SMARTS PRODUCTS TO RAISE N5BN FRESH CAPITAL
Smarts Products Nigeria Plc plans to raise N5bn through a combination of equity and debt instruments to strengthen its financial position and support growth. Acting Chairman Adejinle Adeniji announced this at the company’s 59th annual general meeting in Lagos, stating the funds will enhance production capabilities, expand market reach, and invest in research and development.
The capital raise will be achieved through a mix of bond issuance, commercial paper, debt notes, rights issues, special placements, and public offers. Shareholders will have the opportunity to subscribe to additional shares. The company aims to optimize its capital structure and maintain financial flexibility.
In 2023, Smarts Products reported a gross revenue of N56.83bn, a 10% increase from N52.41bn in 2022. Profit before tax was N7.50bn, down from N8.30bn the previous year, while profit after tax rose to N6.29bn from N6.08bn. The company's current share capital stands at N23.63m, with equity attributable to owners totaling N123.61m in 2023, up from N120.91m in 2022.
Smarts Products Nigeria Plc plans to raise N5bn through a combination of equity and debt instruments to strengthen its financial position and support growth. Acting Chairman Adejinle Adeniji announced this at the company’s 59th annual general meeting in Lagos, stating the funds will enhance production capabilities, expand market reach, and invest in research and development.
The capital raise will be achieved through a mix of bond issuance, commercial paper, debt notes, rights issues, special placements, and public offers. Shareholders will have the opportunity to subscribe to additional shares. The company aims to optimize its capital structure and maintain financial flexibility.
In 2023, Smarts Products reported a gross revenue of N56.83bn, a 10% increase from N52.41bn in 2022. Profit before tax was N7.50bn, down from N8.30bn the previous year, while profit after tax rose to N6.29bn from N6.08bn. The company's current share capital stands at N23.63m, with equity attributable to owners totaling N123.61m in 2023, up from N120.91m in 2022.