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Tag: NGX

  • Transcorp records N109.1bn gross profit in 2023

    Transcorp records N109.1bn gross profit in 2023

    Transnational Corporation Plc (Transcorp) on Wednesday said its gross profit for the year ended Dec. 31, 2023 stood at N109.1 billion.

    The figure represented a growth of 66.0 per cent,as against N65.77 billion recorded in the same period of the year 2022.

    This was contained in the company’s audited financial statement for the year ended Dec. 31, 2023 sent to the Nigerian Exchange Ltd (NGX) in Lagos.

    The statement was signed by Mr Tony Elumelu, Chairman Board of Directors, Transcorp, Mr Olumuyiwa Awe, Acting Chief Finance Officer, Transcorp and Dr Owen Omogiafo, President Transcorp.

    Elumelu said the company’s profit for the year went up by 93 per cent to N32.5 billion in the year ended 2023, from N16.84 billion recorded in the year 2022.

    The chairman stated that the operating profit for the group, which opened at N46.57 billion, also rose by 75 per cent to N81.4 billion in year 2023.

    He said the group generated N197.0 billion as revenue for the year under review, indicating an increase of 47.3 per cent, compared to N133.7 billion posted in the same period of year 2022.

    According to him, Transcorp’s Profit Before Tax for the year under review stood at N58.8 billion, compared to N30.4 billion posted in the previous year.

    He, however, disclosed that the group recorded N8.7 billion net foreign exchange loss on foreign currency borrowings, indicating 110 per cent increase, from N4.1 billion posted in year 2022.

    The major drivers of the group’s revenue in the course of the year are  its power subsidiary known as Transcorp Power, which recorded a revenue of N156 billion.

    Also, Transcorp Hotels, the group’s hospitality subsidiary, generated N42 billion revenue.

  • NAHCO to pay N2.54 as final dividend to shareholders

    NAHCO to pay N2.54 as final dividend to shareholders

    The Nigerian Aviation Handling Company (NAHCO) says it plans to pay a final dividend of N2.54 per share to its shareholders for the 2023 financial year.

    The payment, slated for May 24, will be made electronically, and it is subject to appropriate withholding tax and approvals.

    Mr Bello Abdullahi of Dikko Mahmoud Solicitors, the Company Secretary of NAHCO Plc, disclosed this in a statement on Tuesday in Lagos.

    Abdullahi said that only shareholders whose names appear on the company’s Register of Members as of the close of business on May 10 would be eligible to receive the dividend.

    Abdullahi said shareholders who had completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their bank accounts would be paid.

    He advised shareholders, who had yet to complete the registration for the e-dividend, to do so.

    According to Abdullahi, the public is hereby informed of the company’s Annual General Meeting (AGM), scheduled to hold on May 24.

  • Cadbury Nigeria loses N19.09bn in 2023

    Cadbury Nigeria loses N19.09bn in 2023

    Cadbury Nigeria Plc has announced a loss of 3,374 per cent for the year ended Dec.31, 2023, as it recorded N19.09 billion loss, as against N583.1million posted in year 2022.

    Mrs Fola Akande, Company Secretary, Cadbury Nigeria stated this in the firm’s annual report and financial statement sent to the Nigerian Exchange Ltd (NGX) on Tuesday in Lagos.

    Akande said that the company’s Profit After Tax (PAT) for the year under review declined by 2,269 per cent to settle at N28.157billion, as against N1.298 billion recorded in year 2022.

    She however, stated that Cadbury Nigeria made a gross profit of N17.337 billion for its 2023 financial year, compared to N7.723 billion posted in year 2022, indicating an increase of 124 per cent.

    The company said for the year ended 2023, the company’s revenue rose by 46 per cent to N80.379 billion, compared to N55.213 billion posted in the previous year.

    According to her, the company’s operating activities recorded an increase of 3,957 per cent, from N194.06 million posted in 2022 to N7.872 billion, as at Dec. 31, 2023.

