Home Finance Stanbic, Flour Mills, Honeywell give report on earnings, NGX to pay 25kobo interim dividend as All-Share Index slips by 0.08%

Stanbic, Flour Mills, Honeywell give report on earnings, NGX to pay 25kobo interim dividend as All-Share Index slips by 0.08%

by Business News Report

Stanbic IBTC grew gross earnings by 58.2% year on year to ₦213.3 billion in H1:2023 following improvement in both interest and non-interest income. Similarly, post-tax profit expanded by 121.5% to ₦67.9 billion. Flour Mills on the other hand posted its financial year result 2023and first quarter 2024 earnings. Full-year performance was upbeat as revenue and post-tax profit expanded 32.3 per cent and 5.3% to ₦1.5 trillion and ₦29.5 billion respectively. Conversely, while first quarter performance was underwhelming following a loss of ₦9.3 billion due to weak operating profit and finance costs. Honey flour on its part reported its financial year 2023 and first quarter 2024 results. While the full-year result was impressive, with revenue and post-tax profit expanding by 8.0 per cent and 126.2 per cent to ₦147.4 billion and ₦0.3 billion respectively, the company recorded a loss of ₦1.2 billion in first quarter 2024 as weak sales and high finance costs bit earnings. Meanwhile Nigerian Exchange Group Plc will  pay its shareholders an interim dividend of 25 kobo per ordinary share of 50 kobo each on Thursday, 31 August 2023.

This comes subsequent to an emergency board meeting convened by the Group last month, during which it affirmed its decision to electronically distribute its inaugural dividend following the demutualisation in 2021, to qualified shareholders. The decision to declare the dividend was reached as a direct response to the input and suggestions received from shareholders at the company’s Annual General Meeting held on July 14, 2023. Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga in a statement said: “The announcement of the dividend will send a signal to our shareholders that company has a listening and responsive Board following the request at the last annual general meeting. “We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”

The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, also in a statement stated: “Consistent with our strategic objective to maximise shareholder value, the Board of Directors has consented to an interim dividend of N0.25 Kobo per ordinary share of 50 Kobo. This translates to a total payout of N495,532,893 (Four Hundred and ninety-five million, five hundred and thirty-two thousand, eight hundred and ninety-three Naira). This initiative underscores better flow through of dividend from an associate company and first-time dividend payment from our flagship subsidiary. It also emphasises our continued commitment to working collaboratively with our shareholders and other stakeholders in creating and distributing value, even in challenging market conditions”.  Additionally, shareholder groups have shared their excitement and anticipation, emphasising that this marks the commencement of positive developments ahead. They conveyed their satisfaction with NGX Group and encouraged the company to maintain its commitment to dividends in the upcoming financial period.

NGX All-Share Index relapsed by 0.08% to close at 66,439.53 points – halting three days of successive rally on the local bourse. Selloffs in tier-1 banking names, ZenithBank, GTCO and STANBIC offset demands for WAPCO, UBA and DANGSUGAR, driving the weak performance. The ASI’s year-to-date (YTD) return decreased to 29.64 per cent, while the market capitalisation lost ₦27.81 billion to close at ₦36.36 trillion.  Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 11.08%. A total of 637.19m shares valued at ₦7.79 billion were exchanged in 10,033 deals. . TRANSCORP (-9.99%) led the volume and value charts with 292.41m units traded in deals worth ₦2.15 billion. Market breadth closed negative at a 1.05-to-1 ratio with declining issues outnumbering advancing ones. TRANSCORP (-9.99%) led nineteen 19) others on the laggard’s log while UPL (+9.77%) topped eighteen (18) others on the leader’s table.

Find below key highlights of market activities

IndicatorsCurrentChange (%)YTD
All-Share Index66,439.53-0.0829.81
Market Cap. (₦ ‘trillion)36.36-0.0830.26
Volume (millions)637.1945.83
Value (₦ ‘billion)7.7911.08

Dividend Information for 2023

CompanyDividend (Bonus)Closure DatePayment Date
MTNN₦5.60  (interim)17-Aug-2324-Aug-23

Source: Coronation

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