended distribution of N142.08 million to shareholders as interim cash dividends for the first half of this year.

    A dividend recommendation by the board indicated that shareholders on the register of the company as at August 10, 2015 would receive an interim dividend per share of 4.0 kobo. The dividend will become payable on August 31, 2015.

    Key extracts of the unaudited report and accounts of the electronic business solutions and outsourcing company for the period ended June 30, 2015 showed contrasting marginal growth in sales and marginal decline in profit. Gross revenue inched up to N822.17 million by June 2015 as against N806.7 million in comparable period of 2014. Gross profit rose by 21 per cent from N425.63 million to N513.98 million. Operating profit also grew by 15 per cent from N279.11 million to N320.13 million.

    Profit before tax however dropped by two per cent from N279.76 million to N250.63 million while profit after tax declined from N215.68 million in first half 2014 to N210.53 million in first half 2015. Earnings per share also dropped from 6.07 kobo to 5.93 kobo.

    Commenting on the results, group managing director, Courteville Business Solutions, Mr. Adebola Akindele, said the results reflected the company’s strength within a demand environment that was resilient through the business cycle.

    He noted that Courteville Business Solutions has delivered consistent financial performance in its business process outsourcing platforms such as AutoReg, which handles registration for eight out of every ten vehicles on Nigerian roads.

    “We also recorded over 30 per cent growth on Egole, our e-commerce portal. The results were achieved in a difficult and volatile economic environment driven by the drop in oil price, depreciating naira and uncertainty in the run-up to the general election,” Akindele said.

    He explained that as a result of the economic challenges, consumer spending and business confidence declined, while government budgets underwent deep cuts.

    He said the company’s clients recognised its ability to help them simplify, optimise and automate their operations.

    “That was why Courteville was recently named to a place of pride on Great Place to Work in Nigeria, because we outperformed our peers in the local and global ICT and professional services industries,” Akindele said.

    He said in line with the company’s five-year strategy to diversify and expand internationally, it had acquired Priority Loss Adjusters Limited, a market leader in motor vehicle administration and testing in Jamaica, adding that it would begin operation in Zimbabwe next month.