    Akande said that the company’s share capital traded flat at N939,101 in the year under review, as indicated in the year 2022 also.

    She noted that the total equity traded by the company in the year 2023 also dropped by 149 per cent to 6,513,678 as against 13,302,629 traded in the year 2022.

    The company secretary said that the market capitalisation of Cadbury Nigeria, which closed at N22.351 billion as at Dec.31, 2022, recorded 60 per cent increase within the year under review to settle at N35,685,837 as at Dec.31,2023.

    According to Akande, the company’s stock quoted on the floor of the Exchange as at Dec.31, 2023 gained 60k, to close at N19, compared to N11.90 per share, traded in the previous year.

    Cadbury Nigeria Plc manufactures and markets a range of chocolate malt drink mixes, sweets, powder beverages and chewing gums in Nigeria.

  • Transcorp Power posts N453bn pre-tax profit

    Transcorp Power posts N453bn pre-tax profit

    Transcorp Power Plc (Transcorp Power) has reported N453 billion profit before tax for the year ended Dec. 31, 2023.

    Mr Stanley Chikwendu, Group Company Secretary, Transcorp Power, said this indicated a surge of 85 per cent, when compared with N439 billion reported in 2022.

    Chikwendu stated this in the company’s audited financial statement for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Ltd. (NGX) on Tuesday in Lagos.

    He said the company also posted  gross earnings of N4142.1 billion for the year under review, which shows 57.30 per cent increase, from N90.34 billion reported in the previous year.

    Commenting on the result, Mr Peter Ikenga, Managing Director/Chief Executive Officer, Transcorp Power, attributed the growth to the company’s strong operational capabilities and effective business strategies.

    Ikenga said the performance was a testament to the dedication and hard work of the team, and its focus on operational efficiency and ingenuity.

    “We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders.

    “With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector.

    “The company which was listed on the main board of the NGX on March 4 has continued to enjoy impressive market confidence in line with its commitment to shareholder value,” he said.

    The managing director said that the company’s Board of Directors had proposed a final dividend of N3.13 to its shareholders.

    According to him, the dividend payout reflects the firm’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the company

    He said Transcorp Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders.

    This, he said, was in line with the company’s purpose of improving lives and transforming Africa.

    Ikenga said that Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant.

    He noted that in 2020, Transcorp Group acquired the 566 MW gas-fred Afam Power Plant, bringing its total installed capacity to approximately 2,000 MW.

    The managing director said in 2023, executing its strategy of value chain optimisation, Transcorp Consortium invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mille users safely and reliably.

    Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s listed companies with strategic investments in the power, hospitality, and energy sectors.

    With a total installed capacity of over 2,000 MW, Transcorp Group is committed to creating value and driving economic growth by improving lives through access to electricity and transforming Africa.

  • Transactions on NGX decline by 13.81%

    Transactions on NGX decline by 13.81%

    The value of transactions on the stock market of the Nigerian Exchange Ltd.(NGX) went down by 13.81 per cent on Tuesday after two days of Easter break.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session.

    As a result, a  total of 545.49 million shares valued at N14.61 billion were exchanged in 12,747 deals, as against 623.08 million shares valued at N16.95 billion exchanged in 10,257 deals traded on Thursday.

    Meanwhile, Guaranty Trust Holding Company (GTCO)  led the activity chart in volume and value with 84.65 million shares traded in value of 4.48 billion.

    Access Corporation sold 68.89 million shares worth N1.73 billion, United Bank of Africa(UBA) traded 65.49 million shares valued at N1.83 billion.

    Zenith Bank traded N62.59 million shared worth N2.77 billion and Transnational Corporation transacted 27.43 million shares valued at N383.63 million.

    Consequently, the market capitalisation shed N25 billion or 0.04 per cent to close at N59.095 trillion, as against N59,120 trillion recorded on previously.

    The All-Share Index also dropped 0.04 per cent or 44 points to settle at 104,518.14, compared to 104,562.06 posted in the previous session.

