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Breaking News | UAC records N7.1bn capital returns to shareholders

By Peter Egwuatu
UAC Plc has recorded capital returns of N7.1 billion for its shareholders in the audited financial year ended December 31, 2020.
The audited results for the year under review according to the dispatch sent to the Nigerian Stock Exchange, NSE showed that revenue up three per cent from 2019 figure despite COVID-19 disruptions.
The Company recorded gross margin of 134 bases points, bps lower due to limited sales during the second quarter, Q2 2020, caused by restrictions to the movement of people and goods, as well as higher input costs.
Underlying operating profit was 26 per cent lower at N3.6 billion, largely on account of the paints segment. ....

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UAC of Nigeria Returns to Profitability, Recommends 120 kobo Dividend

By Goddy Egene
UAC of Nigeria Plc (UAC) has announced its audited results for the year ended December 31, 2020, showing a profit of N3.927 billion as against a loss of N9.256 billion in 2019.
The top-line showed a revenue of N81.357 billion, up by three per cent to N79.202 billion in 2019. Profit before tax stood at N5.121 billion in 2020, while PAT printed at N3.927 billion.
Earnings per share was 92 kobo compared with negative 183 kobo in 2019. The board of directors therefore recommended a dividend of 120 kobo. It comprises 65 kobo ordinary and 55 kobo special dividend.
Commenting on the results and corporate actions, Group Managing Director, Fola Aiyesimoju, stated: “UACs objective is to generate attractive long-term, risk-adjusted returns for our shareholders. I am delighted that the board approved N7.1 billion in capital returns to shareholders via a mix of dividends and REIT units totalling N2.47 per share or a 28.3 per cent return at current market values ....

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Court Sets Aside Interim Order on Niger Towers

Court Sets Aside Interim Order on Niger Towers
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NSE All-Share Index Sheds 0.19% as Bears Return

By Goddy Egene
The bears returned to the local bourse yesterday pulling, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 0.19 per cent to close at 40,494.35. The market had opened for the week on positive note after two weeks of decline, raising hopes that the bargain hunting could be sustained.
However, sell-offs in Stanbic IBTC Holdings Plc, Nigerian Breweries Plc and Zenith Bank Plc, FBN Holdings Plc, Access Bank Plc, among others led to a negative close. A total of 20 stocks depreciated as against 22 stocks that appreciated.
The top of the gainers’ table was dominated by insurance stocks led by Cornerstone Insurance Plc shed 10 per cent. Consolidated Hallmark Insurance Plc trailed with 9.5 per cent, just as Prestige Assurance Plc and Coronation Insurance Plc went down by 8.5 per cent and 8.3 per cent respectively. ....

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Stock Market Sheds N368bn as Investors Take Profit

Goddy Egene
The Nigerian stock market shed N368 billion last week following profit-taking activities by some investors after the massive gains in January. The market had appreciated by N1.1 trillion in January due to sustained high demand for stocks.
However, the bears set in the first week of February as some investors moved in to lock in part of the gains.
Bearish sentiments dominated the local bourse in all the five trading sessions. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 1.66 per cent to close lower at 41.709.09, while market capitalisation shed N368 billion to be at N21.819 trillion. ....

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