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Geregu Power to list 2.5bn shares on Nigerian Exchange

by Radarr Africa
written by Radarr Africa

Geregu Power, an electricity generation company has announced that it will be listing 2.5 billion ordinary shares of 50 kobo each at a share price of N100 per share on the Nigerian Exchange.

Geregu Power will be the first electricity company- generation, transmission, or distribution that will be listed on the Exchange in Nigeria’s history.

According to regulatory documents released the listing would be made official in Lagos on Wednesday. 

Temi Popoola, chief executive officer (CEO), NGX, described the proposed listing as a great feat for the company and the exchange.

“We are pleased to inform you that Geregu Power Plc will be admitted on the Main Board of NGX by way of Listing by Introduction on October 05, 2022,” Popoola said.

“Once again, we congratulate the board, management, and staff of Geregu Power Plc for this great feat. We look forward to hosting you at the Exchange ON October 25th or 26th, 202, for a closing gong ceremony to commemorate the listing.

“The Exchange will continue to maintain its commitment to delivering a regulated, transparent and efficient market whilst providing issuers visibility and access to a diversified investor pool.”

The power company was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN).

Located in Ajaokuta, Kogi state, the company is wholly-owned and operated by Amperion Power Distribution Company Limited (APDCL). 

The power company was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN).

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In 2013, Amperion Power, a subsidiary of Forte Oil Plc, now Ardova Plc, acquired the Geregu power plant and invested $94 million in the power plant.

After another $350 million investment in the plant in 2018, Femi Otedola, Chairman of Geregu Power Plant said the acquisition was a sign of his commitment to the federal government’s power sector recovery plan. 

In 2019, Otedola disclosed plans to shift his focus to power generation. The company was among the 16 firms shortlisted by the Bureau of Public Enterprises (BPE) for the acquisition of five National Integrated Power Projects (NIPPs).

Source: The Cable

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AfricaAFRICA NEWSBusinessEnergyNewsNigeriaOil & GasWestern Africa

Caverton posts 74% drop in net profit in H1

by Radarr Africa
written by Radarr Africa

Caverton Offshore Support Group Plc has posted a 73.97 percent drop in its net profit in the first six months of the year, 2022.

The provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, made this known in its unaudited results for the period ended June 30, 2022 released on the Nigerian Exchange (NGX).

Profit after tax in H1, 2022 declined to N203 million from N780 million recorded in H1, 2021, while earnings per share fell to six kobo from 23 kobo as at June, 2021.

Revenue for the period under review stood at N13.96 billion lower than N18.07 billion in 2021, while gross profit declined from N6.37 billion in 2021 to N3.51 billion in 2022.

Speaking on the results, chief executive officer, Caverton, Bode Makanjuola, said  the company faced tremendous financial and operational head winds in the first half of the year which necessitated the need for the management and the board of Caverton to urgently review the company’s management structure and business portfolio as a group.

According to Makanjuola, “we recently announced the appointment of a new managing director for Caverton Helicopters, restructured Caverton Offshore Support Group’s executive management and diversified our aviation business from oil and gas aviation logistics to third party training and maintenance, via our recently commissioned Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos.

“These announcements have been well received by the wider aviation and oil and gas industry and we are confident this strategy would yield positive financial fortunes for the Group whilst addressing this infrastructure gap in the aviation sector of Nigeria and sub-Saharan Africa.

“Our marine subsidiary, Caverton Marine has also been repositioned for growth with our foray into local manufacturing of GRP boats. We recently launched our prototype 40-seater GRP ferry at the recently concluded NOG 2022 conference in Abuja, Nigeria and reception has been very positive. The ferry protype was locally built to the highest safety and quality standards under guidance of government and safety agencies and has applications in both oil and gas and commercial mass transit ferry transportation,” he pointed out.

Source: Leadership

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AfricaBanking, Finance & InvestmentBusinessNewsNigeriaWestern Africa

Ecobank declares $261m pre-tax profit in H1

by Radarr Africa
written by Radarr Africa

Ecobank Transnational Incorporated (ETI) has posted a profit before tax of $261 million for the first half of the year ended June 30, 2022.

This was contained in the group’s half year results released on the Nigerian Exchange (NGX) Limited, on Monday.