    As a result, the Year-To-Date (YTD) return slipped to 39.78 per cent.

    Losses in the shares of FBN Holdings, StanbicIm IBTC, Transnational Corporation, Julius Berger, among other top losers dragged the market performance down.

    However, market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.

    On the gainers’ table, May and Baker Nigeria Plc led by 10 per cent to close at N6.05,  Ikeja Hotel, gained 9.95 per cent to close at N7.07 per share.

    Chams rose by 9.90 per cent to close at N2.11, Unity Bank went up by 9.66 per cent to close  at  N2.27 and AIICO Insurance grew by 9.65 per  cent to close at N1.25 per share.

    Conversely, UAC of Nigeria Plc led the losers’ table by 9.82 per cent to close at N12.40, followed by Julius Berger by 9.17 per cent to close at N59.95 per share.

    ABC Transport trailed by 9.09 per cent to close at 70k, Universal Insurance declined by 7.69 per cent to close at 36k, while UPDC Real Estate Investment Trust dropped 6.67 per cent to close at N1.40 per share.

  • NGX market capitalisation down by 0.08%

    NGX market capitalisation down by 0.08%

    Transaction activities of the stock market on the Nigerian Exchange Ltd. (NGX) declined by 0.08 per cent, making the market capitalisation to close the week at N59.121 trillion.

    Specifically, investors lost a total of N48 billion in the four trading sessions, making the market capitalisation to close at N59.121 trillion from N59.169 trillion at the beginning of the week.

    Similarly, the NGX All-Share Index also depreciated by 0.08 per cent or 85.31 points to close the week at 104,562.06, compared to 104,647.37 recorded last week.

    International Breweries Plc, Dangote Sugar Refinery Plc, led 29 other declining equities in the downturn performance

    International Breweries lost 74k to close at N4.45, Dangote Sugar shed N7 to close at N52, Guinea Insurance declined by 4k to close at 35k per share.

    Northern Nigeria Flour Mills Plc went down by N5.35 to close at N48.30, FTN Cocoa Processors depreciated by 16k to close at N1.60 per share, among other declining equities.

    Conversely, Computer Warehouse Group Plc led 39 equities on the gainers’ table with a gain of N1.55 to close at N7.50, Morison Industries Plc rose by 35k to close at N1.76 per share.

    Juli Plc appreciated by N1.63 to close at 9.49, SUNU Assurances grew by 20k to close at N1.36 and Consolidated Hallmark Holdings gained 23k to close at N1.63 per share, among other advancing equities.

    During the week, investors traded a total turnover of 1.804 billion shares worth N52.040 billion in 38,550 deals, contrasting with 1.735 billion shares valued at N48.755 billion traded in 45,237 deals the previous week.

    As recorded in previous weeks, the financial services industry measured by volume led the activity chart again with 1.329 billion shares valued at N32.924 billion traded in 20,897 deals.

    These, therefore, contributed 73.65 per cent and 63.27 per cent each to the total equity turnover volume and value, respectively.

    The conglomerates industry followed with 106.728 million shares worth N1.467 billion in 2,368 deals.

    The third place was the Consumer Goods industry, with a turnover of 87.708 million shares worth
    N4.220 billion in 4,731 deals.

    Trading in the top three equities namely Guaranty Trust Holding Company Plc, Zenith Bank Plc and Access Holdings Plc, measured by volume accounted for 589.939 million shares worth N23.276 billion in 8,166 deals.

    This indicated contribution of  32.70 and 44.73 per cent to the total equity turnover volume and value, respectively.

    On Exchange Traded-products (ETP), a total of 20,189 shares valued at N11.363 million were traded this week in 210 deals, compared to 10,560 valued at N131.549 million transacted last week in 184 deals.

    On bonds, a total of 61,447 shares valued at N60.237 million were traded this week in 27 deals compared with a total of 68,735 shares valued at N71.382 million transacted last week in 20 deals.

