FBN Holdings has announced that it will delay in filing its audited financial statements for the year ended December 31, 2016 as required by the Nigerian Stock Exchange (NSE) by the end of March.
FBN Holdings has however sought and been granted a 30-day extension by the NSE to submit the accounts on or before April 30th, 2017.
FBN Holdings in a notice to its stakeholders on Thursday signed by Tijani M. Borodo, the company’s secretary, published by the Nigerian Stock Exchange (NSE) corporate disclosure portal, explained that the reason for the delay is purely due to the peculiarity of FBNH’s0………… Group Structure.
“FBN Holdings has subsidiary companies operating in the Banking and Insurance sectors as well as the Capital market all with a common financial year end of December 31 alongside the holding company.”
“Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation.
“Thereafter FBNH is also required to obtain the approval of its primary regulator before submission and filing with the commission.”
Meanwhile, Unilever Nigeria Plc has reported a profit after tax of N3.1 billion for the financial year ended 31st December 2016.
The profit is 158 percent higher than N1.1 billion reported as profit in 2016. the Directors of Unilever recommend to the shareholders the payment of a dividend of N378,330,000 that is, 10 kobo gross per share which is payable on Friday 12 May 2017, subject to shareholder approval and deduction of appropriate withholding tax.
Other highlights from the company’s results released on the Nigerian Stock Exchange showed, revenue grew 18 percent to N69.8 billion from N59.2 billion while Profit before tax increased to N4.1 billion from N1.8 billion.
The company’s balance sheet showed that Total Assets rose to N72.5 billion from N50.2 billion while shareholders’ funds surged 46 percent to N11.7 billion from N8 billion recorded in 2015.
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