Last week, companies listed in Nigeria reported a mix of fortune as they raced to meet target dates for releasing their financial reports for last year.
There were incredibly good performances and some poor ones too. We picked out a few with interesting numbers and developments for your attention.
Dangote Cement and Lafarge, the sector major players, almost tied with 5% and 6% profit growth over the previous year, while Dangote Sugar and Transcorp Hotel showed class with growth of over 100%.
Nigerian Enamelware Plc
The 63-year-old maker of enamelware, plastic products, and galvanized buckets reported a loss of N17.8 million in nine months ending January, somewhat better than N134.6 million lost in the same period in the previous year.
The firm posted a revenue of N175 million within the period compared to N307 million in the same period in the previous year. Its assets however rose from N2 billion to N4.4 billion.
Seplat Energy
Seplat Energy, the indigenous energy company with portfolio consists of seven oil and gas blocks in the Niger Delta, reported a record revenue (N403 billion as against N293.6 billion the previous year; up 30%). But its profit fell 4.5% to N44 billion from N46 billion, dragging down its earnings per share from N97.63 to N45.
Seplat incurred higher cost of sales, general and administrative expenses with the later moving from N32 billion to N58 billion.
The firm, listed in Lagos and London, is offering a special dividend of US5.0 cents per share in addition to final dividend of US2.5 cents per share, totalling $44.1 million.
The special dividend helped push Seplat to its six-month high in London last Tuesday after the report was released.
Lafarge Africa Plc
Lafarge Africa was incorporated in Nigeria on 26 February 1959 and commenced business on 10 January 1961. It manufactures and sells cement and other products such as ready-mix concrete and aggregates.
The company made a profit after tax of N54 billion – just four billion above the previous year, recording 6%. Revenue was N373 billion, from N293 billion achieved the previous year. Its earnings per share rose from 317 kobo to 333 kobo.
Lafarge has proposed a dividend of 200 kobo (N2) per share, which amounts to N32 billion, same as 2021.
Nestle Nigeria Plc
The food and beverage maker reported a revenue growth from N352 billion to N447 billion. Its profit after tax for the year rose from N40 billion to N49 billion, pushing its earnings per share from N50.51 to N61.77. Its percentage grew 22.5%.
The company incurred a big increase in its cost of sale, which narrowed its operating margin/profit. (The cost of sales rose from N220 billion to N291 billion).
Nestle is proposing a final dividend of N36.5 kobo.
Transcorp Hotel Plc
Transcorp Hotel Plc, owned by Transnational Corporation and Ministry of Finance Incorporated, generated a revenue of N31.4 billion from N21.4 billion the previous year.
Its profit before tax stood at N4.5 billion while profit after tax was N2.6 billion, up from N1.1 billion the previous year. That’s 136%. Its earnings per share rose from 11 kobo to 27 kobo.
Dangote Sugar
Dangote Sugar’s profit for the year surged a huge 148% to N54.7 billion on huge sales revenue of N403 billion. Earnings per share moved significantly to a record N4.51 from N1.82.
After the report last week, Dangote Sugar shares in the company jumped 9.9 per cent to N19.35 in Lagos on Thursday, their highest in 52 weeks after the audited results were released.
The company managed to push administrative expenses from N10.6 billion to N10.3 billion, and selling and distribution expenses from N906 million to N741 million.
Its directors have recommended the payment of a dividend of N1.50 per ordinary share of 50kobo. The company has sugar plantation and a refinery and has an installed capacity of 1.44 million metric tons per annum.
Dangote Cement
Dangote Cement reported a 5% surge in its full-year profit in 2022 after high operational costs sliced a large chunk off its more than N1.6 trillion revenue. Its percentage profit rise last year was 32%.
The cement maker, Africa’s largest producer of the building material, sold 27.8 million tonnes of cement compared to 29.3 million the previous year.
It posted a profit after tax of N382 billion, up from N364 billion recorded in 2021. It reported higher earnings per share of N22.27, above N18.92 projected by Chapel Hill Denham.
The company has proposed a final dividend of N20 per share.
Dangote Cement saw a difficult year in 2022 as it struggled to contain costs amid inflationary pressures and a weakening naira/dollar exchange rate. In the full-year report, its operating expenditure jumped by 46.5%.
It suffered gas supply problems at its factories, and in October, its Obajana plant was shut momentarily after Kogi government agents sealed the premises over alleged unpaid taxes.
The company is setting up a new plant at Itori, Ogun State, which is expected to add 6 million tonnes to its current capacity of 51.6 million tonnes per year.
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