    However, all other indices finished higher with the exception of NGX Main Board, NGX 30, NGX Consumer Goods and NGX Growth which depreciated by 0.28, 0.16, 0.97 and 0.14 per cent
    respectively, while the NGX Oil and Gas and NGX Sovereign Bond indices closed flat.

    Also, 40 equities appreciated in price during the week lower than 50 equities in the previous week.

    31 equities also depreciated in price lower than 32 in the previous week, while 83 equities remained unchanged, higher than 72 recorded in the previous week.

    As part of corporate action by listed companies on the Exchange, seven companies declared dividend for its shareholders in the course of the week.

    Total Energies proposed to pay N25 for every 50k ordinary shares for its 2023 financial year on June 24, Access Holdings declared to pay N1.80 dividend per 50k ordinary shares on April 19.

    United Capital Plc announces to pay N1.80 as dividend on April 23, SFS Real Estate Investment Trust proposed N14.50 as dividend to be paid on May 14, Chemical and Allied Products Plc,also declared to pay N1.55 dividend qualified for payment on May 3.

    Meyer Plc declared 30k dividend for its shareholders to be paid May 27, Trans-nationwide Express Plc Proposed 2k dividend for payment on June 11 and Infinity Trust Mortgage Bank declared 15k dividend for payment on May 13.

  • Stock market rebounds with N74bn gain

    Stock market rebounds with N74bn gain

    Positive performance returned to the equity market on Thursday, following investors’ interest in stocks of BUA Cement, Zenith Bank and other top traders, making it the first gain of the week.

    Specifically, the market capitalisation, which opened at N58.947 trillion, gained N74 billion or 0.13 per cent, to close at N59.021 trillion.

    The All-Share Index also added 0.13 per cent or 131 points to settle at 104,387.47 from 104, 256.81 posted on Wednesday.

    Investors interest in the shares of large and medium equities such as Transnational Corporation (Transcorp), Guaranty Trust Holding Company(GTCO), Access Corporation(AccessCorp), Guinea Insurance and Guinness Nigeria Plc also pulled the market up.

    Particularly, AccessCorp whose flagship subsidiary, Access Bank on Wednesday began the process of acquiring the entire issued share capital of National Bank of Kenya Ltd. (NBK) witnessed an increase in its share price by 2.83 per cent.

    At the end of day’s trading session, the share price of AccessCorp, which opened at N22.95 gained 65k, to close at N23.60 per share.

    AccessCorp which also sold 17.97 million shares valued at N413.02 million on Wednesday, traded 32.02 million shares worth N750.04 million on Thursday.

    However, the market breadth closed negative with 29 equities on thelaggard’s  table and 22 others on the gainer’s  table.

    Deap Capital Management and Trust Plc led the loser’s table with a loss of 7k to close at 63k, followed by Tourist Company of Nigeria which declined by 28k to close at N2.56 per share.

    Computer Warehouse Group (CWG) dropped 55k to close at N5.50, Caverton shed 15k to close at N1.60, Omatek lost 7k to close at 80k per share.

    On the gainers table, Juli led by adding 65k to close at N7.15, Transcorp gained N1.35 to close at N14.90, while International Energy Insurance(IEI) rose by 14k to close at N1.59 per share.

    E-Tranzact appreciated by 55k to close at N6.25 and Guinea Insurance grew by 3k to close at 39k per share.

    Analysis of the market activities showed trade turnover was higher than the previous session, with the value of transactions up by 35.74 per cent.

    A total of 336.82 million shares valued at N9.29 billion were exchanged in 8,790 deals compared to 298.65 million shares valued at N6.84 billion in 8,248 deals on Wednesday.

    Meanwhile, United Bank of Africa (UBA) led the activity chart in volume and value with 63.88 million shares valued at N1.72 billion.

    AccessCorp followed by 32.02 million shares worth N750.04 million.

    Zenith Bank sold 21.77 million shares valued at N846.99 million, Transcorp traded 20.62 million shares worth N300.49 million and GTCO transacted 19.04 million shares valued at N894.62 million.

