Smarts Products Nigeria Plc has announced plans to raise N5 billion in fresh capital through a combination of equity and debt instruments.

The move aims to strengthen the company’s financial position, enhance production capabilities, expand market reach, and invest in research and development.

Acting Chairman Adejinle Adeniji made the announcement at the company’s 59th annual general meeting in Lagos.

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 N56.83 billion, a 10% increase from N52.41 billion in 2022.

Profit before tax was N7.50 billion, down from N8.30 billion the previous year, while profit after tax rose to N6.29 billion from N6.08 billion.

*Key Financial Highlights:*

– Gross revenue: N56.83 billion (2023), up 10% from N52.41 billion (2022)
– Profit before tax: N7.50 billion (2023), down from N8.30 billion (2022)
– Profit after tax: N6.29 billion (2023), up from N6.08 billion (2022)
– Current share capital: N23.63 million
– Equity attributable to owners: N123.61 million (2023), up from N120.91 million (2022)