The results showed a growth of 24 per cent in its profit before tax to $261 million from $210 million posted in half year 2021.

Also, net profit amounted to $130 million higher than $106 million achieved in 2021, while earnings per share stood at EPS $0.53 cents from $0.43 cents.

The group net revenue went up to $910 million as against $825 million in 2021, an increase of 10 per cent, while pre-provision, pre-tax operating profit also increased from $340 million to $401 million.

Gross loans and advances to customers increased to $10.053 billion in H1, 2022 from $9.454 billion in 2021, while deposits from customers rose to $19.745 billion as against $19.143 billion in 2021.

The group balance sheet also revealed cost of funds to be 2.3 per cent as at June 30, 2022 from 2.1 per cent in 2021, non-performing loans (NPL) ratio at 6.2 per cent lower than 7.4 per cent H1, 2021, while NPL coverage ratio at 113.5 per cent from 86.7 per cent
Speaking on the performance, CEO, Ecobank Group, Ade Ayeyemi, said the results for the first six months of 2022 reflect not only the benefits of the firm’s diversification but also its resilience and capabilities to continue serving its clients and customers in a challenging environment and still generate adequate returns responsibly for its shareholders.

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Ayeyemi noted that, “we performed well because of our investments, including in technology, and Ecobankers’ continued dedication to meet customers’ financial needs, despite a challenging operating environment of high inflation, weakening African currencies, worsening government fiscal balances and lowering economic growth.
“In our Consumer Banking business, pre-tax profits increased 43 per cent on higher deposit margins, loans, and debit card spending. In Corporate and Investment Banking, profits rose 33 per cent, as we gained share in the letters of credit market, payment volumes increased by 43 per cent on Omniplus, and FX volumes grew by 25 per cent as client activity rebounded from the pandemic.

“In addition, an increase in SME activity and growth in the payment business lifted profits in Commercial Banking by 15 per cent.”
Ayeyemi added that, “our investments in technology and digital capabilities have contributed to a reduction in our cost-to-serve. Along with revenue growth, the outcome is our record cost-to-income ratio of 56 per cent. In addition, we increased impairment charges to reflect heightened credit risks.
“More importantly, we have proactively built central impairment reserves of $206 million, which we can deploy in a stressed credit environment. At the same time, our balance sheet remains liquid and adequately capitalised, providing us the capacity to serve our customers better.”

Source: Leadership

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AfricaBuildingDangote IndustriesNigeriaWestern Africa

Dangote Cement lists N116b bonds

by Radarr Africa
written by Radarr Africa

Dangote Cement Plc has listed three tranches of bonds worth N116 billion on the Nigerian Exchange (NGX), paving the way for the bondholders to trade on them.

The bonds were issued under the company’s N300 billion multi-instrument debt issuance programme.

The listed bonds included N4.27 billion five-year 11.85 per cent fixed rate senior unsecured bonds due 2027,  the N23.34 billion seven-year 12.35 per cent fixed rate senior unsecured bonds due 2029 and the N88.4 billion 10-year 13.00 per cent fixed rate senior unsecured bonds due 2032. The bonds were issued and listed at a par value of N1000 each.

According to the listing, the three bonds were issued on April 27, 2022 and will thus mature April 30, 2027; April 30, 2029 and April 30, 2032 respectively.

The bonds were offered to qualified institutional investors and high net worth investors through a book building method, a process of order-based accrual of subscriptions.                 

Dangote Cement is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6 metric tonnes per annum across 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its position, significant operational scale and strong financial profile evidenced by the company’s operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Key extracts of the audited report and accounts of Dangote Cement for the year ended December 31 2021 showed that turnover rose from N1.03 trillion in 2020 to N1.38 trillion last year. Nigeria’s contribution to group sales increased from N719.95 billion in 2020 to N993.3 billion last year. Other African operations contributed N397.32 billion in 2021 as against N318.68 billion in 2020.

The group sales volume stood at 29.3 metric tonnes, with Nigeria accounting for 18.61 metric tonnes while operations in other countries contributed 10.86 metric tonnes. Gross profit stood at N538.37 billion while net profit after tax closed 2021 at N364.44 billion.

Source: The Nation

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