  • NGX: Investors lose N239 billion; CBN blamed

    NGX: Investors lose N239 billion; CBN blamed

    The Nigerian Exchange Ltd.(NGX) market capitalisation on Monday closed on a negative note, losing N239 billion.

    Specifically, the market capitalisation which opened at N59.416 trillion, lost 0.40 per cent or N239 billion to close at N59.177 trillion.

    Similarly, the All-Share Index also declined by 0.40 per cent or 422 points to close at 104,663.34, as against 105.085.25 recorded on Friday.

    As a result, the Year-To-Date (YTD) return fell to 39.97 per cent.

    Selloffs in MTN Nigeria,  Guaranty Trust Holding Company (GTCO), Zenith Bank, Transcorp and Chams dragged the market to a negative terrain.

    Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the downward performance of the market was due to little fatigue experienced after a prolonged rally, propelled by demand pull.

    Adonri in an interview in Lagos disclosed that the selloffs in the trading session were high capitalization stocks.

    “Hence, any decline on such stock is blown out of proportion.

    He mentioned that the share price of Tier-one banks, appreciated over the weeks, also witnessed relief.

    The broker stated that some of the recent policies by the Central Bank of Nigeria (CBN), such as the proposed bank recapitalisation, might have also affected investors’ decisions on stocks.

    On the loser’s table, McNichols Plc led, dropping by 9.30 per cent to close at N1.17 per share.

    Daar Communications followed by 8.97 per cent to close at 71k, while UPDC Real Estate Investment Trust lost 7.89 per cent to close at N1.40 per share.

    Also, MTN trailed by 7.58 per cent to close at N247.50 and Regency Alliance Insurance fell by 5.13 per cent to close at 37k per share.

    Conversely, ABC Transport led the gainer’s table by 9.86 per cent to close at 78k per share.

    NEM Insurance followed by 9.77 per cent to close at N7.30, while Livestock Feed Plc went up by 9.68 per cent to close at N1.70 per share.

    NGX Group appreciated by 9.55 per cent to close at N24.10, while Thomas Wyatt rose by 9.34 per cent to close N1.99 per share.

    However, market breadth closed positive with 27 gainers and 18 losers on the trading floor.

    Analysis of the market activities showed trade turnover was higher than the previous session, with the value of transactions up by 115.75 per cent.

    A total of 287.45 million shares valued at N10.80 billion were exchanged in 9,077 deals, compared to 217.21 million shares valued at N5.01 billion exchanged in 6,457 deals posted in the previous session.

    UBA led the activity chart in volume with 46.23 million shares traded in value of N1.19 billion, followed by GTCO with 35.35 million shares worth N1.65 billion.

    Transcorp also sold 21.51 million shares valued at N324.98 million, Zenith Bank traded 21.49 million worth N834.06 million and FBN Holdings traded 17.91 million shares worth N698.14 million.

  • What Transcorp Power listing means to the public market – NGX boss

    What Transcorp Power listing means to the public market – NGX boss

    Alhaji Umaru Kwairanga, Group Chairman, NGX Group Plc, has said the listing of Transcorp Power shares was a testament to the resilience, innovation, and excellence within the Nigeria’s power sector.

    THeNewsGuru.com (TNG) reports Alhaji Kwairanga said this on Monday, stressing that the listing also underscores NGX’s pivotal role in driving economic growth and development in the nation.

    Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), on Monday listed 7.5 billion ordinary shares at N240 per share of 50k each on the main board of the Nigerian Exchange Ltd. (NGX).

    “It is a historic day as listings of companies with market capitalisation in excess of N1 trillion do not happen frequently.

    “With a market capitalisation exceeding one trillion naira, Transcorp Power Plc’s entry into the public market represents a significant milestone, highlighting the increasing confidence and maturity of our capital market.

    “It is a clear signal of the transformative journey our energy sector has embarked upon. Thanks to the Electric Power Sector Reform Act and subsequent market liberalisation,” he said.

