AccessCorp Reports N1.593trn Gross Earnings In 9 Months

Access Holdings (AccessCorp) Plc has reported a superlative 75.70 per cent year on year (y/y) increase in gross earnings to N1.593 trillion during the nine months of 2023 from N906.93 billion reported the same period of last year. The growth resulted from double-digit increases in net interest income and income from fees and commission during the period. The company posted profit before tax of N294.416 billion at the end of nine months this year from N147.056 billion reported in the preceding year, indicating a surge of 100.21 per cent. The unaudited result released the company showed that AccessCorp paid income tax of N43.973 billion within the period under review against N10.287 billion paid in the preceding year, bringing profit after tax to N250.444 billion from N136.766 billion with 83.12 per cent rise in profit. The company interest income rose by 83.38 per cent to N1.048 trillion against N571.738 billion reported in the previous year while interest expenses up from N291.450 billion in 2022 to N658.508 billion, representing 125.94 per cent growth, bringing net interest income to N389.955 billion at the end of September 2023 from N280.288 billion recorded in the comparative period of 2022. Also, the net income advanced 83.12 per cent y/y to N250.44 billion in 9 months 2023 while the company reported N314.60 billion in gains from foreign exchange gains. Analysis of the result showed that fee and commission went up by 55.95 per cent to N208.182 billion from N133.494 billion while fee and commission expense stood at N59.628 billion against N38.311 billion recorded the previous year. Total assets went up by 42.71 per cent to N21.405 trillion from N14.998 trillion made in the previous year while total liabilities grew from N13.767 trillion to N19.765 trillion in the previous year. Bears dominate as equity market sheds N67bn Domestic equity market Thursday sustained its bearish run, shedding N67 billion as losses recorded in the shares price of small and medium size stocks impacted negatively on the market. Market capitalisation of listed equities declined by 0.18 per cent to N36.856 trillion from N36.923 trillion reported in the previous day.The NGX All Share Index also depreciated by 67084.95 points from 67206.16 points traded the previous day. A review of the investment showed that Mcnichols led gainers table in percentage terms with 8.93 per cent to close at N0.61 per shares, UACN followed with 6.09 per cent to close at N12.20 per share, Oando Plc added 4.07 per cent to close at N8.95 per unit, Chams Plc gained 3.65 per cent to close at N1.99 per share, Nestle Nigeria Plc increased by 2.94 per cent to close at N1050.00 per unit. On the contrary, NSLTECH topped losers chart, declining by 10 per cent to close at N0.27 per share, CWG trailed with trailed 9.94 per cent to close at N7.70 per share, Thomas Way fell by 9.84 per cent to close at N4.03 per unit, International Breweries down 9.78 per share to close at N4.15 per share while Universal Insurance dipped by 8.33 per cent to close at N0.22 per share. Volume of trades declined by 62.007 million, representing 18.8 per cent as investors traded 267.653 million shares valued at N5.110 billion in 5205 deals against 329.660 million shares costing N4.410 billion exchanged hands the previous day in 5998 deals. Transactions in the shares of Fidelity Bank led market activities with 39.831 million shares valued at N326.853 million, Chams Plc followed with account of 23.500 million shares worth N46.416 million, AccessCorp traded 20.555 million shares cost N347.746 million, United Bank for Africa exchanged 19.007 million shares valued at N35.725 million, Japaul Gold traded 18.252 million shares cost N16.285 million.

Seplat grows 2023 H1 revenue by 3.8% to N278.3bn

*Gross profit hits N140.6bn A leading Nigerian independent energy company, Seplat Energy Plc, has recorded a rise in revenue by 3.8 percent to N278.3 billion from N219.2bn year-on-year in its unaudited results for the six months ended 30 June 2023.   Seplat, which is listed on both the Nigerian Exchange Limited and the London Stock Exchange, also grew its 2023 H1 gross profit to N140.6bn from N114.1bn year-on-year. The Company, in its announcement, described the operating performance for the period as solid, given a 2 per cent increase in production, helped by reduced losses on its Western Asset, which is benefitting from the availability of the Amukpe-Escravos Pipeline and increased output from OML40. The company extended the Share Sale and Purchase Agreement (SSPA) for the acquisition of ExxonMobil’s share capital of Mobil Producing Nigeria Unlimited (MPNU) to preserve the transaction, pending the resolution of certain legal proceedings and receipt of applicable regulatory approvals; and will continue to work with all parties to achieve a successful outcome. The full-year production guidance was retained at 45-55 kboepd whilst Capex guidance ranges at $160 – $190 million (previously $160 m) to support the Group’s objectives for the year. Following the Company’s previously announced Board succession plan (25 April 2023), it announced that Eleanor Adaralegbe, currently Vice-President Finance, has been appointed CFO-designate and will succeed Emeka Onwuka as CFO in 2024. Commenting on the impressive results, Mr. Roger Brown, Chief Executive Officer, Seplat Energy said: “Seplat Energy’s continuing strong performance puts us on track for an excellent year that will support the increased quarterly dividends we announced in April, and our balance sheet remains strong despite the impact of the recent Naira devaluation. “We are benefiting greatly from use of the new Amukpe-Escravos Pipeline, which has supported our robust cash generation this year, and remain focused on improving operations, reducing costs where possible and further de-risking the business. “We continue to strengthen our Company in the knowledge that our efforts to improve governance and sustainability are widely supported by Nigerian and international investors. “The distraction of frivolous legal actions is receding, and we are focused on developing our assets and launching our joint venture ANOH Gas Processing Plant, which will significantly boost our cash generation in the coming years. We expect that this will enable us to fund additional investment in Nigeria’s energy infrastructure and return higher dividends to shareholders. “We remain confident that our proposed and transformational acquisition of MPNU will be approved, enabling us to scale into a significant energy supplier with diverse and productive assets that have potential to generate substantial benefits for Nigeria. We wholly align and support the recent government efforts to make Nigeria a more attractive place to invest and continue to focus on delivering affordable and reliable energy for Nigeria’s young, entrepreneurial and rapidly growing population.”