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Ardova Plc records 108.1% growth in PBT to N1.2bn in Q1
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By Nkiruka Nnorom
Ardova Plc (AP) has reported a 108.1 percent growth in Profit Before Tax (PBT) to N1.2 billion for the first quarter (Q1) ended March 31, 2021, from N0.58 billion in the corresponding period in 2020.
Details of the company’s Q1’21 financial statement released on the Nigerian Exchange Limited showed that the earning per share rose to 65 kobo, a 71.1 perent increase compared to 38 kobo recorded in Q1 2020.
The company’s revenue, however, declined to N41.6 billion from N52.1 billion in the corresponding period in 2020, representing 20.2 percent decline.
MTN Nigeria issues N110 billion bond
The debt has a coupon of 13 per cent and has been oversubscribed by 32 per cent.
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Telco giant MTN Nigeria (MTNN) Communications Plc says it has completed the issuance of a N110 billion fixed rate bond due in 2028 under a N200 billion bond programme.
It will help refinance existing debt as well as back the deployment of critical network infrastructure, and has a coupon of 13 per cent.
“The total value of orders received during the book build was N135,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance,” said the wireless and mobile money operator in a note to the Nigerian Exchange Limited on Thursday.
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Vanguard News
Forex scarcity, repatriation uncertainties depress investments in Q1 Analysts
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ECONOMY
Investment analysts have blamed foreign exchange (forex) scarcity and concerns around the possibility of ease of repatriating funds out of the country as cause of the dwindling Foreign Portfolio Investment (FPI) in the stock market.
They stated that investors are wary of investing in climes where forex prices are managed and not market reflective.
Foreign Portfolio Investment (FPI) in the Nigerian Exchange Limited (NGX) had continued a downward streak, according to the data on Domestic and Foreign Portfolio Participation in Equity Trading for March 2021, falling by 40.4 percent to N150.23 billion in the first quarter (Q1) 2021, from N251.87 billion in Q1 2020.
By Nkiruka Nnorom ECONOMY Investment analysts have blamed foreign exchange (forex) scarcity and concerns around the possibility of ease of repatriating funds out of the country as cause of the dwindling Foreign Portfolio Investment (FPI) in the stock market. They stated that investors are wary of investing in climes where forex prices are managed and not market reflective. Foreign Portfolio Investment (FPI) in the Nigerian Exchange Limited (NGX) had continued a downward streak, according to the data on Domestic and Foreign Portfolio Participation in Equity Trading for March 2021, falling by 40.4 percent to N150.23 billion in the first quarter (Q1) 2021, from N251.87 billion in Q1 2020.