Economy
NDEP Posts 16% Increase in Revenue, to Pay N17 Dividend
By Adedapo Adesanya
Despite numerous challenges in the past year, Niger Delta Exploration and Production (NDEP) Plc grew its top-line by 16 percent from N39.1 billion in 2018 to N46 billion in 2019.
This was contained in the company’s annual reports and financial statements for the year ended December 31, 2019.
Giving a break down of the growth, revenue from crude oil increased to N38.3 billion as against N29.4 billion recording in the previous year as a result of an increase in production despite the market’s volatility, which caused the average realised price to drop to $65 per barrel on average from 2018’s $74 per barrel.
Revenue from diesel dropped in the year to N4.6 billion from the previous year’s N5.2 billion because of plant maintenance activities and outages due to integration to its Train 2 under construction.
The company also noted that its gas revenues dropped to N3.0 billion from 2018’s N4.4 billion as a result of lower realised prices.
In terms of profit, NDEP Plc’s profit before tax stood at N20.6 billion, dropping 29 percent from N29.3 billion recorded in 2018. This was negatively affected by non-recurrent costs.
According to the company, its associate, ND Western Limited, remains a strong support by contributing a profit share of N9 billion, although lesser than the previous year’s N9.4 billion.
The profit after tax recorded in 2019 also dropped, by as much as 48 percent to N19.5 billion against N37.4 billion that was realised in 2018. This was further impacted by the lower deferred tax credit written to Profit or Loss account in the year which was N0.4 billion (2018: N9 billion) as it enjoyed more capital allowances to relieve tax.
During the year, NDEP Plc’s equity position increased as a result of the successful conversion of the African Capital Alliance (ACA) convertible loan to ordinary shares at a premium. As a result, 35,833,768 units of shares were issued in the year at $2.23 per share, resulting in an increase in share capital and premium.
Also total assets grew in 2019 due to the completion of Wells Number 10 and 11, additional spend on the Refinery expansion and other assets under construction.
Speaking on this, the company said, “There has been tremendous progress on the expansion project with its commissioning projected for the year 2020. This will further generate multiple revenue streams for your company and create immense value for our country.
“The refinery project will enhance your company’s resilience during times of uncertainties such as the ravaging effects of the COVID-19, which caused a major free-fall of the crude oil prices globally.”
The company board has recommended a dividend of N17 per share, which if approved will be the company’s 13th year of consistent dividend payments.
This will be subject to approval at the company’s 25th Annual General Meeting scheduled for Wednesday, June 17, 2020, at the Board Room of the company situated at Number 15 Babatunde Jose Road, Victoria Island, Lagos at 11:00a.m.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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