    According to him, the success of Transcorp Power is a testament to the visionary leadership of Elumelu.

    Kwairanga stated that Elumelu’s strategic investments have not only elevated the company but have also set a new standard for excellence in the capital market and beyond.

    He noted that the Exchange is determined to ensure that all sectors of Nigeria’s economy are fully represented on NGX.

    According to him, the NGX would also ensure that the transparency, sustainability, ethical values, and private sector dynamism that drives the Exchange drives the economy.

    He said: ”We are proud and happy to have Transcorp Power Plc on our main board as it gives our investors another strong, viable company to invest in.

    “I also commend the management of Transcorp Power as their dedication and commitment to operational efficiency and innovation is evident in the remarkable achievements of the organisation.

    TNG reports the Monday’s listing of Transcorp Power on the main board of the NGX brings the company total market capitalisation on NGX to N1.8 trillion.

    The listing was announced at the NGX Closing Gong for the electricity generating company and presentation of the Facts Behind the Figure of the firm, led by its Group Chairman, Mr Tony Elumelu in Lagos.

    Transcorp Power ranked second most traded stock on the Exchange at the close of trading with 40 million shares valued at N10.56 billion to close to N264.00 per share.

    In his presentation, Mr Peter Ikenga, Managing Director/Chief Executive Officer of the company, said that the listing was to provide a platform through which new investors from the public can be admitted into the firm.

    Ikenga stated that this would diversify existing shareholders base and position the company for access to a larger pool of capital raising options.

    He noted that the listing, which is an avenue to contribute to the growth of the NGX and the Nigerian capital markets, would further enhance Transcorp Power’s brand visibility and awareness.

    The managing director said that the power company had installed 972 Megawatts capacity, 18 gas turbines and powering 10 million homes, hospitals and industries across Nigeria.

    According to him, the firm, in the long term, targets to power one in four households and industries in Nigeria, as well as become a leading power company with an annual revenue in excess of N500 billion by 2031.

    He revealed that the company recorded N142.1 billion as revenue in its year 2023 unaudited financial report, N52.8 billion for Profit After Tax(PBT), N223.4 billion in total asset and paid N58.7 billion to its shareholders.

    Ikenga stated that Transcorp Power’s  revenue grew impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion of the company

    “With a 972MW capacity, Transcorp Power accounts for seven per cent of Nigeria’s power generation capacity, yet currently generates 10 per cent of Nigeria’s power with existing assets, with capacity to contribute further,” he said.

    In his remark, Mr Jude Chiemeka, Acting Chief Executive Officer(CEO), NGX, said that the listing being the first of the year, underscores the pivotal role the NGX plays in shaping the economic landscape and significant contribution to the Nigerian economy.

    “This listing is, particularly, noteworthy against the backdrop of the All-Share Index (ASI) surpassing the 100,000 points mark earlier in the year and a current market capitalisation of N54.34 trillion as at Feb. 28, 2024.

    “The NGX is not just a platform for trading stocks; it is a catalyst for economic growth and development

    “The listing of Transcorp Power exemplifies our belief that the NGX serves as a viable platform for the privatisation of energy companies, driving efficiency, innovation, and sectoral growth.

    “I am particularly proud to highlight the exemplary achievements of Mr Tony Elumelu and his affiliated companies within the NGX ecosystem.

    “Under his visionary leadership, these entities have experienced extraordinary growth, with Transcorp Hotel’s stock price soaring by more than 1000 per cent and Transnational Corporation by over 500 per cent in the past year,” he said.

    According  to him, the listing marks a significant milestone in Transcorp Power Plc’s journey and highlights its commitment to transparency, accountability and growth.

    TNG reports Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), was established on Sept. 24, 2012, as Transcorp Ughelli Power Ltd. (TUPL).

    The company has been steadfast in its mission to revolutionise energy production in Nigeria since commencing plant operations on Nov. 13, 2013.